04/21/2015 (3) - Laserfiche WebLink

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On December 9, 2014, the Board of County Commissioners approved the county's new plan for FY 2015-16, FY 2016-2017, and FY 2017-2018. That plan was submitted to the FHFC for its review. , Based on its review, the FHFC has recommended minor changes to the plan and adoption of a revised resolution to follow the FHFC's current resolution template. In accordance with FHFC's recommendations, staff has prepared a revised 3 year plan and a revised resolution for the Board's consideration. ANALYSIS Since its initial adoption in 1993, the county's Local Housing Assistance Plan has been successful in directing assistance to eligible households within the county. The attached table (attachment #1) identifies the county's SHIP allocations and the number of loans given to eligible applicants by fiscal year and by income category. To meet the Florida Housing Finance Corporation's local housing assistance plan submittal requirements, county staff has prepared a revised Local Housing Assistance Plan. The revised plan is a continuation of the County's existing plan with only minor changes as requested by the FHHC. Those changes involve making the county's plan smaller by eliminating flow charts, using recently published purchase price amounts, eliminating sections that FHFC now considers redundant and not needed, and clarifying some wording. The revised plan includes updated information, projected expenditures for the new fiscal years, and revisions to the County's assistance strategies names to correspond with the State's assistance strategies names. As indicated in the revised plan, the County will continue its affordable housing incentives and utilize ten percent (10%) of the state SHIP allocation for administration of the SHIP Program. As drafted, the revised plan meets all state and local requirements. Once adopted and approved by the state, the Local Housing Assistance Plan will provide the basic framework and operating procedures, including program strategy qualification requirements and other provisions, for the SHIP program for the next 3 fiscal years. The new plan will also make the county eligible to receive SHIP funds until June 2018. FUNDING All SHIP loans are funded from state SHIP allocations and program income. Therefore, no local funds are involved. RECOMMENDATION Staff recommends that the Board of County Commissioners approve the revised Indian River County Local Housing Assistance Plan for FY 2015-2016, FY 2016-2017, and FY 2017-2018 by adopting the attached revised resolution and authorizing the Chairman to sign the attached resolution and the attached certification page. 2