State Housing Initiatives Partnership Program (SHIP) Provides funding to create private/public sector partnerships to produce and preserve affordable homeownership.

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Presentation transcript:

State Housing Initiatives Partnership Program (SHIP) Provides funding to create private/public sector partnerships to produce and preserve affordable homeownership and rental housing. Growth Management Housing Programs Office Local Housing Assistance Plan (LHAP)

Program Issues Rental Deposit Program ●Location of eligible apartment units (Demand) - County-wide or - Restrict to outside City of Gainesville Home Repair and New Construction Programs ● Developer Fee As a Grant or Loan Mortgage Term Requirements: ● Ten Year VS. Thirty Year Mortgages

Pilot Rental Deposit Program ► Original Recommendation Restrict apartment location to outside of City of Gainesville unless no other deposit program is currently available. ► Revised Recommendation Make Rental Deposits Assistance available county-wide. Set aside at least 30% of all funding shall be for eligible units outside the City of Gainesville to ensure availability of program for units in unincorporated areas and small cities in Alachua County.

Growth Management Housing Programs Office Developer Fee as a grant or a deferred loan Original Recommendation: All developer fees charged for production or preservation of affordable housing should be a grant

For home repairs/home replacement: Grant Growth Management Housing Programs Office Developer Fee as a grant or loan Revised Recommendation: For new construction: deferred payment loan

Ten Year Vs. Thirty Year Deferred Payment Loan Growth Management Housing Programs Office Original Recommendation: 10 year deferred payment loans in lieu of 30 years Revised Recommendation: Remains Unchanged

Growth Management Housing Programs Office Ten Year or Thirty Year Loan Allows homebuyers to tap into home equity to address financial needs Retirement Home Repairs College Education Refinancing Probate Reverse Mortgages Reduces loan servicing by 20 years: Subordination Requests Refinancing Notice of defaults; foreclosure

Recommendations Summary Approve Alachua County State Fiscal Years (SFY) State Housing Initiatives Partnership (SHIP) Local Housing Assistance Plan (LHAP) ; approve and authorize Chairman to sign Resolution 08-__ and to sign Certification to Florida Housing Finance Corporation.