R09-110 Amended
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1 AMENDED RESOLUTION R09- IlO*
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4 A RESOLUTION OF THE CITY COMMISSION OF
5 THE CITY OF BOYNTON BEACH, FLORIDA,
6 AMENDING THE STATE HOUSING INITIATIVES
7 PARTNERSHIP (SHIP) PROGRAM LOCAL HOUSING
8 ASSISTANCE PLAN (LHAP) TO INCLUDE THE
9 ADDITION OF THE CITY OF BOYNTON BEACH
10 HOMEBUYER OPPORTUNITY PROGRAM (FHOP)
11 STRATEGY; PROVIDING AN EFFECTIVE DATE.
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14 WHEREAS, the City of Boynton Beach Homebuyer Opportunity Program is
15 esigned in response to the legislative provisions requiring SHIP local governments to
16 xpend 2009-20 I 0 funds to ensure that residents of the state derive the maximum possible
17 economic benefit from the federal first time home buyer tax credit; and
18 WHEREAS, upon the recommendation of staff, the City Commission deems it to
19 e in the best interests of the citizens and residents of the City of Boynton Beach to amend
20 he City's State Housing Initiatives Partnership Program Local Housing Assistance Plan to
2] 'nclude the addition of the City of Boynton Beach Homebuyer Opportunity Program
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23 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
24 HE CITY OF BOYNTON BEACH, FLORIDA, THAT:
25 Section 1. The foregoing "Whereas" clauses are true and correct and are hereby
26 atified and confirmed by the City Commission.
27 Section 2. The City Commission of the City of Boynton Beach, Florida, hereby
28 mends the City's State Housing Initiatives Partnership Program Local Housing Assistance
29 Ian to include the addition of the City of Boynton Beach Homebuyer Opportunity Program
30 trategy, a copy of which is attached hereto as Exhibit "A".
':\Documents and Settings\PrainitoJ\Local SettingslTemporary Internet Files\OLK J04\SHIP Housing Plan amend for FHOP {amendment).doc
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1 strategy, a copy of which is attached hereto as Exhibit "A".
2 Section 3. This Resolution shall become effective immediately upon passage.
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3 PASSED AND ADOPTED this ILl day of September, 2009.
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5 CITY OF BOYNTON BEACH, FLORIDA
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17 odrigue?-
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20 Commissioner - Marlene Ross
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22 ATTEST:
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35 *This ame is to provisions of the City of Boynton Beach's Homebuyer Opportunity Program
36 Strategy discussed in the original Resolution to reflect changes requested by the Florida Housing
37 Finance Corporation
S:\CA\RESO\SHIP Housing Plan amend for FHOP (amendment).doc
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. If you make revisions to this strategy which are beyond technical in nature, it
must be submitted to FHFC for approval.
Name ofthe 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 local
governments to expend 2009-2010 funds to ensure fhat 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:
2009/2010 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. Terms, Recapture and Default:
If the City of Boynton Beach receives repayment from the homebuyer within j 8 months
after the closing date of the loan the City shall waive all interest charges. A home buyer
who fails to fully repay the loan within 18 months shall be subject to repayment terms of
the principal and j 0% of the original loan amount.
A lien will be placed on the property for the term of the first mortgage. Payment is due
in full should the homeowner fail to occupy the home as their primary residence, transfer
title, or rent the property.
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\SHIP\2009\FHOP-Changes.doc