(A) In implementing its local housing assistance program, the city shall, at least 30 days prior to the beginning of any application, advertise the availability of the housing assistance program in a newspaper of general circulation and periodicals serving ethnic and diverse neighborhoods.
(B) In its annual housing assistance plan, the city shall adopt a maximum awards schedule or system of awards that comply with the following criteria:
(1) Reserve at least 65% of all the funds made available under this program for home ownership of eligible persons.
(2) Reserve 75% of all the funds under this program for construction, rehabilitation or emergency repair of affordable housing.
(3) Provide that the sales price of new or existing eligible housing shall not exceed 90% of the median purchase price in the area where the eligible housing is located as established by the United States Department of Treasury in accordance with section 3(b)2 of the United States Housing Act of 1937.
(4) Provide that all units constructed, rehabilitated or otherwise assisted with the funds provided from the local housing assistance program must be occupied by very low-income persons, lowincome persons and moderate-income persons. At least 30% of these units must be occupied by very low income persons, and at least an additional 30% by low-income persons.
(5) Provide that loans shall be given for periods not exceeding 30 years, except for deferred project loans or loans that extend beyond 30 years which continue to serve eligible persons.
(6) Reserve eligible rental housing constructed, rehabilitated or otherwise assisted from the housing assistance program for eligible persons for 15 years or the term of assistance, whichever period is longer. Eligible sponsors who offer rental housing for sale before 15 years or that have remaining mortgages funded under this program must give a first right of refusal to eligible not-for-profit organizations for purchase at the current market value for continued occupancy by eligible recipients.
(7) Subject eligible owner-occupied housing constructed, rehabilitated or otherwise assisted from proceeds provided from the housing assistance program to the recapture provision of the mortgage revenue bond program contained in section 143(m) of the Internal Revenue Code of 1986.
(8) Make affordable the total amount of monthly mortgage payments or the amount of monthly rent charged by the eligible sponsor or his
designee.
(9) Establish by resolution the cost per unit and the maximum cost per unit for eligible housing benefiting from awards made pursuant to this program.
(10) Establish a qualification system for applications for awards through the local housing assistance plan.
(11) Annually monitor and determine tenant eligibility and the amount of subsidy pursuant to the provisions hereof and of state and federal law. The city, the local partnership and all eligible sponsors shall not discriminate on the provision of affordable housing to very low-income, low-income or moderate-income individuals on the basis of race, creed, religion, color, age, sex, familial status, national origin or handicap.
(C) The city shall comply with all rules and regulations of the Florida Housing Finance Agency in connection with required reporting by the city of compliance with its local housing assistance program.
(D) Prior to receiving an award, all eligible sponsors or eligible persons shall enter into an agreement with the city, agreeing to comply with the affordable housing criteria provided under F.S. §§ 420.907 through 420.9079 and this chapter. Such agreement shall be made a part of any mortgage agreement with respect to such property. Failure to comply with this covenant shall result in a default of the mortgage with all remedies and rights for enforcement of the agreement insuring to the benefit of the city.
(Ord. O-92-68, passed 12-16-92; Am. Ord. O-93-14, passed 4-21-93)