1. Local Housing Assistance Plan State Fiscal Years 2015-2018 Board of County Commissioners April 21, 2015

2. Presentation Outline  Background  Housing Strategies  Action Requested

3. Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

4. State Housing Initiatives Partnership Program (SHIP)  Dedicated funding source for affordable housing  Established Housing Trust Fund  Administered by Orange County  Monitoring and oversight by the Florida Housing Finance Corporation Background

5. State Housing Initiatives Partnership Program (SHIP)  Local Housing Assistance Plan (LHAP) required  Identifies housing strategies for very low, low, and moderate income households  LHAP must be adopted by resolution Background

6. Orange County Allocation YearAllocation 2012-2013 $358,366 2013-2014 $1,340,435 2014-2015 $4,355,191 2015-2016 $4,300,000 State Housing Initiatives Partnership Program (SHIP) Background

7. SHIP Program – Expenditure Requirements  65% of funds – home-ownership activities  75% of funds – construction related  60% of funds – low-income households Background

8. Background  Housing Market Population growth especially in younger households Decline in homeownership rate Tight rental market Slow wage growth

9. Background  Housing Market Median Price of Homes 2013$149,000 2014$164,000 2015$160,000

10. Background Value of Single Family Building Permits 201320142015 YTD Single Family # of Permits1,9262,015668 Median Value$322,376$344,822$324,196  Housing Market

11. Rental Units Completed Occupancy Levels Occupancy Levels Source: 2014 MPF Research of the Orlando Metropolitan Area Background  Housing Market

12. Background Changes in Orange/Osceola/Seminole Households 2007-2013 Source: Shimberg Center for Housing Studies, University of Florida

13. Presentation Outline  Background  Housing Strategies  Action Requested

14. Current LHAP Housing Strategies  Down Payment Assistance  Home-owner Rehabilitation  Multi-Family Acquisition/Construction  Special Needs Housing Housing Strategies

15. Yearly Average 2010-2015 Down Payment Assistance115 Homeowners Rehabilitation114 Multi-Family Construction93 Special Needs Housing25

16. Housing Strategies Household Size Very Low (50% of Median) Low (80% of Median) Moderate (120% of Median) 1$20,450$32,700$49,080 2$23,350$37,350$56,040 3$26,250$42,000$63,000 4$29,150$46,650$69,960 Income Limits

17. Income LevelCurrent Very Low$30,000 Low$20,000 Moderate$10,000 Housing Strategies Down Payment Assistance  Provide assistance to very low, low, moderate- income households  Required pre-purchase homebuyers education

18. Housing Strategies Housing Rehabilitation  Provide assistance to very low income households ActivityCurrent Emergency Rehab $20,000 Substantial Rehab $75,000 Reconstruction $100,000

19. Housing Strategies Multi-Family Construction  Encourage acquisition, construction, or rehabilitation of rental housing for very low and low income households  Continue to provide minimum local government contribution for developers competing for State Housing Tax Credits

20. Housing Strategies Special Needs Housing  For adult persons requiring independent living services  Provide assistance to disability support organizations: acquire, construct, or rehab group homes provide home modifications for people with disabilities

21. Housing Strategies Impact Fee Subsidy  Developer incentive to build owner occupied homes, affordable to low-income households  Subsidy Level: Income CategoryCurrentProposed Very Low50%75% Low25%50% Moderate00

22. Housing Strategies Maximum Sales Price  Maximum sales price must be established in LHAP  Currently $200,000  Average price under our programs is $124,000

23. Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

24. Action Requested  Adoption of Resolution of the Orange County Board of County Commissioners regarding the State Housing Initiatives Partnership Program (SHIP) and the Orange County SHIP Local Housing Assistance Plan (LHAP) for State Fiscal Years 2015-2016, 2016-2017 and 2017-2018; and approval of Certification to Florida Housing Finance Corporation. All Districts