AGENDA ITEM REPORT
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A RESOLUTION ADOPTING THE FISCAL YEAR (FY) 2017-2018, 2018-2019, 2019-2020 LOCAL HOUSING ASSISTANCE PLAN (LHAP), WHICH INCLUDES THE AFFORDABLE HOUSING ADVISORY COMMITTEE'S (AHAC) 2016 INCENTIVE STRATEGIES; AUTHORIZING TRANSMITTAL OF THE LHAP TO THE FLORIDA HOUSING FINANCE CORPORATION, IN ACCORDANCE WITH STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM REQUIREMENTS. (PUBLIC HEARING)
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BACKGROUND:
The Local Housing Assistance Plan (LHAP) is required by the State Housing Initiatives Partnership (SHIP) Act in order to receive funding from the State. Affordable housing initiatives are designed to assist very low to moderate income households. The City's current LHAP is set to expire in June of this year. Staff has completed the updated LHAP covering FY 2017-2018, FY 2018-2019, and FY2019-2020, in accordance with State requirements.
DISCUSSION:
The City currently employs three housing strategies through the LHAP: 1) Housing Rehabilitation through an owner-occupied minor home repair program; 2) Purchase Assistance for first-time homebuyers; and 3) Disaster Mitigation to provide emergency repairs in the aftermath of a natural disaster. This proposed LHAP expands the housing strategies from three to five with the addition of Community Land Trusts and Acquisition Rehabilitation. These housing strategies were developed based on community needs and within the guidelines of the SHIP Program. The City has been implementing community development programs since October 2008 when the City began receiving SHIP funds. To date, the City has received $1,165,710 in SHIP funds over the course of nine (9) years. Those funds have assisted twelve (12) first-time homebuyers purchase homes in the City and twenty-nine (29) existing residents with home repairs. The Incentive Strategies Section has been updated as a result of the AHAC's recommendations, that were voted on at the November 14, 2016, AHAC meeting. The City Commission reviewed the AHAC's r...
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