R09-110
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I RESOLUTION R09- 110
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4 A RESOLUTION OF THE CITY COMMISSION OF
.5 THE CITY OF BOYNTON BEACH, FLORIDA,
6 AMENDING THE STATE HOUSING INITIA TIVES
7 PARTNERSHIP (SHIP) PROGRAM LOCAL HOUSING
s ASSIST ANCE PLAN (LHAP) TO INCLUDE THE
9 ADDITON OF THE CITY OF BOYNTON EBACH
10 HOMEBUYER OPPORTUNITY PROGRAM (FHOP)
II STRAEGY; PROVIDING AN EFFECTIVE DATE.
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14 WHEREAS, the City of Boynton Beach Homebuyer Opportunity Program is
15 designed in response to the legislative provisions requiring SHIP local governments to
16 expend 2009-2010 funds to ensure that residents of the state derive the maximum possible
17 economic benefit from the federal first time homebuyer tax credit; and
18 WHEREAS, upon the recommendation of statT, the City Commission deems it to
19 be in the best interests of the citizens and residents of the City of Boynton Beach to amend
20 the City's State Housing Initiatives Partnership Program Local Housing Assistance Plan to
21 include the addition of the City of Boynton Beach Homebuyer Opportunity Program
II strategy.
23 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
24 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
25 Section 1. The foregoing "Whereas" clauses are true and correct and are hereby
26 ratified and confirmed by the City Commission.
27 Section 2. The City Commission of the City of Boynton Beach. Florida, hereby
28 amends the City's State Housing Initiatives Partnership Program Local Housing Assistance
29 Plan to include the addition of the City of Boynton Beach Homebuyer Opportunity Program
S,C^'R.ESU\SHIP Housing Plan amend !()r FlfOP dOL
i
] strategy.
2 Section 3. This Resolution shall become effective immediately upon passage.
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3 PASSED AND ADOPTED this i__ day of August, 2009.
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5 CITY OF BOYNTON BEACH. FLORIDA
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1 1 VIce Mayor - Woodrow L.Hay~::::-._r-' .
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14 Commigs'ioner - Ronald Weiland
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20 Commissioner - Marlene Ross
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22 ATTEST:
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27{ ,j Janet M. Prainito, CMC "
28 'City Clerk
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32 (Corporate Seal)
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S \C^ .R.ES()\SHIP Housing Plan amend tllr I, HOP dOL
LHAP HOUSING STRATEGY
For 2009-2010
NOTE: This is a generic strategy that can be used by all local governments. It has been pre-
approved by the SHIP review committee. Ifyoll make revisions to this strategy 'which arc be.vond
technical in nature, it must be submitted to FHFCfor approval.
Name oflhe Strategy: City of Boynton Beach Homebuyer Opportunity Program (FHOP)
a. Summary of the Strategy:
This strategy is designed in response to the legislative proviso requiring SHIP
locol governments to expend 2009-2010 funds to ensure that residents of the
state derive the maximum possible economic benefit from the federal first time
home buyer tax credit created through The American Recovery and
Reinvestment Act of 2009 by providing subordinate down payment assistance
loans to first time homebuyers for owner occupied primary residences that can
be repaid by the income tax refund the homebuyer is entitled to under the First
Time Homebuyer Credit. The state program shall be called the "Florida
Homebuyer Opportunity Program." Eligible properties include newly
constructed and existing homes. Mobile homes and rental units are not eligible
for assistance.
b. Fiscal Years Covered:
200912010 until expiration of the Florida Homebuyer Opportunity Program Tax
Credit.
c. Income Categories to be served:
Applicants whose income does not exceed $75,000 for single taxpayers, or
$150,000 for joint filers. There is no requirement to reserve 30 percent of the
funds for awards to very low-income persons or 30 percent of the funds for
awards to low-income persons; and there is no requirement to expend 75% of
funds for construction, rehabilitation or emergency repair.
d. Maximum award:
The principal balance of the loans provided shall not exceed 10% of the
purchase price or $8,000, whichever is less.
e. TelIDs, Recapture and Default:
if the City of Boynton Beach receives repayment from the homebuyer within 18
months after the closing date of the loan the City shall waive all interest
charges. A homebuyer who fails to fully repay the loan within 18 months but no
later than 36 months shall be subject to repayment terms of 10% of the original
loon amount. A homebuyer who fails to fully repay the loan within 36 months
sholl be subject to default and the loan shall be called with all principal and
interest due and payable. All funds repaid to the City shall be considered
"program income" as defined in s. 420,9071 (24).
f. Recipient Selection Criteria:
Recipients must meet the requirements of the following: The maximum Income
limit shall be Adjusted Gross Income of $75,000 for single taxpayer households
or $150,000 for joint-filing taxpayer households, which is equal to that permitted
by the American Recovery and Reinvestment Act of 2009.
S:\ Community Improvement\SH I P\2009\FHOP .doc
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Z~1~k' ~:Il\;i~l,ct,,,::~' " 'Florida Homebuver Opportunity Program
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:i;~~:- /"~:i.~~~~~,:tegular legislative session, the Florida Homebuyer Opportunity Program was
1i~ :,Jl~;ff.~~ing:C$30 million statewide) is detailed in the budget implementing bill (see
r . " ' .::'~l}~~jjtJ!'~i~ program, ,;hich will be distrib~ted through and .operated unde~ the SHIP
!~..'" ,,'. :"l>;;~~~:u~r~::tl:1a.t ~he fundm~ be use? to prOVIde ~p to 58,000 m purchas: aSSIstance to
i!ti:J:t\".' ," ~,"a:m,~$,;tha'lrareehgrble to receIve the federal first-tlme homebuyer tax credIt created
~~;;~,~~ ~' ":, 1:1fhe':Ainerican Recovery and Reinvestment Act of 2009. The assistance shall be
,{t~:~;~ '~::;~;'i~t~i~e:E~paid'bY the Applicant when they receive their federal t~x. refu~d. This will be
:~:'jr ~~:. ", :. -;' .i'a,'iJi>.llEf>.:v~d use of these funds as long as the homebuyer tax credIt IS avaIlable. The
;.b~t,; ~~~.R*~~~e available after July 1, .2009 pending the bill being signed by the Governor
;,~i!' , ,} Jl'$;~($:~{pocumentary Stamp CollectIOns.
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'i~~tt~" / ~l~~~*~~ll be implemented under a new strategy to be adopted v,ithin the local
.H~~~<' '. ,/i'\\:~~$~~t~?E;eplan (LHAP~. Florida ~ousing (FHFC) is provi~ing a ge~er,ic strategy .
i.~J"~;j ":~~~~.~}-for y?ur use. ThIS strat~g)' IS .pre-appr~ved by Flon~a Housmg s SHIP ReVIew
i;~,~', '~~>aJ:1:tiheqmTes no further actIon WIth FHFC If adopted as IS. If you make changes to
;~':~ ~"j:1;:;:~~~rplease submit the changes for re\iew and approval.
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:~~~~~~i~~~t.~theexcePtions to the SHIP statute and/or rule that apply to this program
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:';~f;;'f~~M~~~~;ci){imum income limit ~~all be. Adjusted Gross Income of S75.000 for single taxpayer
'. ~}-;:;~::~i:;~ii~~eholc.is or $150,000 for Jomt-filIng taxpayer households.
;,!,~:!~~j,;J~~fe'~s'rionequirement to reserve 30 percent of the funds for awards to verv-low-income
. ;;..,:;";..,,,.."i.':'1A~>1_~''''',;-(~ ~,..:-1-",,' " '. .
~":;:I;i::~~~;i~~EY~011sor 30percent of the funds for awards to low-income persons; and
;:~,;.~~~te~;1~~'i!e ~s"no requirement to expend 75% of funds for construction. rehabilitation or
,..::':';;'~:~~"~:;~~~~el1Jl~rgelicy repair. ~
,"::<~, ",' Florida HousIng
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we 'Doka hOCl5lng affocdable