housing news volume 22, number 1• sample/model resolutions calling for full funding and repeal of...

Sadowski WorkforceHousing Coalition

5

The FloridaCommunity Land

Trust Institute6

Deed Restrictionsand Community

Land Trust GroundLeases

7

Employer AssistedHousing

11

The Critical Role ofHousing Counselors:My Personal Story

13

The 19th AnnualStatewide

Affordable HousingConference

16

Florida HousingCoalition’s Reportfrom Washington

17

Public HousingAuthorities Looking

Less to HUD19

For Sale By Owner:Shared

Appreciation21

SHIP Clips22

The CondoConversion Craze

andMeasures Used toPrevent or Offset

the Loss fromCondo Conversions

25

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HOUSING NEWSN E T W O R KThe Journal of the Florida Housing Coalition, Inc.

Volume 22, Number 1

SPRING 2006

In This issue

It’s Shaping up to be aBanner Legislative Session

for Housing

Affordable housing has moved front andcenter for the 2006 Legislative Session.In addition to the movement for full

funding and repeal of the cap, lawmakers fromboth parties have filed a variety of affordablehousing bills.

More than twenty housing bills were filed by thestart of the legislative session, in both housesand by both parties. Housing initiatives rangefrom serving the extremely low income tohousing for teachers and others earning up to150 percent of area median income.

What’s in a Name?

“Affordable housing” has given way to“workforce housing” and similar terms such as“attainable housing” or “community housing.”

So what does this change in terminology mean?Is workforce housing something different orapart from affordable housing?

Some say no. They readily acknowledge thatlesser-educated or unskilled, low-income peopleoften work two and three jobs, and are clearlymembers of the workforce. But is “workforcehousing” code for affordable housing to serve theneeds of the low-paid professional, a person whoactually earns quite a bit more money than theaverage Floridian?

Of course, low-paid professionals are currentlyserved by affordable housing, both in our localSHIP programs and our tax credit developments.But the combination of reduced housingappropriations and the hyper-appreciation in

Continued on page 3

Rep. Davis (R) and Rep.Henriquez (D), joined bySenator Bennett (R) andabout 15 otherlawmakers held abipartisan pressconference on March14th to call for“scrapping the cap” andusing all the funds(approximately $945million) in the state andlocal housing trust fundsfor affordable housing.

BOARD OFdirectors

executivecommitteeMelvin Philpot, CHAIRPERSONProgress Energy Florida,Winter GardenJeff Bagwell, VICE CHAIRKeystone Challenge Fund,LakelandJaimie Ross, PRESIDENT1000 Friends of Florida,TallahasseeGregg Schwartz, TREASURERTampa Bay C.D.C.,ClearwaterMark Hendrickson, PASTCHAIRThe Hendrickson Company,TallahasseeAnnetta Jenkins, AT LARGELocal Initiatives Support Corporation,West Palm Beach

directorsBob AnsleyOrlando Neighborhood Improvement, Orlando Ed BusanskyFirst Housing DevelopmentCorporation of Florida,TampaGus DominguezGreater Miami Neighborhoods,Miami Holly DuquetteFlorida Power & Light,Juno Beach

James “Jim” DyalAmerican Realty Development, LLC.,TampaCharles “Chuck” ElsesserFlorida Legal Services,Miami Denise FreedmanBank of America,TampaCora FulmoreMortgage & Credit Center,Winter GardenSchonna GreenM.I.S.S. of the Treasure Coast,StuartDan HorvathCommunity Enterprise Investments, Inc.,PensacolaJack HumburgBoley Center for Behavioral HealthCare, Inc.,St. PetersburgJeff KissKiss & Company,Winter ParkTei KucharskiFlorida Solar Energy Center,CocoaGrace MirandaCenter for AffordableHomeownership,Tampa Housing Authority,Tampa

Tony RiggioWachovia, Jacksonville

Sophia SorolisHousing and CommunityDevelopment City of St. Petersburg,St. PetersburgRobert VonRealvest Appraisal Services,Maitland

financialservicescouncilJanice BooneAmSouth Bank,Pensacola Dana ChestnutWashington MutualAtlanta, GADeana LewisSunTrust BankPensacolaPeter McDougalCitibankMiami

advisorycouncilHelen Hough FeinbergRBC Dain Rauscher,St. Petersburg

Ricardo “Rick” Soto-Lopez Housing and CommunityDevelopment City of Winter Park,Winter Park

staffADMINISTRATION

Michael DavisExecutive DirectorPam DavisWorkshop CoordinatorTom FlaggFinancial ManagerVickie McDonaldOffice Manager

TECHNICAL ADVISORSMichael ChaneyTechnical AdvisorSteve CumboTechnical AdvisorHana EskraTechnical AdvisorStan FittermanSenior Technical AdvisorWight GregerSenior Technical AdvisorDayatra OrdunaTechnical AdvisorGladys SchneiderTechnical Advisor

The Florida Housing Coalition is a nonprofit, statewide membership organization whose mission is to act as a catalyst to bring togetherhousing advocates and resources so that Floridians have a safe and affordable home and suitable living environment.

The Housing News Network is published by the Florida Housing Coalition as a service to its members and for housing professionals andothers interested in affordable housing issues. Address questions and comments to: Jaimie Ross, Editor, Florida Housing Coalition, Inc.,1367 E. Lafayette Street, Suite C, Tallahassee, FL 32301.

Phone: (850) 878-4219, Fax: (850) 942-6312, Email: [email protected], Web site: www.flhousing.org

Many thanks to Margie Menzel for her editorial assistance with this edition of the Housing News Network Journal.

The Florida Housing Coalition would like to recognize BANK OF AMERICA, CITIBANK,WACHOVIA and WASHINGTON MUTUAL, for their partnership, leadership and support as our

PLATINUM SPONSORS. We are deeply appreciative.

housing prices over the last three years leaves low-paidprofessionals, who traditionally expect to be homeowners,finding it almost impossible to realize homeownership.That’s especially true in high-cost parts of the state: alongthe coast and in south Florida.

Silver Lining: “Scrap the Cap”and Full Appropriation

None of us are pleased about this housing crisis. But thesilver lining may be that affordable housing, whether it isnamed workforce housing or not, is now a major item onalmost every lawmaker’s agenda.

Recognizing that funds for new programs to serve specifictarget groups such as teachers or “essential servicespersonnel” will be unavailable if the “cap” on theSadowski trust fund goes into effect, Rep. Mike Davis, R-Naples, coined the phrase "scrap the cap." Rep. Davis,charged by the House leadership with crafting alegislative response to Florida’s housing crisis, issponsoring a bill to fund a program to providehomeownership opportunities for families earning asmuch as 150 percent of area median income. And inaddition to scrapping the cap, he and others are asking

that all the monies in the state and local housing trustfunds are, indeed, appropriated for that very purpose.

But what about the ExtremelyLow Income Workforce?

And what about those tooold or sick to work? Willthey benefit from aportion of what is almost$1 billion in state andlocal housing trust fundmonies? The Governor’sproposal of $302 millionfor housing hurricanerelief will focus on theextremely low income,building on thesuccessful and vastlyover-subscribed RentalHousing RecoveryProgram, which targetsmonies to developmentsthat provide 25 percentof the units for familiesearning 30 percent orless of area medianincome. It is also likelythat we will see a

definition for “extremely low income” put into statute thissession, as well as an effective mechanism to fund extremelylow income units through the State Apartment IncentiveLoan Program. Provided there is a commensurateappropriation to fund the development of these units,

HOUSING NEWS NETWORK

In the 2005 legislative session, a bill was

passed to cap the distributions into the

state and local housing trust funds at

$243 million per year. That “cap” does

not actually go into effect until 2007,

but there is a common misconception that

the cap is in effect for this session --

most likely due to the Governor’s having

recommended an appropriation of $243

million for the state and local housing

trust funds this year.


Florida can boast full funding from a dedicated revenuesource that meets the needs of all Floridians, from theextremely low income to the lower-paid professionals. If ourlegislators are given the information they need tounderstand the importance of full appropriation, we may

end up with an affordable housing success story this yearthat will rival the 1992 session, when Florida became thenational leader with a combination of creative and effectiveprograms funded by a dedicated revenue source.

Does Florida Need FullAppropriation of its State and Local

Housing Trust Fund Monies?

By the most conservative estimate of theShimberg Center of Affordable Housing,over 730,000 Florida families are both lowincome (less than 80 percent of areamedian income) and severely cost burdened(pay more than 50 percent of their incometowards housing costs). Today’s programsproduce new rental units at a subsidy levelof approximately $30,000 per unit, while itcosts up to $50,000 of subsidy to assisteach family buying a home. Using a$40,000 average cost, it would take $29.2billion to serve each of the 730,000 familiesin need. If only one-third of these familiesactually need assistance, the need for statesubsidy would still exceed $9.7 billion (andgrowing, as construction and land costscontinue to escalate).

Does Florida have the Capacity to Utilize Almost One Billion Dollars for Housing?

• Funding over the last three years has been $56 million peryear less than the funding level of FY02-03—a year when allfunds were easily spent and a year before the explosion inhousing costs.

• Florida Housing programs have many more applicants than canbe funded. For example, a recent hurricane rental cycle hadrequests for $131.6 million, while only $42 million wasavailable. This cycle was limited to counties impacted by 2004hurricanes—and does not include the major south Floridacounties that have been impacted by Wilma. Florida HousingSAIL Program funds are routinely oversubscribed by a 2-1margin; improvements being made to the program will increasethe usefulness and demand for SAIL funds significantly.

• Local governments need 4-5 times as much subsidy perhomebuyer as was required five years ago. As a result, it takesthat much more money just to serve the same number ofhomebuyers as was served in the past.

Visit the Florida Housing Coalition’s Website forcomprehensive information on the state and local housingtrust funds. www.flhousing.org

You will easily access:• contact information for your elected officials• data on housing need and the importance of housing

dollars to your local economy• sample/model resolutions calling for full funding and

repeal of the cap• sample talking points

Join the Florida Housing Coalition and the entireSadowski/Workforce Housing Coalition for Housing Day atthe Capitol on April 19th. A press conference will be heldat 1:00pm outside between the old and new capitolbuildings. Call the Florida Housing Coalition at850/878/4219 for more information.

For more information, contact Jaimie Ross, Editor, [email protected].

While Florida’s land valuescontinue to climb, and as

communities grapple with thecomplex issues of sustainableaffordability, local governmentsand their nonprofit partners areexamining alternative models foraddressing the long term needsof residents least served by theprevailing market. A communityland trust can benefit low-incomefamilies by providing access toaffordable housing in high cost,service-industry dependent areas,while keeping housing affordablefor future residents. Just asimportantly, the CLT model canbe used to capture the value ofpublic investment for long-termcommunity benefit.

WHAT IS A COMMUNITYLAND TRUST?

A community land trust refers tothe vehicle of separating land frombuilding (house) for the purpose oftransferring title to the housewithout selling the land. It alsodenotes the nonprofit organizationthat holds title to the land andmanages the ground leases oncommunity land trust properties.

Homeownership becomes moreaffordable because the transfer of

title to the homeowner does notinclude a fee interest in the land;the sales price is based on thevalue of the improvements,without the value of the land. Theland is owned by a 501(c)(3)corporation which provides a99-year ground lease to thehomeowner.

The ground lease has a resaleprovision which ensures theproperty will be affordable inperpetuity. The home must besold to an income-eligible buyer atan affordable price. The resaleprovision will typically provide areasonable return to thehomeowner, but the appreciationmay be far less than standardmarket appreciation. The resaleprovision will also typicallyprovide a right of first refusal infavor of the CLT.

From the standpoint of the buyer,the CLT home provides home-ownership in a market where thealternative is to rent or moveaway. From the standpoint of thelocal government, society, fundersproviding subsidy, and affordablehousing advocates in general, theCLT provides a way of creatingpermanent housing stock with asingle subsidy.

THE FLORIDA COMMUNITYLAND TRUST INSTITUTE

PROVIDES ASSISTANCE WITH:

� Assessing whether acommunity land trust isappropriate for your communityand, if so, which model makesthe most sense for yourcommunity

� Understanding the terms ofthe ground lease and optionsfor resale provisions

� Start up for the nonprofitcommunity land trust

� Capacity building for thenonprofit community land trust

� Homebuyer counseling forcommunity land trustpurchasers

� Internal opperations andmarketing for the communityland trust

� Legal questions such as titleand real property tax issues

� All manner of real propertydevelopment and financingissues

The Florida Community Land Trust Institute

The Florida Community Land Trust Institute is a collaboration between two statewide 501(c) (3) organizations, 1000 Friendsof Florida and the Florida Housing Coalition. The Florida CLT Institute is headed by Jaimie Ross, Attorney at Law, andAffordable Housing Director at 1000 Friends of Florida, a statewide nonprofit growth management organization. The trainingand technical assistance team is comprised of the staff of the Florida Housing Coalition, headed by Senior TechnicalAssistance Providers, Wight Greger and Stan Fitterman. For more information, call the Florida Housing Coalition at 850/878-4219,or email [email protected].

�

Deed Restrictions andCommunity Land Trust GroundLeases: Protecting Long TermAffordable Homeownership

THE NATURE OF THERESTRICTIONS

Before discussing deed restrictions and community landtrust ground leases as methods of establishing affordablehomeownership restrictions, let us first note the featuresthat are common to affordable homeownership programs.In general, these programs employ public and charitablesubsidies to reduce the cost of homeownership to anaffordable level for lower income households. Theycommonly impose three types of restrictions: price, buyereligibility, and occupancy and use. These restrictions canrange in duration from as little as five years to as much as99 years, and can, in effect, be perpetual in some cases.

Price Restrictions. Resale restrictions limit the price atwhich a home can be sold. The goal is to keep the priceaffordable for households of a designated income level(generally identified as “income-eligible” or “income-qualified” households), but in practice only control theprice itself. These limitations on resale prices are usuallyestablished through formulas that allow the seller to recoupher original investment plus some amount of appreciation.What are perhaps the most common formulas – generallyknown as “appraisal-based formulas” – limit the price to theoriginal purchase price plus a specified percentage (e.g., 25percent) of total market appreciation as determined by thedifference between appraised value at the time of purchaseand at the time of resale.

Other types of formulas include:• “Itemized formulas,” which add to the original purchase

price such factors as the value of improvements made bythe owner and adjustments for monetary inflation; and

• “Indexed formulas,” which allow resale prices to exceedthe original purchase price only in proportion to increasesin indexes such as the consumer price index or areamedian income.

Buyer Eligibility Restrictions. These restrictions focusfirst on the income categories of people permitted to buy ahome when the owners want to sell it. Programs designed toprovide homeownership opportunities for lower incomehouseholds typically limit subsequent, as well as initial,buyers to those households that have incomes in the rangetargeted by the program (or to public or nonprofit sponsorsthat will see that the homes will be resold to income-qualified households). Maximum incomes for eligiblebuyers are usually defined in terms of percentages ofmedian household income for the geographical area inquestion, adjusted for household size by the U. S.Department of Housing and Urban Development (HUD).

Occupancy and Use Restrictions. Resale restrictions ofeither type are commonly accompanied by occupancy anduse restrictions. Programs designed to providehomeownership opportunities for lower income householdshave reason to require that owners (subsequent as well asinitial owners) occupy the homes they own as their primaryresidences. Occupancy restrictions thus prohibit absentee

by David Abromowitz and Kirby White


ownership and require that an owner who moves out of ahome must sell it. Other types of use restrictions includethose that require proper maintenance and prohibit uses thatwould diminish the quality of the homes for future residentsor that would be detrimental to the surrounding community.In the case of homes that include one or more rental units inaddition to the units occupied by the owners, restrictionsmay require that tenants be income-qualified and that therents not exceed an affordable amount.

VEHICLES FOR RESTRICTIONS:DEED RESTRICTIONS AND CLT

GROUND LEASES

Deed Restrictions. Deed restrictions (or deed covenants)are restrictions that are written into the deed conveying aproperty and that “run with the land,” binding subsequentas well as present owners. The restrictions themselves canvary from very simple requirements to very elaborate andcomplex requirements. They can be and have beenestablished for various types of property and to serve a widevariety of purposes. For many years, such covenants havebeen typical in planned communities and in subdivisionswhere developers prevent buyers from modifying theirhomes in ways that might offend the aesthetic (or at leastconventional) sensibilities of their neighbors.

The same covenant technique has also become increasinglycommon as a means to preserve affordability and otherintended effects of affordable homeownership programs.But deed restrictions are not as “self enforcing” as theirdrafters may assume them to be, and require someone orsome organization to monitor compliance. Restrictionswritten into the deeds of homes developed or sponsored bysuch programs can give a preemptive option to thedeveloper or sponsoring agency, allowing it to purchase thehome for a limited price when the owner wants to sell or tosee that the home is sold to another income-qualifiedhousehold for a price not exceeding the purchaseoption price. The other common types of affordablehomeownership restrictions noted above are also oftenestablished as deed restrictions.

CLT Restrictions. Community land trust homeownershipprograms allow people to buy houses on land that is leasedto them by the CLT through very long-term ground leases(typically, renewable and inheritable 99-year leases). Thelessee/homeowners pay a modest (usually subsidized)monthly ground rent to the CLT for the use of the land. Theterms of the ground leases give the homeowners most of therights of conventional homeownership, but also imposecertain key restrictions on the use and resale of the houses.

The CLT itself as ground lessor retains a preemptive optionthat allows it to buy the house when the lessee/homeownerwants to sell, to assign the option to another income-qualified household, to oversee the sale of the home directlyto another income-qualified household for a price notexceeding the purchase option price. The other types ofcommon affordable homeownership restrictions are normallywritten into the CLT ground lease as well.

In its role of overseeing the resale of affordable homes, theCLT makes sure that the buyer is income-eligible and thatthe price does not exceed the limit established by the“resale formula.” Most CLTs also play an active role inhelping lower income buyers to qualify for mortgagefinancing, and often play a role in negotiating with lendersto see that appropriate mortgage financing is available tothese CLT homebuyers. CLTs may also provide a variety oftraining and support services to these households once theyhave become homeowners. The costs incurred by the CLTin carrying out this work can be defrayed in part by the leasefee that is collected, and can also be defrayed by a mark-upof the resale price or transfer fee added to the price paid bythe new homebuyer.

STRENGTHS AND WEAKNESSESOF DEED RESTRICTIONS

When compared to CLT ground leases, deed restrictionsare sometimes seen as the “simpler and easier” means ofestablishing restrictions, though not necessarily as themost effective means of implementing restrictions over thelong term.

Their advantages include the following:• They do not require the creation of separate ownership

interests in land and buildings, • They are likely to be more acceptable to homebuyers who

have a preconceived idea that homeowner means wantingto “own the land as well as the house.”

• They avoid the complication of separate tax assessmentson land and buildings.

• They appear, on the surface, to require less oversight. Theassumption is that any resale in violation of the resalerestriction (sale to a non-income-eligible buyer or for aprice in excess of the stated limit) would compromise abuyer’s title to the property (and a mortgagee’s claim to theproperty as collateral) and would therefore not happen.

Most deed restrictions are designed to last for relativelyshort periods of time – typically for periods ranging from 5to 20 years, rarely for more than 30 years. If a programstrives to preserve affordability only for a relatively short

time, the deed restriction is a simple and perhapseconomical way of doing so. The long-term enforceability ofdeed restrictions, however, is more problematic, dependingon a number of factors, both legal and practical. Somestates specifically limit deed restrictions to a certain period(e.g., 30 years), and in almost every state, “perpetual” deedrestrictions are considered invalid as a “restraint onalienation” or potentially even a violation of the “ruleagainst perpetuities.” Generally, the longer the duration ofthe restriction and the farther the party imposing therestriction is removed from the property, the less defensibleis the restriction. (In many traditional English common law-influenced states, enforceability rests on meeting legal testsof “privity,” “touch and concern,” and benefit to a nearbyparcel owned by the same party who is imposing therestriction). Some states have enacted laws explicitlysanctioning “perpetual” deed restrictions for purposes suchas the preservation of affordable housing, but not manystates have done so.

Even if all the legal obstacles to enforcement of the deedrestriction are satisfied, as a practical matter, they are oftennot effectively enforced. The supposed self-enforcementprocess may not work in practice. If the difference betweenthe allowable “purchase option price” and the subsequentmarket price is great, the owner of the property has a greatfinancial incentive to seek ways to avoid the terms of thedeed covenants. There may well be a speculative purchaserwho would be willing to pay more than the purchase optionprice but less than the property’s market value, with thedifference serving as either the reward for the risk that therestriction will ultimately be enforced or the incentive tospend substantial sums on a legal challenge toenforceability. Such speculative practices may also succeedif the necessary title work was not done carefully enough atthe time of resale and the existence of a restriction writteninto a deed decades previously is missed.

Indeed, often because they are assumed to be sufficient justby clouding title, deed restrictions generally have not beenactively monitored. Programs have generally not beenfunded or put in place to support monitoring. At least thishas been true until relatively recently. As the failure of self-enforcement becomes more apparent, a growing number ofprograms are now being established to monitor and enforcedeed restrictions established through state and municipalefforts to subsidize affordable homeownership (or to requireits creation through “inclusionary” ordinances). It isimportant to note, too, that, although price and eligibilityrestrictions may be self-enforcing to a degree, occupancyand use restrictions are not self-enforcing at all. Unlessthese restrictions are monitored and enforced by some

authorized agency, there is nothing to prevent the owner ofan affordable home from moving out and becoming anabsentee landlord, or allowing the public investment in thehome to be wasted by abuse and inadequate maintenance ofthe physical structure.

Since the sponsoring agencies that put deed restrictions inplace do not usually have a continuing relationship with thehomeowner, the homeowner is on her own for better and forworse. Not only will monitoring and enforcement be limitedor absent; support services for the lower income, first-timehomeowner will also be lacking. If the owner gets intofinancial trouble, the sponsoring agency will not be aware ofit and will not provide assistance. If the financial troubleresults in a mortgage foreclosure, any deed restriction thathas been subordinated to the mortgage (as has usually beenrequired by the lender) will be wiped out. Not only will thehomeowner lose her home, but also the public will lose theinvestment it has made in the affordability of the home.

STRENGTHS AND WEAKNESSESOF CLT RESTRICTIONS

The CLT model is a more complicated approach tohomeownership. It requires more effort by the CLT assponsoring agency and is less familiar (and sometimesinitially less acceptable) to the majority of homebuyers, butit also provides a stronger basis for the enforcement ofrestrictions, a better basis for the support of economicallyvulnerable homeowners, and a more complete set of tools forpreserving the public’s investment in the home even insituations where a mortgage is foreclosed.

Restrictions established through a CLT ground lease aremore enforceable for both legal and practical reasons. Thefact that the lease represents an agreement between partieswith continuing ownership interests in the propertyprovides a strong legal basis for the CLT’s enforcement ofresale and use restrictions. The CLT’s preemptive right topurchase the house for a restricted price (and thereby toassure that it will be passed on to another income-eligiblehousehold) is a part of this ongoing agreement. Further, itsenforceability is strengthened by the fact that the house islocated on land that the CLT owns and by the fact that thelessee’s ownership of the house is explicitly subject to theterms of the lease.

Although in the early years of the CLT model developmenttheoretical questions have been raised as to whether the 99-year term of the CLT’s preemptive option might be held toviolate the rule against perpetuities (potentially exceedingthe traditional common law measure of a “life in being plus


21 years”), the CLT option to our knowledge has never beenchallenged in court in several decades of CLT operations.Moreover, there are strong reasons to believe that such achallenge would not succeed. Notwithstanding thispresumed long-term enforceability of the option, most CLTground leases contain a backup provision, which, asexpressed in ICE’s Model CLT Ground Lease, states, “It isthe intention of the parties that their respective options topurchase and all other rights under this Lease shallcontinue in effect for the full term of this Leaseand any renewal thereof, and such options andother rights shall be considered to be coupledwith an interest. In the event any such optionor right shall be construed to be subject to anyrule of law limiting the duration of such optionor right, the time period for the exercising ofsuch option or right shall be construed toexpire twenty (20) years after the death of thelast survivor of the following persons…” [e.g.,all children born in a specified local hospital inthe year the lease is executed].

The CLT ground lease also provides a strongbasis for enforcing the CLT’s occupancy anduse restrictions. The legal mechanism for thisenforcement is the relatively familiar process ofdeclaring a default under the terms of thelease. IF the default remains uncured, the CLTas lessor can expect to obtain judicial reliefthrough typical landlord-tenant summaryprocess. The exact procedural details andsubstantive requirements will differ fromjurisdiction to jurisdiction, but much can besaid of elements in common. The ground lessee’s rights ofpossession of the land depend upon compliance with thelease terms. Failure to comply gives rise to the right of thelandlord to evict the ground lessee or seek other remedies,such as damages or injunctive relief, where appropriate.

On the practical level, the likelihood that the CLT’srestrictions will be enforced in practice is supported by thenecessary ongoing interaction between the parties. Thehomeowner is responsible for making monthly lease feepayments to the CLT. If payments are not received, theCLT will contact the homeowner and, in so doing, maylearn of other violations or problems (e.g., the homeownermay no longer occupy the home and may have rented it toothers, or may have lost a job and may be approaching amortgage default.) When the homeowner eventually wantsto sell, the possibility that the sale could be carried out in

violation of the lease’s resale restrictions is extremelylimited. Any but the most woefully ill-informed and ill-advised buyers would understand that they could not buythe land from the existing homeowner and would have todeal with the CLT landowner. In this sense, ground-lease-based resale restrictions are more truly self-enforcing thanare deed restrictions.

In the event of a mortgage default by the lesseehomeowner, the ground lease providesreasonable protections of the lender’sinterests, but also important protections for theCLT as steward of the public’s investment inthe property. Although different terms may benegotiated with different lenders, CLT groundleases typically provide for notification of theCLT in the event of a mortgage default and,thereupon, give the CLT an opportunity to curethe default (as well as to help the homeownerherself to work out the problem). In the eventthat the problem does result in foreclosure, theCLT often has an option to buy the house backfrom the mortgagee. In the worst casescenario, if the house is not repurchased by theCLT subsequent to foreclosure and the resalerestrictions are removed from the lease (as CLTleases normally permit in such situations),then the CLT normally has the right to chargea higher ground rent to the new owner of thenow-less-restricted home. Thus, the propertywill continue to provide significant support forthe CLT’s affordable homeownership program.

It should also be noted that the CLT ground lease providesan opportunity for flexibility and adaptability that is usuallylacking with long-term deed restrictions. If, at some pointin the future, certain ground lease restrictions no longerserve the community’s interest, the parties to the lease cannegotiate reasonable modifications. And if, at some point,the community’s interest is better served by an altogetherdifferent use of the property, then when the then-currentowner wants to sell, the CLT can exercise its option anddedicate the property to that different use.

Finally, it should be said that the CLT’s approach toownership brings a kind of perspective and understandingto CLT homeownership programs that is less clearly andemphatically present with homeownership programs thatutilize deed restrictions. The community land trust modelembodies a commitment to

In the event of

a mortgage

default by the

lessee

homeowner,

the ground

lease provides

important

protections

for the CLT as

steward of the

public’s

investment in

the property.

�

Continued on page 24

�

By Stan FittermanFlorida Housing Coalition

As housing costs have risen in Florida,housing advocates have been searching fornew ways to provide affordable housing.

Some are watching, intrigued, as employer assistedhousing is implemented in Philadelphia,Cleveland, and Chicago. This article will explorethe history of employer assisted housing, how theprograms are structured, and how they might lookin Florida.

When one thinks of employer assisted housing, the image ofthe old company town often leaps to mind – substandardhousing and excessive employer control. When opening abusiness in an isolated area, such as startingup a mine, employers had no choice but toprovide some type of housing for theirworkers. By the 1920’s, however, companytowns began to disappear. Changing patternsin metropolitan area growth, as well aschanges in mobility, led to the decline ofcompany towns. These changes and othersgreatly diminished the need for housing closeto one's place of work or for employers to playa role in worker housing (Jennings, 2000).

Employer assisted housing started toreappear in the mid-1980’s. TheUniversity of Pennsylvania guaranteedmortgages for employees who purchasedhomes in neighborhoods surrounding theUniversity. In exchange for this guarantee,lenders eliminated the down paymentrequirement, allowing the employees tobuy a home with little or no money down. One of themain goals of this program was to help revitalizeneighborhoods near the University by offering employeesan incentive to purchase there.

Cleveland’s Case Western Reserve University isalso focusing its employer assisted housingprogram on improving the neighborhoodsurrounding the university. Employees are eligibleto receive $10,000 toward the purchase of a homein certain neighborhoods. Those who takeadvantage of this assistance are also eligible toreceive an additional $1,000 per year for the nextfive years, bringing the total amount of assistance

available to $15,000. Employees purchasing a homeoutside of the targeted neighborhoods are eligible for amaximum of $10,000 -- $5,000 in the first year and $1,000per year for the next five years. If recipients leave Case

Western’s employment within two years ofreceiving the assistance, the amountprovided must be repaid.

The Chicago area has a well-publicizedemployer assisted housing program. Fueledby a state income tax credit for participatingemployers, in 2004 this program assisted 70households, representing the employees ofnine employers. The average amount ofassistance was $5,000 per applicant, with themaximum assistance amount being $7,500.Data for the first half of 2005 showed 72employees of five separate employerspurchasing homes with an average of $5,000of subsidy. Again, the maximum subsidyamount was $7,500. Over 75 percent of theemployees purchasing a home in the first halfof 2005 worked for just two employers – theUniversity of Chicago and the Chicago Public

School System. The median household income forparticipants was $51,000, 100 percent of median income forthe Chicago Metropolitan Service Area. Another notablefeature of the Chicago program is that the participating

Employer Assisted Housing

�

When one thinks

of employer

assisted housing,

the image of the

old company town

often leaps to

mind –

substandard

housing and

excessive

employer control.

�


employers are all headquartered in Chicago. That is,decisions to participate in the Chicago program are made byCEO’s based in Chicago for employees based in Chicago.

EAH’s Applicability in Florida

With the increasing disparity betweenhousing costs and income in Florida, thesubsidy amounts associated with employerassisted housing, on their own, would dovery little to assist the state’s very-low-, low-and – in many cases – moderate-incomefamilies. While our purchase assistanceprograms in Florida are, of necessity,offering deeper and deeper subsidies, thereare always going to be some buyers who donot quite make enough to qualify. In theseinstances, combining existing subsidyprograms with an employer’s extra $5,000could make a unit affordable to a previouslyunqualified buyer. In addition to directsubsidies, another role Florida employerscan play is to make their employees aware ofexisting programs for which they couldqualify. Florida is extremely fortunate tohave a dedicated revenue source for housingthat is active in every county and large cityin the state. Employers can take a moreactive role in making employees aware ofthese programs and what their employeescan do to qualify.

Employer Attitudes TowardEmployer Assisted Housing

There have been two major studies of employer attitudestoward employer assisted housing: a 1990 AmericanAffordable Housing Institute study and a 1998 Fannie Maestudy. The questions asked in the second survey were notidentical to those asked in the first, so a strict comparison ofchange over time cannot be made. However, somecomparisons can be made. In the 1990 survey, 79 percent ofemployers responding indicated that availability of affordablehousing had no negative impact on the recruitment andretention of labor. The 1998 Fannie Mae study found that 84percent of the employers surveyed saw no connectionbetween recruitment and retention problems and lack ofaffordable housing. The 1990 survey found that employerswith more than 1,000 employees were more likely to have aninterest in providing any housing benefit by a statisticallysignificant margin of 14 to 24 percent for smaller employers.

The 1998 Fannie Mae survey also found a correlationbetween the number of employees that a firm has and thelevel of employer interest in providing some form of housingassistance. Collapsing those who were offering a benefit withthose who were actively considering this idea as a singlecategory, the Fannie Mae survey found that 14 percent of

employers having 1,000 to 4,999 employeeshad an interest in employer assisted housing,a level of interest similar to that of employerswith fewer than 1,000 employees. However,for firms with 5,000 to 14,999, the level ofinterest grew to 18 percent. Of firms with15,000 or more employees, 23 percentexpressed an interest in having a housingbenefit program (Hoffman).

Since most of the interest in employerassisted housing is concentrated among largeemployers, the lack of major corporationsheadquartered in Florida could hinder amajor employer assisted housing effort.Only 14 Fortune 500 companies areheadquartered in Florida, with Miami andJacksonville each having the most, at three.In contrast, the Chicago area alone is hometo 30 Fortune 500 companies.

Employer AssistedHousing in Florida

Employer assisted housing has a trackrecord in Florida. In 2002, the Florida Housing Coalitionassisted Bonita Springs Area HDC with a development inwhich the Bonita Bay Group provided their employees withan extra $5,000 in down payment assistance whenpurchasing a unit in the HDC’s development.

Now a nonprofit developer in southeast Floridareceiving assistance from the Florida HousingCoalition has been approached by the local schoolboard to reserve 30 units in a proposed development forschool board employees. The school board has agreedto pay $60,000 to the nonprofit to reserve these unitsfor their employees. While this doesn’t necessarilyincrease the affordability of the units, it is providingthe nonprofit with some much-needed operating money.The Florida Housing Coalition is also in the earlystages of assisting a southwest Florida nonprofit withdesigning an employer assisted program that willwork in conjunction with a Continued on page 24

�

There are always

going to be some

buyers who do

not quite make

enough to

qualify...

combining existing

subsidy programs

with an employer’s

extra $5,000

could make a unit

affordable to

a previously

unqualified buyer.

�This journey began at the age of 29. I wasworking full-time, performing various sidejobs to earn extra cash, and renting a

modest house for my family. Although I hadpreviously worked for five years within thehousing realm, I had never desired to own ahome. Perhaps this was a result of a previousemployment position in which I assisted workinghomeowners constantly faced with the rising costof living, continued home deterioration, and notenough wages to live and maintain their homes. Questionsabout homeownership, commitment, cost and homemaintenance overwhelmed me. Why would anyone in his orher right mind ever want to be faced with those situations?

Despite these potential hindrances, I made a decision toimprove the quality of life for me and my son, which meantimproving our living conditions. Call me crazy but I wanteda home of my own.

A New Day is Dawning: Removing Debt and

Credit Barriers

Once I had made this decision, it occurred to methat I needed to go back to the basics, to a timewhen I provided credit and debt counseling toothers. I recalled working with applicants whoneeded short-term counseling to correct minor

credit blemishes and advice on utilizing a budget. Therewere also applicants who were in need of long-termcounseling, which included improving debt management,budgeting, spending plans and credit blemishes. I wouldoften refer these individuals to a local Consumer CreditCounseling Service where they could begin taking stepstowards improving their financial future.

I was helping to improve the lives of others, but what aboutme? What about my credit? I had to take control of my life

By: Dayatra OrdunaFlorida Housing Coalition

Technical Assistance Advisor

The Critical Role of Housing Counselors:

My Personal Story

�

Dayatra Orduna andher son Da’Sean, atthe front door of theirnew home.

and finances. I decided to start by reducing my debt andrepairing my credit while furthering my career.

To ensure that I was on the right path, I asked for help andadvice from Jeff Bagwell, President of Keystone ChallengeFund, a non-profit corporation organized to advance thedevelopment and financing of affordable housing within thePolk County, Florida area. After many discussions, Jeffhelped me realize I needed to eliminate my debt load,which meant the world of credit cards was no longer one forme. I made up my mind that if I could not payfor what I wanted with cash, via directly orlayaway, I did not need it. This was verydifficult especially because I had a smallchild who wanted toys. Many nights I wouldexplain to him that mommy could not affordextra expenses and we had to be thankful forwhat we did have. On some of those nights hewould cry…and so would I.

With a plan to manage my debt underway, Ithen took a step towards improving my career.After much hard work and persistence, I wasselected to become part of the TechnicalAdvisor team of the Florida Housing Coalition.Despite challenges that were a result of thisnew position, including moving away from myhometown, I was determined to stick to thepath leading to homeownership.

It was now time to repair my credit. After reviewing myofficial credit reports, I immediately found incorrectinformation listed and remaining balances on accounts thatI had paid off.

At this point I knew I needed additional guidance, so Isought the assistance of Cora Fulmore, President of theMortgage & Credit Center, a for-profit organization thatprovides pre-purchase, credit rebuilding, debtmanagement, and foreclosure counseling located in WinterGarden, Florida. Cora counseled me in generating disputeletters against my credit report inaccuracies, showed mehow to effectively communicate with credit bureaus, andrecommended I follow up with the bureaus to ensure thefalse blemishes were corrected.

I had worked diligently to improve my credit,however, my loan processor also informed methat my credit score needed to increase. Iestablished a shared pledge account, whichallowed me to make monthly loan payments ininstallments, thus improving my score.During these months of refining my creditstanding, I began to work with ChiefCornerstone, an affordable housingcontractor. Chief Cornerstone helped medesign a home with maximum living spacewithin a budget that still allow for my ownexpression and style.

The Result: A Place toCall My Own

After three years of eliminating debt,increasing my income, and improving my credit, I appliedfor a FHA loan and was approved. On December 29, 2005,four and a half years from the beginning of my journey, Iattended my real estate closing for a newly constructedthree bedroom, two bath, single family home with garage on


Jeff helped me

realize I needed

to eliminate my

debt load,

which meant

the world of

credit cards

was no longer

one

for me.

�

an acre of land located on the outskirts of Leon County. Myson and I are ecstatic with our new home. However, thejourney has not ended. I willneed to continue to apply the samedebt reduction, budgeting andcredit managing methods that Ionce provided to my formerapplicants and that were shown tome during my home buyingjourney. I could not have made itthis far without the help anddirection of the housingcounselors that assisted me.

A Unique Horizon:The Reach Toward

PotentialHomeowners

There are many individuals who have the desire to own ahome. I understand that homeownership may not be foreveryone. However, owning a home can give one a sense of

pride, build wealth, and provide a safe haven to live andthrive within. Unfortunately, there are many who lack the

knowledge to achieve their dreamof homeownership. Additionalhurdles may include lack of credit,bad credit or credit blemishes. Tohelp those desiring to own homesreach their goal, it is vital they aregiven effective budget, credit,homebuyer and debt counseling.However, not all counselingagencies are created equal.

In hopes of improving thecounseling agencies throughoutour state, the Florida HousingCoalition will provide a Florida-specific version of NeighborWorksAmerica to counselors throughoutthe state. In the end, we hope

counseling agencies will be able to provide Floridians withthe type of direction and guidance that led me to the titleof “homeowner”

Dayatra recieves the keys to her new home.

THE FLORIDA HOUSING COALITION AND NEIGHBORWORKS AMERICA WILL BE

OFFERING A 5-DAY HOMEBUYER COUNSELING CERTIFICATION COURSE IN JUNE

2006. THIS PROGRAM WILL TRAIN YOU TO PROVIDE ONE-ON-ONE COUNSELING

SESSIONS AIMED AT OVERCOMING SAVINGS, CREDIT AND DEBT BARRIERS THROUGH

USE OF THE INDUSTRY’S LATEST TOOLS, TECHNIQUES AND RESOURCES.

THIS CERTIFICATION IS A VITAL PART OF THE HOMEBUYER COUNSELOR’S

PROFESSIONAL CREDENTIALS, AND IS A RECOGNIZED AND ACCEPTED

CERTIFICATION BY U.S. HUD AND THE FLORIDA HOUSING FINANCE

CORPORATION. THERE WILL BE A FEE FOR ATTENDING THE CERTIFICATION

TRAINING, AND PARTICIPANTS WILL BE EXPECTED TO ATTEND THE FULL 5-DAY

OFFERING AND MAKE A PASSING SCORE ON THE CERTIFICATION EXAM IN ORDER

TO RECEIVE CERTIFICATION.

CLASS SIZE IS LIMITED, SO CALL TO RESERVE YOUR

SPACE TODAY!

FLORIDA HOUSING COALITION’S 19th ANNUAL STATEWIDE AFFORDABLE HOUSING CONFERENCE

“EFFECTIVE ADVOCACY”

Jason Deparle is a Senior Writer forThe New York Times and a frequent

contributor to The New York TimesMagazine. A graduate of DukeUniversity, DeParle won a George PolkAward in 1999 for his reporting on thewelfare system and was a two-timefinalist for the Pulitzer Prize. He iswell known for writing on issues ofpoverty and the need for affordablehousing. He lives in Washington, D.C.

An afternoon session on legislativeadvocacy will be led by Jack

Levine, founder of AdvocacyResources, a communications andpublic policy consultant. Prior to hiswork with Advocacy Resources, Levineserved for 25 years as President ofVoices for Florida’s Children. Hisexpertise is in developing and delivering

messages to the media, publicofficials, and advocates on effectivepublic policy action, direction andleverage. He holds a master’s degreein child development and familystudies from Purdue University and adegree in English literature fromHunter College, City University ofNew York.

The Florida Housing Coalition’s 19th annual Statewide Affordable Housing Conferenceis the premier training and networking opportunity for affordable housing professionals

in Florida, with more than 600 housing professionals in attendance.

Our annual conference would not be possible without our Partners for Better Housing at all levels. We especially recognize our

“EFFECTIVE ADVOCACY”

WE WILL ALSO FEATURE: Expo, Success Stories, Affordable HousingStudy Commission, SHIP and PHA Breakfast Roundtable, Bus Tour, and

the fabulous Raffle!KEYNOTE SPEAKER

The F lo r i da Hous i ng Coa l i t i on ~ 850 .878 .4219 – Web : w w w. f l h o u s i n g . o r g Ema i l : - i n f o@f lhou s i ng .o rg

THANK YOU

PLATINUM SPONSORS

BANK OF AMERICA

CITIBANK

WACHOVIA

WASHINGTON MUTUAL

GOLD SPONSORSAmSouth

Florida Power and Light Fifth Third Bank

Progress Energy of Florida Sun Trust

EFFECTIVE ADVOCACY includes:• Showcasing successful developments and the impact of those

homes on the families who live there. • Research and data supporting housing initiatives and the

consequences of not having affordable housing.• Best practices for implementing homeownership and rental

housing programs.• Preservation of existing affordable housing.

• Developing creative ways to address housing needs, such ascommunity land trusts, and inclusionary housing programs.

• Bringing the whole of a community into the affordable housingeffort, including employers, with tools such as linkage feeordinances and employer assisted housing programs.

• Meeting the needs of the workforce, including the extremely lowincome, and those with special housing needs who may be unableto work.

• Delivering the housing message.

FEATURING • State of the State Address • Steve Auger, Executive Director, Florida Housing Finance Corporation

OMNI ORLANDO RESORT AT CHAMPIONSGATE

SEPTEMBER 5 - 7, 2006

�

Florida Housing Coalition’s Reportfrom Washington: The Federal

Housing Budget; Section 8 and PublicHousing Authorities; Disaster Relief

Hurricanes, past and future,were on everyone’s mindas Michael Davis, the

Florida Housing CoalitionExecutive Director and ChuckElsesser, Florida HousingCoalition Board member andNational Low Income HousingCoalition Board member attendedNLIHC Annual Conference inWashington, D.C. on Monday,February 27, 2006. The initialplenary, moderated by ChuckElsesser, was a moving discussionof the continuing havoc visited onthe communities in the gulf. PatRobinson and Derrick Evans,leaders of two low income housingorganizations in Louisiana, andMississippi described the thedifficulty of low income familiestrying to have input in thereplanning of their communitiesafter being scattered throughoutthe country. Both expressed fearsthat, despite an initial acknowledgement of the right of allresidents to return, much of the redevelopment was beingfocused solely on the needs of homeowners, despite morethan 50% of former New Orleans residents being poorrenters. As so often happens in any redevelopment effort, theneeds of the poorest residents can be quickly forgotten in thedrive to create the redeveloped community. Derrick Evans,quoted Gus Newport, who was providing technical assistancein Mississippi, as saying the rebuilding of the Gulf is just a“dry run” for the fight to maintain low income neighborhoodsin each of our communities.

The discussions of the federalresponse to Katrina and the federalhousing budget generallythroughout the conference remindedus of the importance of the fight toretain a fully funded Housing TrustFund in Florida. The precariousposition of public housingauthorities in Florida will see norelief as the proposed Section 8Housing Choice Voucher budgetessentially remains flat. Inaddition, representatives of HousingAuthorities as well as tenantadvocates cautioned that therequirement that HousingAuthorities implement an assetbased management system couldlead to significant losses of viablepublic housing. Under the assetbased management system, eachpublic housing project is required tomaintain a separate budget. Whileinitial information indicated thePublic Housing Authorities in

Florida would receive more HUD operating funding underthe asset based management system, the proposed federalbudget would significantly reduce that funding. SinceHousing Authorities will no longer be permitted to switchfunds between projects, there will be enormous pressure onHousing Authorities to demolish the “least well performingprojects,” i.e. the - those projects with the most poor people.

We took our concerns about the budget to the Hill inmeetings with the staff of Senators Nelson and Martinez.We quickly learned that, with elections looming, this

�

was going to be a very shortlegislative year. However, wedescribed the past several yearsof a superheated real estatemarket and toll that it wastaking on affordable housing.When combined with flat ordecreasing federal assistance itspells disaster for many of ourpoorest communities.

Senator Martinez has a powerfuland central role with respect tohousing issues. As a member ofthe Housing and TransportationSubcommittee of the Senate Committee onBanking, Housing and Urban Affairs, he hasdirect oversight over HUD and housingrelated legislation. Thus, Reagan Andersonand Jennifer Gallagher of Senator Martinez’office were extremely attentive to ourconcerns about affordable housing inFlorida. We discussed the Fannie Mae,Freddie Mac oversight bill which, in theversion that passed the House last October,HR 1461, contained an Affordable HousingFund that uses profits from Fannie andFreddie to build low income housingtargeted to extremely low incomehouseholds. Unfortunately, the Senate hasnot yet acted on a companion bill, S. 190,which is delayed because of an unrelateddispute over portfolio limits for Fannie andFreddie. The Senate bill does not containthe Affordable Housing Fund but Ms.Anderson said that Senator Martinez wouldbe supportive of the Fund if the other issuescould be overcome. Unfortunately, she wassomewhat pessimistic of the chances ofreaching a resolution given the shortness ofthe session and the other pressing priorities.

We also described the pressing need forCongress to appropriate sufficient funds tomaintain the existing Section 8 vouchers and PublicHousing. We tried to impress on them that even the mostpessimistic visions of the budget’s impacts do not seem toreflect how bad the situation really is - with HousingAuthorities forced to impose draconian measures or reducethe number of families assisted. In addition we discussed

the concerns raised at theconference by Public Housingauthorities and tenant advocatesover the new asset basedmanagement budgeting system.

Ms. Anderson explained that theSenator was committed to makinghousing central to his term asSenator and was committed toworking with Florida HousingCoalition and others in Floridatoward this end.

Senator Nelson, as a member of the SenateBudget Committee, can powerfully anddirectly impact housing budget relatedissues. Ms Susie Perez Quinn of SenatorNelson's office was similarly attentive andsupportive. In fact, Ms.Perez Quinnattended the NLIHC Conference and spentthe breakfast with Michael Davis, learningabout the Florida Housing Coalition andthe affordable housing crisis in Florida.

With respect to the Fannie Mae oversightlegislation, while Senator Nelson isextremely supportive, Ms. Perez Quinnexpressed the same concerns that SenatorMartinez’ staff had expressed with respectto moving the bill in such a short session.She also understood very well the Section 8budgeting issues and promised to carry thatmessage to the Senator. She said it may bepossible to undertake some substantivechanges to the Section 8 budgeting processas part of the appropriations process. Wealso explained to her our concerns with theasset based management budgeting system.Finally we provided her with a list ofchanges proposed by the NLIHC to theproposed CDBG allocations for Katrina.

One final discussion we had with bothSenators’ staffs dealt with disaster relief. Both expressedconcern that the current system was not working and thatthey thought Congress was open to considering changes.While this is a longer conversation, probably over severalyears, it may well open the door for some seriousconsideration for improving the current process.


�We tried to

impress on them

that even the

most pessimistic

visions of the

budget’s impacts

do not seem to

reflect how bad

the situation

really is - with

Housing

Authorities

forced to impose

draconian

measures or

reduce the number

of families

assisted.

Florida Housing Coalition Executive Director, Michael Davisand Florida Housing Coalition Board Member, Chuck Elsessermade legislative visits in DC as part of the National Low IncomeHousing Coalition's Advocacy Day in March.

�During the past two years, Florida’s publichousing authorities have increasingly re-developed or created new housing units

by looking beyond their standard source offunding for capital projects – the U.S. Departmentof Housing and Urban Development. Localhousing authorities and their related non-profitscompeted successfully in the Florida HousingFinance Corporation’s 2005 Universal Cycle forhousing credits; they have approximately tenprojects competing for HOME and low-income housing taxcredit funding in the 2006 Universal Cycle. Due to localgovernment contribution requirements for the UniversalCycle, it can be assumed that all of these projects arereceiving local funding as well, primarily from SHIP or theHurricane Housing Assistance Program. In thePredevelopment Loan Program, FHFC’s initiative to assistnon-profits and housing authorities with pre-developmentconstruction expenses, more than 20 percent of activeprojects - 11 of 50 - are housing authority developments.Before May 2004, only one housing authority had requestedfunding from this program.

HUD funding decline

Housing authorities have traditionally been subsidizedsolely by HUD via two grants, one for operating and one forcapital improvements. However, in recent years theamount allocated by HUD for public housing authoritieshas decreased. From Fiscal Year 2005 to Fiscal Year 2006,operating subsidies for housing authorities decreased byapproximately $25 million, according to the National LowIncome Housing Coalition.. FY06 funding levels supportonly 89 percent of the public housing authorities’ actualneed. During the same period, the HUD allocation forcapital improvements decreased by $252 million.Approximately 70 percent of Florida’s 39,000 public

housing units are more than 30 years old and inneed of progressively more expensive repairs andmajor systems upgrades – just as the capitalfunding for these improvements is declining.

New Partnerships

Low-income housing tax credits are particularlyattractive to public housing authorities for thesame reasons they appeal to other developers.While public housing authorities have requested

a variety of funding from FHFC, the vast majority isapplying for the competitive 9 percent housing creditthrough the Universal Cycle. Housing credits can provide65percent or more of the financing for a project in the formof equity as well as create reserves and a developer fee tohelp offset the decreased amount of operating subsidy fromHUD. While housing credits are complex for anydeveloper, housing authorities have additional challengesimposed by their HUD contracts, which can add time andexpense. If a public housing authority is planning to re-develop a property that has an Annual ContributionsContract -- the contact between the housing authority andHUD for operating subsidies – the housing authority mustobtain several approvals from HUD for the project. Theseinclude demolition/disposition approval, mixed financeapproval, and approvals to transfer and encumber theproperty. In addition, although housing credit syndicatorsrequire financial guarantees -- commitments by developersto investors to ensure that the project is constructed, leased-up, and operated as promised -- housing authorities oftencannot assume any guarantee liability.

Responding to change

Because of the complexities associated with developingprojects with housing credits, public housing authorities areprocuring for- and non-profit developers to partner

By Hana EscraFlorida Housing Coalition

Public Housing Authorities: LookingMore to the State and Developers,

Less to HUD

�


with them. Experienced affordablehousing developers have becomeinterested in working with publichousing authorities because housingauthorities own large tracts of landthat are properly zoned, withinfrastructure in place, centrallylocated and close to services – anincreasingly scarce commodity asFlorida land values have escalatedand the remaining, available,buildable land is being developedinto market rate projects. Over thepast two years, at least half a dozenaffordable housing developers havepartnered with public housingauthorities to re-develop Floridaproperties, something that was nearlyunheard-of before.

When completed, many of these re-developed projects will have anincreased number of units on thesame property and will still utilize theexisting ACC to subsidize some of theunits. Rent levels of the remainingunits will typically be at 60 percentof area median income Publichousing authorities have traditionallybeen seen as providing housing forextremely low-income families, thoseearning below 30 percent of areamedian income. However, because ofthe economics of these projects, theadditional units being created will notbe affordable to ELI families. Without increased operatingsubsidy, these additional units must be rented to higher-income families to keep the project financially viable.

The increased interest in financing re-development withFHFC funding correlates with the increased number ofhousing authority applicants in the Predevelopment LoanProgram. As the Technical Assistance Provider for thisFHFC program, the Florida Housing Coalition is workingwith housing authorities to increase their developmentcapacity. Our technical advisors have helped housingauthorities understand the development process, educatedthem on how housing credits work and the risks involved,and assessed development and operating budgets usingalternative funding sources.

By financing re-development withhousing credits, public housingauthorities are taking onadditional risks that can haveserious financial consequences.Housing credits require thatconstruction completion andlease-up happen within a shorttime, usually less than 24 months,or the project is required to payback some or all of the equityinvested. This requirement canbe onerous. However, housingauthorities can mitigate theserisks by partnering with aqualified co-developer who, for alarger split of the developer fees,will sign the guarantee. Housingauthorities should also take careto procure a strong, experienceddevelopment team, including anarchitect, engineer, and contractorwho have the ability to finishthe project on time and withinthe budget. While there are addedrisks for public housingauthorities when developinghousing with non-traditionalfunding sources, they can, byusing housing credits, gain re-developed units, sophisticateddevelopment experience, andlong-term financial stability. Theycan also increase their capacity toacquire additional units. This

capacity is critical, as the affordability period ofthousands of units in Florida is ending in the next twodecades. Housing authorities are located in nearly everycommunity in Florida, and given their mission to servelower-income families, their ability to put together thecomplex financing needed to acquire these expiring useprojects and keep them affordable will be crucial to theirfuture preservation.

Hana Eskra is a Technical Advisor for the Florida HousingCoalition. Before joining the Coalition, Ms. Eskra assisted non-profit developers by providing financial packaging, feasibilityanalysis and project management for affordable multi-familyand single-family housing projects totaling nearly $40 million.She has a Master of Public Administration from the University ofNorth Carolina at Chapel Hill.

One of the public housing authorities which isreceiving technical assistance from the Florida

Housing Coalition in conjunction with thePredevelopment Loan Program is the Arcadia HousingAuthority, located in DeSoto County. The Arcadia PHAoperates 130 units known as The Oaks and The Palms, ofwhich 60 were damaged beyond repair during HurricaneCharley. The remainder of the units suffered significantdamage from the back-to-back storms in 2004 and2005 and will require substantial rehabilitation. TheArcadia PHA is utilizing the funding and technicalassistance resources during the predevelopment phase ofthis project to create a financially feasibleredevelopment plan, conduct engineering studies, andcreate architectural plans to renovate and rebuild sothat DeSoto County's low income families will haveaccess to affordable housing. The development iscurrently assembling financial resources andcommitments to implement the plan, which includecounty HHRP funds, Federal Home Loan Bank funds,insurance proceeds, HUD funds, and tax credit equity.

�

By Gladys SchneiderFlorida Housing Coalition

�

After three years as the Director ofOperations for Habitat of Lee County, Irecently rejoined the staff of the Florida

Housing Coalition to work primarily oncommunity land trusts. Retaining subsidy to passon to subsequent homebuyers is the keystone ofcommunity land trusts and represents what welearned through experience at Habitat.

Habitat for Humanity organizations in Florida,both large and small, have traditionally taken measures torequire a certain amount of shared appreciation for tworeasons. First, their zero-percent-interest mortgages allow thehomeowner to rapidly gain equity. If homeowners sell out toreap a windfall profit, future donations would be very unlikelyfrom community sponsors who give their cash and time tobuild the homes. In a barn- or house- raising approach, thereis a reality in the shared community appreciation. Second, therapidly increasing equity position that Habitat homeownersenjoy is a target for predatory lenders who will gladly repaythe Habitat and SHIP mortgages, throw in some cash for thebuyer, and then saddle them with a sub-prime interest-bearingloan with all sorts of fees. Before Habitat began placing astrong second mortgage on the homes, too many were lost toforeclosure when the very-low-income buyers could not keepup with the new loans.

In the 1990’s, a second or third mortgage was a poison pill thatheld off the desire to cash out or to refinance with a sub-primelender. Then rapid appreciation occurred. Habitat mortgageswere positioned so that the first mortgage, upon whichpayments are made, was based on the actual cost of the home,with a term formulated to make the monthly payments roughly30 percent of household income. The second or thirdmortgages, including SHIP, would add up to the total amountof the appraised value. Since the appraisals reflect the trendof escalating prices, there is a disincentive to sell out or

refinance for at least five years. Because incomelevels have not increased in proportion to propertyvalues, a much greater SHIP mortgage will berequired. This mortgage will be recaptured in theevent of a sale, but not in a foreclosure unless theSHIP program participates in the bidding atforeclosure. Remember, there is no Fannie Maelender involved, just the Habitat no-interestmortgage positions.

But what about retaining affordability of the unit? Habitathas traditionally had a right of first refusal in its mortgagedeeds. A bona fide offer must be presented to Habitat tomatch or refuse. Most owners who needed to move forordinary reasons were able to sell their homes back for all oftheir equity, plus a modest gain. Given today’s mega-prices,Habitat organizations are not prepared to buy out homes atgreat profit to the homeowner – nor should they. Buyinghomes at market prices is not their mission. This dilemmawill also be shared by community land trusts that promise toretain affordability by purchasing homes back for resale toother lower income buyers. However, community land trustsshould be in a better position if they have a sharedappreciation formula embedded in the ground lease thatspecifies how much the buyout will be. Habitats are now atthat same juncture if affordability is to be preserved.

It seems ironic that the folksy, gospel-based homebuildershave had the tools in place all along to preserve affordabilityand retain the housing stock. Now other housing providers areseeking ways to do the same plus recapture subsidies thatmust increase. But there are lessons to be learned everywhere– once it is recognized that affordable housing is a communityresource and a valuable part of our infrastructure. Sharedappreciation mortgages, land trusts, and other repaymentformulas will keep the hammers pounding on homes forFlorida’s low income housing stock.

For Sale By Owner: Great Location, Shared Appreciation?

Tracking andAnnual Reporting

Last September, I had my firstexperience creating the SHIPannual reports for our county.

It took a lot longer than I thought it wouldto compile the data. What can I do now toprepare for the next reports due in the fall?

The key to creating timely andaccurate annual reports ismaintaining an accurate SHIP

tracking system. The creation of an annualreport actually begins 15 months before youhave to turn it in. When you first receive anew SHIP allocation on July 1st, create asystem to track how this money will beencumbered and then expended. TheSHIP administrator in each jurisdiction isrequired by Florida Housing’s ComplianceRule to maintain a SHIP tracking system(Rule 67-53.005, FAC). You cannot simplyrely on data provided by your financedepartment. Although they maintaindetailed records of SHIP expenditures,finance department staff may not trackSHIP encumbrances—and they almostcertainly do not track compliance withSHIP set-asides. It is essential for you totrack this information, and to do so on avery regular basis. You will need to updateyour tracking system more often than oncea month. Florida Housing’s SHIP staff hasindicated that your tracking system shouldbe updated often enough that they can callyou on any given day if they need to knowhow much of your jurisdiction’s SHIPfunding is currently expended,encumbered and unencumbered.

Entering updated data into the trackingsystem is at least a two-step process.After determining an applicant’seligibility, you provide an award letter

that commits SHIP funds specifically tothis applicant. This is when you shouldfirst enter information about the applicantinto your tracking system, along with theamount of the SHIP commitment. It isonly later, however, that you startexpending these SHIP funds—forexample, it is several weeks or over amonth later when a home buyer applicantreceives SHIP payment assistance at thetime of closing. At this time, you shouldupdate your tracking system; the fundsthat had been committed for the applicantare now officially expended.

Each SHIP jurisdiction should documentthat the annual report it generatesreconciles with the general ledgermaintained by the jurisdiction’s financedepartment. This helps documentcompliance with the Florida Single AuditAct (FSAA), which directs auditors to“determine whether required reportsinclude all activity in the reporting period”.The State Projects Compliance Supplementoutlines several suggested audit proceduresthat an auditor can use to determinewhether or not the SHIP reports contain allrequired activity (and reconcile to thegeneral ledger), including the following:“Select a sample of reports and testspecified line items for accuracy andcompleteness.” (from State ProjectsCompliance Supplement Part 3, Section H.“Reporting”). Work with your financedepartment to ensure your compliance withthe FSAA. Set up a way to periodicallymeet with finance staff to reconcile thegeneral ledger with your SHIP trackingsystem. Consider suggesting a system tocommunicate to the finance departmentwhether an expense should be charged tothe 04/05 SHIP distribution, for example,or to the 05/06 distribution.

There are many ways that the Coalitioncan help you reach the goal of creating

complete and accurate SHIP annualreports. First, the Coalition has designedan Excel-based SHIP tracking system. Ithas been used by many SHIP jurisdictionsfor years, and is available to you at nocharge. Similarly, the Coalition hasrecently created another tracking systemto assist those Florida communitiesexpending Hurricane Housing RecoveryProgram funds. You may also want to callthe Coalition’s technical assistancetelephone line, 1(800) 677-4548, toreceive guidance on properly setting up atracking system, accurately updatinginformation, or using the tracking systemto create the annual reports that you willsubmit to Florida Housing. Somequestions require more assistance thanothers; the Coalition may need to visit youin your community to assist you with yourtracking and reporting questions. Afterall, some SHIP administrators haveinherited a faulty, unorganized orinaccurate SHIP tracking system fromtheir predecessor on the job. TheCoalition can assist you with getting yourtracking system back on track, workingwith your finance department to reconcileyour system with the general ledger.

Determining the CashValue of an Asset

Please help me calculate theannual income from a SHIPapplicant who has a 401K

retirement account. The applicant isretired and she withdraws $1500 monthlyfrom the retirement account. The currentaccount balance for the 401K is $30,000.Is this the figure I should use for the cashvalue of the 401K asset? Or should thecash value be less, to take into account that$18,000 will be paid to the applicant overthe course of a year?

SHIPCLIPS

Frequently Asked SHIP & Hurricane Housing Recovery Questions

by michael chaney

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state housing init iatives partnership program

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The cash value of this 401Kasset is the anticipated balanceof the account at the end of the

year, including interest earned. Theanswer to this question comes directlyfrom Chapter 5 of HUD Handbook 4350.3,which outlines the income qualificationprocess for the SHIP program. TheCoalition can provide you with a freeelectronic copy of the HUD Handbook, ifyou would like to request this lengthydocument. Section 1, Part 5-7 of theHandbook addresses the calculation ofincome from assets. In this section, itemG. “Calculating Income from SpecificAssets” provides the answer to your firstquestion about the cash value as part ofthe following example: “Stephen King isretired. Each month he withdraws $1,000from his IRA account. The balance in hisIRA account is $200,000. The balance inhis IRA at the end of the year, includinginterest earned, will be $194,000. That isthe amount that should be counted as anasset” (HUD Handbook, Section 1, Part 5-7, G. 2. b. (2)). Remember to also subtractany early withdrawal penalty fee from theasset’s cash value.

Disposition of Land

I know that the Florida Statutesinclude rules on how a city orcounty sells land that it owns.

Does this prevent my city from donating landfor the development of affordable housing?

Your city is most definitely notprohibited from donating land.Section 125.35 of the Florida

Statutes outlines the way city or county-owned land is to be sold: “No sale of anyreal property shall be made unless noticethereof is published once a week for atleast 2 weeks in some newspaper ofgeneral circulation published in the

county, calling for bids for the purchase ofthe real estate so advertised to be sold.”However, Section 125.35 (3) addressesthe issue of providing land in anymanner other than selling it for thehighest price: “the board of countycommissioners may by ordinanceprescribe disposition standards andprocedures to be used by the county inselling and conveying any real or personalproperty”. With adoption of an ordinanceas indicated in this Statute, a localgovernment may outline a procedure forproviding land at no-cost or low-cost forthe development of affordable housing.

Additional justification for this activity isprovided in Section 125.38 of the FloridaStatutes. It notes that a local government,“if satisfied that such property is requiredfor (the purposes of promoting communityinterest and welfare) and is not needed forcounty purposes, may thereupon convey orlease the same at private sale to theapplicant for such price, whether nominal orotherwise, as such board may fix, regardlessof the actual value of the property”.

Each city or county may create its ownprocedure for providing land for affordablehousing. This procedure must be clarifiedand enacted in an ordinance. ManateeCounty, for example, references the FloridaStatutes in a key section of its ordinance:

“WHEREAS, from time to time, pursuantto § 125.38, Florida Statutes, the Board ofCounty Commissioners of Manatee Countymay determine that property owned by theCounty is not needed for County purposesand could best be used for multi- or single-family housing, and is authorized toconvey such property to a not-for-profitorganization organized for the purpose ofpromoting community interest and welfare,and is authorized to convey or lease the

same at private sale to an applicant forsuch property at a price, whether nominalor otherwise, as such Board may fixregardless of the actual value of suchproperty to be put to use to serve thecommunity interest and welfare.”

Manatee County’s ordinance continues onto explain that nonprofit organizationsmust complete an application to beconsidered for donated land, and land mayonly be used to develop affordable rentalhousing. Similarly, the ordinance adoptedin Hillsborough County indicates that anygroup receiving donated land must use it“exclusively for charitable, educational,religious, scientific, character building orpatriotic uses and purposes that are alsowithout profit, including the erectionthereon of buildings and otherimprovements necessary to carry out thenonprofit purposes and objects of suchorganizations”.

Watching the recent WinterOlympics has made mewonder—which one of

Florida’s housing administrators has mostrecently participated in an Olympic sport?

That distinction goes to CarlFreeman, the RedevelopmentManager at the City of

Sunrise. Although Florida’s climatemakes it impossible for any of ourhousing professionals to enjoy the rushof bobsledding or the thrill of a ski jump,Carl has recently competed in the(Summer) Olympic sport of theMarathon. Carl ran in the recent MiamiMarathon, which is 26.2 miles long. Heis pleased with his total time of 6 hoursand 8 minutes.

Have you got a question about the SHIP program? Free telephonetechnical assistance is available to help you successfully implement

your SHIP funded work. Call the Florida Housing Coalition’sSHIP telephone line at (800) 677-4548.

Michael Chaney

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the principle that a community has an interest in the waythat its land base is used and in the way that its land isallocated to individual members of the community. TheCLT directly expresses and acts upon this principle when itenters into a ground lease as steward of the community’sland and guardian of the community’s interests. Throughthe ground lease, the community’s interests areaffirmatively stated and are balanced with the statedinterests of the individual. Deed restrictions are morelikely to be perceived as negative. The community is notas visibly and affirmatively present in the deed-restricted deal.

David Abromowitz is a partner and member of the ExecutiveCommittee of Goulston & Storrs, a law firm with national real estatefinance and development expertise. He has been working with longterm affordability issues for community land trusts, neighborhoodorganizations such as the Dudley Street Neighborhood Initiative, andfor-profit and non-profit developers for over 20 years.www.goulstonstorrs.com.

Kirby White is a founder of the Capital District Community LoanFund and the Albany Community Land Trust and has writtennumerous manuals and publications to support Community LoanFunds and Community Land Trusts across the country. Kirby is astaff member of the Equity Trust, based in Greenfield, Massachusetts.www.equitytrust.org.


proposed condominium development. While thedevelopment will have both state and local subsidies,the initial plan is to request that the employers provideadditional subsidy to employees wishing to purchase ahome in the development. This will make the homesaffordable to lower income households.

Although employer assisted housing will not solve Florida’shousing affordability problems, it brings employers into thepublic-private partnership that every community relies upon todeliver affordable housing. It can be a great benefit to theemployer as an important piece of its incentive package torecruit employees. Employer assisted housing can also providea program for retaining employees through the stability createdby homeownership or a secure housing environment. ReferencesHoffman, Daniel. “How Employers View Employee Assisted Housing”.http://policy.rutgers.edu/eah/employers.htmlJennings, Stephanie. “Reinventing the Company Town”, in Housing Facts and Findings,Summer 2000.

Deed Restrictions and Community Land Trust Ground Leases Continued from page 10

Housing America’sWorkforce Act of 2005

The Housing America’s Workforce Act of 2005 was introduced in Congresslast June. Its Senate sponsors are Senators Hillary Rodham Clinton (D-NY),Gordon Smith (R-OR), and Mel Martinez (R-FL); its House sponsor is Rep.Nydia Velázquez (D-NY). The Act provides incentives to increase privatesector investment in housing solutions in three important ways.

First, this legislation offers a tax credit of 50 cents for every dollar that anemployer provides to eligible employees, up to $10,000 or six percent of theemployee’s home purchase price (whichever is less) or up to $2,000 forrental assistance.

Second, to ensure that employees receive the full value of employers’contributions, the Act defines housing assistance as a nontaxable benefit,similar to health, dental and life insurance.

Finally, the Act establishes a competitive grant program available tononprofit housing organizations that provide technical assistance, programadministration, and outreach support to employers undertaking EmployerAssisted Housing initiatives.

The last action on the Senate’s version of the bill (S. 1330) was on June 29,2005, when it was read twice and referred to the Committee on Finance. Thelast action on the House bill (H.R. 3194) was on Aug. 24, 2005, when it wasreferred to the Subcommittee on Housing and Community Opportunity.

The Bonita Bay Group, a large employer in Lee County, supplementedSHIP down payment and closing cost assistance with $5,000 so thatten employees were able to purchase homes in Silverado East, a singlefamily subdivision developed by the Bonita Springs Housing andCommunity Development Corporation.

Employer Assisted Housing Continued from page 8

�An all too familiar sight in Florida: a thirty year oldrental development providing housing for lowerincome families is converted to a condominium,

displacing virtually all its residents, as they are financialunable to become homeowners. According the FloridaHousing Finance Corporation, in 2005 alone, the stateDepartment of Business and Professional Regulationapproved the conversion of 26,717 rental units tocondominiums (see sidebar on county by countybreakdown). Some of the rental units that have converted tocondominiums were formerly rent restricted affordable unitswith use agreements that had expired; others were marketrate units that were providing lower-income residents withrental housing at the lower end of the market.

The November 30, 2005, Slatkin Report states that “Lastyear’s busiest city [nationally], Miami, which saw $1.7billion in condo-conversion sales (11,524 units), dropped 29percent to 8th place with $1.2 billion for 8,693 units. Therest of Florida is making up for it, though: Broward County,Orlando, and Tampa are second, third and fourth this year,

with Tampa activity rising a dramatic 483 percent. AddingJacksonville, Palm Beach and Southwest Florida gives thestate seven of the top 20 markets nationwide.”

The number of units approved for conversion inFlorida by county:

The Condo Conversion Craze:What Can be Done about the Loss

of Rental Housing in Florida?

�

Dade 5,887

Broward 5,208

Orange 3,773

Palm Beach 2,840

Hillsborough 1,500

Pinellas 1,216

Manatee 832

Osceola 822

Volusia 774

Sarasota 713

Martin 621

Lee 496

Duval 476

Brevard 422

St. Lucie 380

Leon 214

Flagler 178

Seminole 160

Alachua 132

Monroe 52

St. Johns 13

Charlotte 8

�


Some jurisdictions, such as San Francisco, haveadopted ordinances to severely limit the number ofconversions permitted each year and/or require that a

percentage of units remain affordable to low- and moderate-income residents, often in perpetuity. These conditions maybe required under an existing inclusionary zoning policy oras a precondition to approval of the conversion.

In jurisdictions where conversionis permitted and strengthening theconversion ordinance is unlikely,it makes sense for advocates toseek the imposition of aconversion fee dedicated toaffordable housing. This wouldgenerate some value from theconversion and mitigate its effecton the availability of affordablehousing. The use of condominiumconversion fees to generate

significant revenue for housing trust funds only makes sensein hot markets where conversions are financially desirableto property owners.

In jurisdictions without existing conversion ordinances,advocates should assess the value of preserving affordablehousing by preventing conversions and consider the extentto which a preemptive conversion ordinance would bepolitically feasible.

Key Elements of Strong CondominiumConversion Ordinances

Ordinances regulating condominium conversion that seek topreserve affordable housing include some or all of thefollowing elements:

1. Stringent eligibility threshold requirements or triggers,including:

a. Limiting projects that can be converted according tosize (# of units)

b. Imposing a cap on the number of conversionspermitted in a given time period

c. Permitting conversion only when the rental vacancyrate is below an established level

d. Requiring building inspection and compliance withbuilding and housing codes, as well as existing zoningrequirements

e. Requiring submission of reports of tenant history andrepair history

f. Establishment of a homeowner’s reserve fund

2. Tenant safeguards, including:a. Adequate advance notice of the conversionb. Tenant approval of the conversionc. First right to purchase, perhaps at a discounted price

or with financial assistance from the jurisdictiond. Protection from eviction and rent increases, including

long-term protection and right to remain for certainpopulations (typically the elderly and disabled)

e. Relocation assistance, financial and otherwise

3. Affordable housing set-asides, typically on-site

4. One-for-one replacement of any affordable units lost as aresult of the conversion

5. Providing discretion to the government agency that hasauthority to approve conversions to consider the impactof the conversion on the availability of housing affordableto low- and moderate-income residents

Nina Dastur, a former Equal Justice Works Fellow at the Center forCommunity Change, is currently the Grassroots Policy Specialist at CCC,a national nonprofit. Prior to joining CCC, she was a teaching fellow ina poverty policy clinic at Georgetown University Law Center. Shegraduated with honors from Duke University and Harvard Law School.

What some communities throughout the nation are doing to stop, slow down,or mitigate the effects of condo conversions.

Measures Used to Prevent or Offsetthe Loss from Condo Conversions

By Nina Dastur

Condo Conversion Fees are not

common, but are collected in:

Berkeley, CA

Santa Monica, CA

East Palo Alto, CA

Montgomery County, MD

Washington, DC

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