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12/14/1999
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12/14/1999
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
12/14/1999
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7.E. STATE HOUSING INITIATIVES PARTNERSHIP (SHIP FUNDS SET ASIDE <br />DEVELOPER SELECTION COMMITTEE RECOMMENDATION - STRAKA & <br />ASSOCIATES <br />The Board reviewed a Memorandum of December 7, 1999: <br />TO: James E. Chandler <br />County Administrator <br />D I N HEAD CONCURRENCE: <br />Robert M. Keating, AICP <br />Community Development Direct <br />FROM: Sasan Rohani, AICPdG ' <br />Chief, Long -Range Planning <br />DATE: December 7, 1999 <br />SUBJECT: CONSIDERATION OF STATE HOUSING INTTIATIVES PARTNERSHIP (SHIP) <br />FUNDS SET ASIDE DEVELOPER SELECTION COMMITTEE <br />RECOMMENDATION <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at its regular meeting of December 14, 1999. <br />BACKGROUND <br />On September 7, 1999, the Board of County Commissioners agreed to set aside $150,000 of SHIP <br />funds each year for the next three fiscal years for eligible clients of affordable housing developers. <br />These SHIP funds are then to be used by the developer as a match for Home Investment Partnership <br />(HOME) funds. The Board also authorized the Community Development Director to advertise a <br />Request for Proposals (RFP), and appointed a three member selection committee to rank proposals <br />and recommend selection of a developer to the Board for approval. <br />As structured, the HOME program provides down payment and closing cost assistance to eligible <br />persons for purchase of affordable housing. HOME program assistance takes the form of a no <br />interest, non -amortized, second mortgage loan to the homebuyer. That loan does not have to be paid <br />back as long as the borrower continues to reside in the house and occupies it as his principal <br />residence. The remaining cost of the house is financed with a first mortgage loan through sources <br />such as FHA, sub -prime lenders, or others. HOME funds must be used for down payment and <br />closing costs associated with the purchase of single-family, owner occupied affordable housing units <br />by very low and low income households. <br />DECEMBER 14, 1999 <br />-13- BOOK ill FADE <br />
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