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Local Housing Assistance Plan Amendment State Fiscal Years 2012-2015

Learn about revisions to housing strategies including LHAP amendments and action requested for State Housing Initiatives Partnership Program. Background, SHIP allocation, and assistance details provided.

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Local Housing Assistance Plan Amendment State Fiscal Years 2012-2015

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  1. Board of County Commissioners Local Housing Assistance PlanAmendmentState Fiscal Years2012-2015 August 5, 2014

  2. Presentation Outline • Background • Revisions to Housing Strategies • Action Requested

  3. Presentation Outline • Background • Revisions to Housing Strategies • Action Requested

  4. Background 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

  5. Background SHIP Program – Orange County Allocation

  6. Background • 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

  7. Background 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

  8. Presentation Outline • Background • Revisions to Housing Strategies • Action Requested

  9. Revisions to Housing Strategies LHAP Amendments • Increase number of units produced • Add a new strategy as an incentive for new construction • Increase maximum sales price for affordable housing

  10. Revisions to Housing Strategies Current Housing Strategies • Down Payment Assistance • Home-owner Rehabilitation • Multi-Family Acquisition/Construction • Special Needs Housing

  11. Revisions to Housing Strategies

  12. Revisions to Housing Strategies • Down Payment Assistance • Increase amount of assistance • Provide assistance to moderate-income households

  13. Revisions to Housing Strategies Other Levels of Assistance

  14. Revisions to Housing Strategies • Housing Rehabilitation • Increase amount of assistance • Provide assistance for reconstruction

  15. Revisions to Housing Strategies • 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

  16. Revisions to Housing Strategies • 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

  17. Revisions to Housing Strategies • 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:

  18. Revisions to Housing Strategies • Maximum Sales Price • Maximum sales price established in LHAP • Factors that affect affordability • Sales price • Income • Interest rate

  19. Revisions to Housing Strategies • HUD 2014 Income Limits • Median Income $54,800

  20. Revisions to Housing Strategies • Maximum Sales Price • Increase maximum sales price

  21. Revisions to Housing Strategies • Affordable Housing Advisory Board • Appointed by the BCC • Makes recommendations on housing strategies • Board recommends the proposed revisions

  22. Presentation Outline • Background • Revisions to Housing Strategies • Action Requested

  23. Action 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

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