HomeMy WebLinkAboutSummary FormDate: 5/09/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 01 r DDO a
Requesting Department: Community Development
Commission Meeting Date: 6/12/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: CONFIRMING THE SALES PRICE LIMITS OF THE "SHIP" PROGRAM
Purpose of Item:
CONFIRMING THE SALES PRICE LIMITS OF THE STATE HOUSING INITIATIVE PARTNERSHIP
PROGRAM ("SHIP") FOR THE 2007-2010 LOCAL HOUSING ASSISTANCE PLAN ("LHAP") AS
SUBMITTED TO THE FLORIDA HOUSING FINANCE CORPORATION IN THE AMOUNT OF
$236,800 FOR NEW CONSTRUCTION AND EXISTING CONSTRUCTION FOR THE FIRST-TIME
HOMEBUYER PROGRAM, AND IN THE AMOUNT OF $300,000 FOR THE SINGLE FAMILY
REHABILITATION, SINGLE FAMILY EMERGENCY AND SINGLE FAMILY REPLACEMENT
HOMES PROGRAMS; FURTHER CONFIRMING THAT FIVE PERCENT (5%) OF THE SHIP
ALLOCATION PLUS FIVE PERCENT (5%) OF PROGRAM INCOME IS INSUFFICIENT TO
ADEQUATELY PAY THE NECESSARY COSTS OF ADMINISTERING THE LHAP; AUTHORIZING
THE USE OF TEN PERCENT (10%) OF THE SHIP ALLOCATION PLUS FIVE PERCENT (5%) OF
THE PROGRAM INCOME TO COVER ADMINISTRATIVE EXPENSES ASSOCIATED WITH THE
IMPLEMENTATION OF THE SHIP PROGRAM.
Background Information:
PLEASE SEE ATTACHMENT
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
C!P Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Directo
Chief
Final Approvals
(SIGN AND DATE]
City Manager
Page 1 of l
AGENDA ITEM SUMMARY FORM
Background Information:
In July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing
Act ("Sadowski Act") which provides for the allocation of a portion of new and existing
documentary stamp taxes on deeds on real estate transactions to local governments for
the developments and maintenance of affordable housing.
The Sadowski Act provided a dedicated revenue source for the affordable housing and
created the Florida State Housing Initiative Partnership Program.
The SHIP Act further requires local governments to establish an average area purchase
price for new and existing housing benefiting from awards made pursuant to the Act; the
methodology and purchase prices used are defined in the attached Local Housing
Assistance Plan.
As required by Section 420.9075, F.S., and Chapter 67-37 F.A.C, 5 percent of the local
housing distribution plus 5 percent of program income is insufficient to adequately pay
the necessary costs of administering the local housing assistance plan; the cost of
administering the program may not exceed 10 percent of the local housing distribution
plus 5% of program income deposited into the trust fund, with the exception of small
counties, as defined in s. 120.52(17), and eligible municipalities receiving a local housing
distribution of up to $350,000 may use up to 10 percent of program income for
administrative costs.
The purchase price limits for the 2004-2007 LHAP is $236,800 for new and existing
program.
Pursuant to Resolution No. 07-0204, adopted April 12, 2007, approving the City of Miami
("City") Local Housing Assistance Plan ("LHAP") for the period of July 1, 2007 through
June 30, 2010 for the continued participation of the City in the Florida State Housing
Initiatives Partnership ("SHIP") Program.
On April 12, 2007 the Commission recommended to increase the purchase price limits
for Single Family Rehabilitation, Emergency and Replacement Homes Program to
$300,000.