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12/6/2017 11:24:23 AM
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12/6/2017 11:24:20 AM
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Resolutions
Resolution Number
2017-117
Approved Date
12/05/2017
Agenda Item Number
8.E.
Resolution Type
Report
Entity Name
Affordable Housing Advisory Committee
Subject
2017 Report
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B.The modification of impact fee requirements, <br /> including reduction or waiver of fees and <br /> alternative methods of fee payment for affordable <br /> housing. <br /> Impact fees and utility capacity charges are one time charges applied towards new <br /> construction to generate the revenues necessary to make capacity producing capital <br /> improvements. Overall, these impact fees and utility capacity charges increase the cost of <br /> housing. Legally, impact fees must be applied to all activities that create a demand for <br /> capital facilities. Consequently, impact fees cannot be waived or reduced without being <br /> subsidized from another revenue source for a justifiable reason. Consequently, there are <br /> methods of fee payment to assist income eligible persons with the cost of impact fees and <br /> /or utility capacity charges. <br /> Currently, Indian River County provides SHIP program loans and grants of up to <br /> $20,000.00 per unit to income eligible households for the cost of impact fees and utility <br /> capacity charges for new units. The county also provides SHIP loans and grants for <br /> existing units to connect to the county regional water and wastewater system. To obtain <br /> SHIP impact fee funds, applicants must execute loan or grant agreements with the <br /> county, indicating that they will comply with the county's Local Housing Assistance <br /> Program's requirements. Those loans or grants are limited to income eligible households <br /> in the Very low Income (VLI) (not to exceed 50% of the county's median income), Low <br /> Income (LI) (51-80% of county's median income), and moderate income (MI) (between <br /> 81-120%of the county's median income) categories. <br /> Besides providing impact fee loans and grants, the county also provides financing of <br /> water and sewer capacity charges for new units and existing units connecting to the <br /> county regional system. The following policies from the Housing Element of the <br /> Comprehensive Plan provide for financial assistance for payment of impact fees and <br /> connection charges for affordable housing units. <br /> POLICY 4.3: The county shall maintain its current policy of financing water and sewer capacity <br /> charges for newly constructed housing units. <br /> POLICY 4.4: The County shall maintain its Housing Trust Fund which provides below-market interest <br /> rate financing and/or grants for land acquisition, downpayment/closing cost loans, impact fee/capacity <br /> charges payment loans, and rehabilitation loans for affordable housing units in the county. The fund <br /> will also assist non-profit facilitators with pre-development expenses associated with very low, low, and <br /> moderate income housing development. Some disbursements from the Housing Trust Fund will be <br /> grants, but the majority of funds will be revolving loans, with borrowers paying back principal and <br /> applicable interest into the trust,therefore ensuring a permanent source of financing. <br /> ANALYSIS: <br /> Impact fees and utility capacity charges are needed to provide revenue for constructing <br /> capacity producing capital improvements necessary to accommodate growth. Overall, <br /> impact fee revenue partially funds construction of major roadways, libraries, schools, <br /> parks, correctional facilities, fire/ems facilities, law enforcement facilities, solid waste <br /> F:\Community Development\SHIP\AHAC-Affordable Housing Advisory Committee(AHAC)\AHAC 2017\AHAC 2017 7 <br /> report.doc <br />
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