local housing assistance plan amendment state fiscal years 2012-2015 board of county commissioners...

Local Housing Assistance Local Housing Assistance PlanPlan

AmendmentAmendmentState Fiscal YearsState Fiscal Years

2012-20152012-2015

Board of County CommissionersBoard of County Commissioners

August 5, 2014

Presentation OutlinePresentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

Presentation OutlinePresentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

State Housing Initiatives Partnership Program (SHIP) Primary funding source for affordable housing programs in Florida–Documentary stamp revenues–Housing Trust Fund

Orange County has been a recipient of SHIP funding since 1994

BackgroundBackground

Year Allocation

2010-2011 $02011-2012 $742,8092012-2013 $358,3662013-2014 $1,340,4352014-2015 $4,355,191

SHIP Program – Orange County Allocation

BackgroundBackground

SHIP Program – Expenditure Requirements 65% of funds – home-ownership activities

75% of funds – construction related

60% of funds – low-income households

2014-2015 allocation of $4.3M must be expended by June 2017

BackgroundBackground

Local Housing Assistance Plan (LHAP) Required for funding under the SHIP Program Identifies housing strategies for very low, low, and

moderate income households Amendments must be adopted by resolution

BackgroundBackground

Presentation OutlinePresentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

LHAP AmendmentsIncrease number of units produced

Add a new strategy as an incentive for new construction

Increase maximum sales price for affordable housing

Revisions to Housing Revisions to Housing StrategiesStrategies

Current Housing Strategies Down Payment Assistance Home-owner Rehabilitation Multi-Family Acquisition/Construction Special Needs Housing

Revisions to Housing Revisions to Housing StrategiesStrategies

Revisions to Housing Revisions to Housing StrategiesStrategies

Yearly Average 2010-2014

Down Payment Assistance 68

Homeowner Rehabilitation 41

Multi-Family Construction 93

Special Needs Housing 18

Income Level Current Proposed

Very Low $10,000 $30,000

Low $7,500 $20,000

Moderate $0 $15,000

Revisions to Housing Revisions to Housing StrategiesStrategies

Down Payment Assistance Increase amount of assistance Provide assistance to moderate-income households

Income Level

Dade County

Palm BeachCounty

Hillsborough

County

Duval County

Very Low $80,000 $100,000 $40,000 $20,000

Low $70,000 $65,000 $35,000 $17,500

Moderate $60,000 $50,000 $10,000 $15,000

Revisions to Housing Revisions to Housing StrategiesStrategies

Other Levels of Assistance

Revisions to Housing Revisions to Housing StrategiesStrategies

Housing Rehabilitation Increase amount of assistance Provide assistance for reconstruction

ActivityCurren

tPropose

d

Emergency Rehab $15,000 $20,000

Substantial Rehab $50,000 $75,000

Reconstruction $0 $100,000

Revisions to Housing Revisions to Housing StrategiesStrategies

Multi-Family Construction Encourage acquisition, construction, or

rehabilitation of rental housing for low income households

Continue to provide minimum local government contribution for developers competing for State Housing Tax Credits

No revisions recommended

Revisions to Housing Revisions to Housing StrategiesStrategies

Special Needs Housing For adult persons requiring independent living

services Provide assistance to disability support organizations

to acquire, construct, or rehab group homes Partner with nonprofit agencies to provide home

modifications for people with disabilities 20% of SHIP allocation must be spent under this

strategy – $871,038 No revisions recommended

Revisions to Housing Revisions to Housing StrategiesStrategies

New Strategy: Impact Fee Subsidy Few homes being built at price levels affordable to

low-income households Developer incentive to build owner occupied

homes, affordable to low-income households Subsidy Level:

Revisions to Housing Revisions to Housing StrategiesStrategies

Maximum Sales Price Maximum sales price established in LHAP Factors that affect affordability

Sales price Income Interest rate

Revisions to Housing Revisions to Housing StrategiesStrategies

HUD 2014 Income Limits Median Income $54,800

Household Size

Very Low Low Moderate

1 $20,100 $32,100 $48,2402 $22,950 $36,700 $55,0803 $25,800 $41,300 $61,9204 $28,650 $45,850 $68,760

Revisions to Housing Revisions to Housing StrategiesStrategies

Maximum Sales Price Increase maximum sales price

From To

$170,000 $200,000

Revisions to Housing Revisions to Housing StrategiesStrategies

Affordable Housing Advisory Board Appointed by the BCC Makes recommendations on housing strategiesBoard recommends the proposed revisions

Presentation OutlinePresentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

Action RequestedAction Requested

Approval of Resolution of the Orange County Board of County Commissioners regarding the State Housing Initiatives Partnership (SHIP) Program and the Orange County Local Housing Assistance Plan (LHAP) for State Fiscal Years 2012-2013, 2013-2014, 2014-2015; Certification to Florida Housing Finance Corporation; and State Housing Initiatives Partnership (SHIP) Program Local Housing Assistance Plan Amendment for State Fiscal Years 2012-2013, 2013-2014, 2014-2015. All Districts