State Housing Initiatives Partnership Program SHIP

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State Housing Initiatives Partnership Program
(SHIP)
Growth Management Housing Programs Office
Provides funding to create private/public sector
partnerships to produce and preserve affordable
homeownership and rental housing.
2009-2011 Local Housing Assistance Plan (LHAP)
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Program Issues

• Rental Deposit Program
• ? Location of eligible apartment units (Demand)
• - County-wide or
• - Restrict to outside City of Gainesville
• Home Repair and New Construction Programs
• ? Developer Fee As a Grant or Loan
• Mortgage Term Requirements
• ? Ten Year VS. Thirty Year Mortgages

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Pilot Rental Deposit Program

• ? Original Recommendation
• Restrict apartment location to outside of City of
  Gainesville unless no other deposit program is
  currently available.
• ?Revised Recommendation
• Make Rental Deposits Assistance available
  county-wide.
• Set aside at least 30 of all funding shall be
  for eligible units outside the City of
  Gainesville to ensure availability of program for
  units in unincorporated areas and small cities in
  Alachua County.

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Developer Fee as a grant or a deferred loan

Growth Management Housing Programs Office
Original Recommendation All developer fees
charged for production or preservation of
affordable housing should be a grant
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Developer Fee as a grant or loan

Growth Management Housing Programs Office
Revised Recommendation

For home repairs/home replacement Grant
For new construction deferred payment loan
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Ten Year Vs. Thirty Year Deferred Payment Loan

Growth Management Housing Programs Office
Original Recommendation 10 year deferred payment
loans in lieu of 30 years
Revised Recommendation Remains Unchanged
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Ten Year or Thirty Year Loan
Allows homebuyers to tap into home equity to
address financial needs Retirement
Home Repairs College Education
Refinancing Probate Reverse
Mortgages Reduces loan servicing by 20 years
Subordination Requests
Refinancing Notice of defaults
foreclosure
Growth Management Housing Programs Office
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Recommendations Summary

• Approve Alachua County State Fiscal Years (SFY)
  2009-2011 State Housing Initiatives Partnership
  (SHIP) Local Housing Assistance Plan (LHAP)
  approve and authorize Chairman to sign Resolution
  08-__ and to sign Certification to Florida
  Housing Finance Corporation.