HomeMy WebLinkAbout2009-094RESOLUTION NO 2009-094
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA APPROVING A REVISION TO THE COUNTY'S LOCAL HOUSING ASSISTANCE
PLAN FOR FY 2009-2010, 2010-2011, AND 2011-2012 TO ADD A FLORIDA HOUSING
OPPORTUNITY PROGRAM STRATEGY.
WHEREAS, Chapter 420, Florida Statutes, describes the State Housing Initiative Partnership Program (SHIP),
and states that the principal objective of that program is to increase the amount of affordable housing within the State of
Florida; and
WHEREAS, the Indian River County Board of County Commissioners, on April 6, 1993, approved Ordinance
Number 93-13, establishing the county's first Local Housing Assistance Program; and
WHEREAS, the State did not allocate any regular SHIP funding for FY 2009-2010; and
WHEREAS, the 2009 Florida Legislature created the Florida Homebuyer Opportunity Program (FHOP); and
WHEREAS, Indian River County must revise its Local Housing Assistance Plan and add an FHOP strategy to
the plan for the County to be eligible for any FHOP funding in FY 2009-2010; and
WHEREAS, the County's Local Housing Assistance plan is a countywide plan and covers the unincorporated
county as well as all municipalities within the county; and;
WHEREAS, the Board of County Commissioners, on July 7, 2009, considered the revised Indian River County
Local Housing Assistance Plan.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Indian River County,
Florida that:
Section 1.
The above recitals are ratified in their entirety
Section 2.
The attached strategy (Appendix "A" ) is hereby approved by the Board of County Commissioners, and
incorporated into the Indian River County Local Housing Assistance Plan.
Section 3.
The Board of County Commissioners directs staff to submit two copies of the revised Indian River County
Local Housing Assistance Plan to the Florida Housing Finance Corporation by certified mail.
Section 4.
The county shall utilize ten percent (10%) of the state FHOP allocation for administration of the SHIP/FHOP
Program.
Section 5.
The average assistance from FHOP funds will be $7,000.00 per unit, and the maximum assistance from FHOP
funds will be $8,000.00 per unit.
Section 6.
The maximum purchase price for assisted units within Indian River County is hereby established as $237,031.00
for new or existing homes and condominiums.
The foregoing resolution was offered by Commissioner Whee 1 er , and seconded by Commissioner
F1 escher , and being put to a vote, the vote was as follows:
Chairman, Wesley S. Davis
AY—E
Vice Chairman, Joseph E. Flescher
AYE
Commissioner, Gary Wheeler
AYE
Commissioner, Peter D. O'Bryan
AYE
Commissioner, Bob Solari
AYE
The Chairman thereupon declared the resolution duly passed and adopted this 7th day of July 2009.
Attest w• by a�
effrey K. Barton, Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY kI�,,
, ,,�/c-C. �( �
BY: " �f�4
William G. Collins, II
County Attorney
Board of County Commissioners
of Indian River County
Wesley S. Davis, Chairman
Appendix "A"
1. Florida Homebuyer Opportunity program
a. Summary of the Strategy:
This strategy is designed in response to the legislative proviso
requiring SHIP local governments to expend 2009-2010 funds to ensure
that residents of the state derive the maximum possible economic
benefit form the federal first time homebuyer tax credit created
through The American Recovery and Reinvestment Act of 2009 by providing
subordinate down payment assistance loans to first time homebuyers for
owner occupied primary residences that can be repaid by the income tax
refund the homebuyer in entitled to under the First Time Homebuyer
Credit. The state program shall be called the "Florida Homebuyer
Opportunity Program."
b. Fiscal Years Covered: FY 2009-2010 until expiration of the Florida
Homebuyer Opportunity Program Tax Credit.
c. Income Categories to be served:
➢ up to $75,000 for single taxpayers
D $150,000 for joint filers.
There is no requirement to reserve 30 percent of the
funds for awards to very -low-income persons or 30
percent of the funds for awards to low-income persons;
and there is no requirement to expend 754 of funds for
construction, rehabilitation or emergency repair.
d. Maximum award:
The principal balance of the loans provided shall not exceed 104 of the
purchase price or $8,000 whichever is less.
e. Terms, Recapture, Default:
If the county receives repayment from the homebuyer within 18 months
after the closing date of the loan the county shall waive all interest
charges. If a homebuyer fails to fully repay the loan within 18
months, there will be a 34 interest rate for VLI and LI households, and
54 interest rate for households in other income categories. The FHOp
loan must be paid in 10 years. All funds repaid to the county shall be
considered "program income" as defined in s.420.9071(24)
£. Recipient Selection Criteria:
• The maximum income limit - shall be Adjusted Gross income of
$75,000 for single taxpayer households or $150,000 for joint -
filing taxpayer households which is equal to that permitted by
the American Recovery and Reinvestment Act of 2009
• Homebuyer Status - 1°t Time Homebuyer who is eligible to apply
for the First -Time Homebuyer Tax Credit as defined by the
American Recovery Act of 2009.
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