Local Housing Assistance Plan

State Fiscal Years2015-2018

Board of County Commissioners

April 21, 2015

Presentation Outline

BackgroundHousing StrategiesAction Requested

Presentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

State Housing Initiatives Partnership Program (SHIP) Dedicated funding source for affordable housing Established Housing Trust Fund Administered by Orange County Monitoring and oversight by the Florida Housing Finance Corporation

Background

State Housing Initiatives Partnership Program (SHIP) Local Housing Assistance Plan (LHAP) required Identifies housing strategies for very low, low, and

moderate income households LHAP must be adopted by resolution

Background

Orange County Allocation

Year Allocation

2012-2013 $358,366

2013-2014 $1,340,435

2014-2015 $4,355,191

2015-2016 $4,300,000

State Housing Initiatives Partnership Program (SHIP)

Background

SHIP Program – Expenditure Requirements 65% of funds – home-ownership activities 75% of funds – construction related 60% of funds – low-income households

Background

Background

Housing Market• Population growth especially in younger

households• Decline in homeownership rate• Tight rental market• Slow wage growth

Background

Housing MarketMedian Price of Homes

2013 $149,000

2014 $164,000

2015 $160,000

Background

Value of Single Family Building Permits2013 2014 2015 YTD

Single Family# of Permits 1,926 2,015 668

Median Value $322,376 $344,822 $324,196

Housing Market

Rental Units Completed

Occupancy Levels

Source: 2014 MPF Research of the Orlando Metropolitan Area

Background

Housing Market

BackgroundHousing MarketChanges in Orange/Osceola/Seminole Households 2007-2013

Source: Shimberg Center for Housing Studies, University of Florida

Presentation Outline

BackgroundHousing StrategiesAction Requested

Current LHAP Housing Strategies Down Payment Assistance Home-owner Rehabilitation Multi-Family Acquisition/Construction Special Needs Housing

Housing Strategies

Housing Strategies

Yearly Average 2010-2015

Down Payment Assistance 115

Homeowners Rehabilitation 114

Multi-Family Construction 93

Special Needs Housing 25

Housing Strategies

Household Size

Very Low(50% of Median)

Low(80% ofMedian)

Moderate(120% ofMedian)

1 $20,450 $32,700 $49,0802 $23,350 $37,350 $56,0403 $26,250 $42,000 $63,0004 $29,150 $46,650 $69,960

Income Limits

Income Level Current

Very Low $30,000

Low $20,000

Moderate $10,000

Housing Strategies

Down Payment Assistance Provide assistance to very low, low, moderate-

income households Required pre-purchase homebuyers education

Housing Strategies

Housing Rehabilitation Provide assistance to very low income households

Activity Current

Emergency Rehab $20,000

Substantial Rehab $75,000

Reconstruction $100,000

Housing Strategies

Multi-Family Construction Encourage acquisition, construction, or

rehabilitation of rental housing for very low and low income households

Continue to provide minimum local government contribution for developers competing for State Housing Tax Credits

Housing Strategies

Special Needs Housing For adult persons requiring independent living

services Provide assistance to disability support organizations:

• acquire, construct, or rehab group homes

• provide home modifications for people with disabilities

Housing Strategies

Impact Fee Subsidy Developer incentive to build owner occupied homes,

affordable to low-income households Subsidy Level:

Income Category Current Proposed

Very Low 50% 75%

Low 25% 50%

Moderate 0 0

Housing Strategies

Maximum Sales Price Maximum sales price must be established in LHAP Currently $200,000 Average price under our programs is $124,000

Presentation Outline

BackgroundRevisions to Housing StrategiesAction Requested

Action Requested

Adoption of Resolution of the Orange County Board of County Commissioners regarding the State Housing Initiatives Partnership Program (SHIP) and the Orange County SHIP Local Housing Assistance Plan (LHAP) for State Fiscal Years 2015-2016, 2016-2017 and 2017-2018; and approval of Certification to Florida Housing Finance Corporation. All Districts