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(A) The Local Housing Assistance Program is hereby created and established.
(B) The city shall use the funds received from the local housing distribution pursuant to SHIP to implement the Local Housing Assistance Program. The funds shall be distributed in the following manner for the first three years of the city's Program.
(1) Acquisition/rehabilitation. Eligible sponsors may be awarded funds to acquire existing housing units for renovation to provide eligible housing for eligible persons.
(2) Impact fee assistance. Eligible sponsors may be awarded funds for the payment of impact fees for eligible housing for eligible persons. The city will make payment of fees to reduce the sales price of an affordable home for eligible persons, when contractors are constructing single-family homes with sales prices that are affordable to very low, low and moderate income persons. The original sales price cannot exceed $60,000 per contract based on square feet of unit's local industry cost of construction per square foot and land cost. The maximum amount of assistance per family is set at $2,000.
(3) Land bank. The city may, through purchase or donation, acquire land independent of a specific project for the express purpose of providing eligible housing at a future time.
(4) First time homebuyers' program. Down payment/closing cost assistance restricted to homebuyers choosing houses which have been constructed or rehabilitated within 12 months of the date of execution of the contract for sale and purchase. The maximum amount of assistance per family is set at $1,900 or 50% (whichever is lower) of downpayment/closing cost. The assistance will be in the form of a no-interest, decreasing principal grant secured by a five year second mortgage.
(5) Residential rehab minor repair program. Provides grant funds to assist very low and low income owner-occupied families to make minor repairs to their single-family homes. The maximum amount of assistance per family is set at $3,000.
(6) Land development write-down program. Provides funds for site acquisition and development for the express purpose of donating the land to eligible persons to have constructed eligible affordable housing. Construction shall commence within 12 months of site acquisition. The donated lands will be in the form of a deferred second mortgage for five years, non-repayable. The maximum amount of assistance per family is set at $5,000.
(7) Multi-family rental rehab. Provides assistance to investor owners to upgrade their rental apartments in the City Redevelopment Area to standard conditions and to rent their units to eligible very low and low income families at affordable street rental rates for the area. Seventy percent of the units in each multi-family complex assisted must be rented to very low and low income families. The maximum amount of assistance per unit is set at $5,000.
(C) For subsequent fiscal years, the city shall establish specific program elements and strategies to be implemented under this program on a bi-annual basis and made a part of this chapter.
(D) The city's specific program elements and strategies for this first three years' initial program period is attached to Ordinance 93-56, passed 7-20-93, and made a part thereof as "Exhibit 1."
(E) The city hereby finds that the costs of administering the Program shall exceed 5% of Program funds. Accordingly, pursuant to the Act, the city hereby authorizes expenditure of no more than 10% of the Program funds for administration and implementation of the Program.
(F) The city hereby defines the below neighborhood description as its targeted area for implementation and expenditure of SHIP funds on the above-described projects in divisions (B)(1) through (7), (D) and (E) of this section. However, funds may be expended outside the target area (within the city limits) in support of items (B)(4) and (5).
(G) Target area. Within the city's corporate limits.
(H) The Local Housing Assistance Program shall include all other lawful objectives not previously listed if said objectives have been adopted into the Local Housing Assistance Plan in the manner provided for by F.S. §§420.907 through 420.9079, and Rule 9I-37, Florida Administrative Code.
(Ord. 93-56, passed 7-20-93; Am. Ord. 93-71, passed 9-14-93; Am. Ord. 94-33, passed 4-12-94; Am. Ord. 99-2, passed 10-27-98; Am. Ord. 2008-50, passed 6-24-08)