9/1/1998 - Laserfiche WebLink

Home Browse Search

• 11.A.2. RESOLUTION 98-090 - REVISING INDIAN RIVER COUNTY LOCAL HOUSING ASSISTANCE PLAN The Board reviewed a Memorandum of August 26, 1998: TO: James E. Chandler County Administrator D N HEAD CONCURRENCE: Cobert A Keating, Community Development t FROM: Sasan Rohani. AICP Chief, Long -Range Planning DATE: August 26, 1998 SUBJECT: REVIEW AND CONSIDERATION OF REVISED INDIAN RIVER COUNTY LOCAL HOUSING ASSISTANCE PLAN It is requested that the data herein presented be given formal consideration by the Board of Count% Commissioners at its regular meeting of September 1, 1998. DESCRIPTION AND CONDITIONS Background Pursuant to the requirements of Section 420.907, F.S., the State Housing Initiatives Partnership Program (SHIP), and Rule 9I-37.005, Florida Administrative Code (FAC), the Board of Count% Commissioners approved the Indian River County Local Housing Assistance Plan (Ordinance #93- 13) on April 6. 1993. In June, 1993, the Florida Housing Finance Corporation approved the county's plan and authorized the disbursement of SHIP funds. According to a 1993 amendment to Rule 9I-37.005(2), Florida Administrative Code, the county must periodically submit a new Local Housing Assistance Plan to the Florida Housing Finance Corporation. Accordingly, the county's plan was revised in 1994 and 1997. On March 11, 1997, the Board of County Commissioners adopted resolution #97-16. which approved the county's revised 3 year plan for FY 97-98, FY 98-99, and FY 99-2000. The Florida Housing Finance Corporation then approved the county's revised plan on April 21, 1997, and authorized the disbursement of SHIP funds until June, 2000. The plan, however, can be amended as needed Since 1997, the plan has been revised several times to modify some of the local housing assistance program requirements or to enact some minor clean up changes to the pian. The last set of revisions to the plan was done in July 1998. While implementing the plan, the county must ensure that all state requirements and local requirements are met. One of the state requirements is that at least 30% of the funds be utilized by very_ low income households. Because very low income households have credit and income problems, it is difficult for many such households to qualify for SHIP downpayment/closing cost loans. Consequently, it is difficult to maintain the 30% minimum SHIP allocation to very low income households. For that reason. staff recently re -assessed the county's Local Housing Assistance Plan to determine if any changes could be made to increase the amount of SHIP funds provided to very low income households. Based on this assessment, staff determined that one way to increase the number of very low income SHIP applicants would be to provide an incentive for very low income households to apply for SHIP rehabilitation funds. One such incentive would be to provide SHIP rehabilitation funds to very low income households as grants instead of loans. This is consistent with what many other SHIP programs do. By providing rehabilitation funds to very low income households as grants. applicants need not meet minimum credit requirements, so more very low income households can qualify for SHIP funds. SEPTEMBER 1, 1998 -87- 0 BOOK JOGFAGC AlraA