16-19RESOLUTION 16 -19
A RESOLUTION OF THE CITY OF CLEARWATER, FLORIDA,
ADOPTING THE CITY OF CEARWATER THREE -YEAR
HOUSING TRUST FUND PLAN COVERING FISCAL YEARS
2016 -2017 THROUGH 2018 -2019; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Clearwater has established the FY 2016 -2017
through FY 2019 -2020 Consolidated Plan which identifies goals, objectives and
strategies to develop viable urban communities by providing decent housing and
suitable living environment and to expand economic opportunities principally for
very-low to moderate - income persons /household; and,
WHEREAS, the Clearwater City Council approved the Four -Year
Consolidated Plan covering fiscal years 2016 -2017 through 2019 -2020 at their
July 21, 2016 meeting; and,
WHEREAS, the Consolidated Plan has established affordable housing as
its highest priority; and,
WHEREAS, Pinellas County Board of County Commissioners established
a Housing Trust Fund (Ordinance No. 06 -28) to implement the Housing Trust
Fund Program for the development and provision of affordable housing; and,
WHEREAS, the City of Clearwater has established a Housing Trust Fund
Plan under an agreement with Pinellas County Housing Finance Authority; and,
WHEREAS, the City of Clearwater has established a Housing Trust Fund
from which funds are allocated; and,
WHEREAS, the Housing Trust Fund Plan provides that ten percent (10 %)
of the total housing trust program income will be used for administrative
expenses; and,
WHEREAS, the funds distributed through the Housing Trust Fund Plan
must: be leveraged at a minimum of 2:1; set aside a minimum of fifteen percent
(15 %) of the funds for persons with special needs or persons earning thirty
percent (30 %) or less of the area median income; and maintain that eighty
percent (80 %) of the funds will be utilized as non - forgiven loans that generate
program income;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF CLEARWATER, FLORIDA:
Resolution No. 16 -19
Section 1. The City of Clearwater hereby adopts the attached Housing
Trust Fund Plan covering Fiscal Years 2016 -2017 through 2018 -2019.
Section 2. This resolution shall take effect immediately upon
adoption.
PASSED AND ADOPTED this 1 stday of SPnthmhpr , 2016.
Approved as to form:
Laura Mahony
Assistant City Attorney
George N. Cretekos, Mayor
Attest:
6-.10 / • ,[.��
Rosemarie Call, City Clerk
Resolution No. 16 -19
HOUSING FINANCE AUTHORITY, PINELLAS COUNTY, FLORIDA
City of Clearwater, Florida
Local Housing Assistance Plan
.
Name of Participating Jurisdiction: City of Clearwater
2.
Contact Person: Terry Malcolm -Smith
Title: Housing Coordinator
Address: P.O. Box 4748, Clearwater, Florida 33756
Telephone: 727-562-4036
E -mail: terry. malcolm- smith(a�myclearwater.com
3.
Program Years Covered by Plan:
FY 2016 -2017, 2017 -2018 and 2018 -2019
4.
Narrative describing advertising plan (Rules, Section 3(6)(a)):
In accordance with the referenced Rule, upon approval of this Plan by the Housing Finance
Authority, the City of Clearwater will advertise the availability of the Plan for public viewing
in a newspaper of general circulation and periodicals servicing ethnic and diverse
neighborhoods at least 30 days before the beginning of the application period. This
advertisement will also contain a Notice of Funding Availability and information about the
application process for these funds. In addition, the advertisement will include the amount
of program income projected to be received for the plan year, the beginning and end date
of the application period and the name of the contact person and other pertinent
information. Applications for the development of housing units will be considered on an on-
going basis. Advertising will also be displayed on the city's Housing Department website
and through press releases.
5.
Narrative describing involvement of other public and private sector entities and partners:
The city has established local housing partnerships and resources to increase the
affordability of housing through down payment and closing costs assistance, low interest
rate mortgage loans, grants and other direct subsidies that make market rate housing
affordable to lower income households. Special interest rates, product pricing structures,
special programs and other incentives are offered by lenders and real estate professionals
to enhance affordability.
All city housing programs encourage building active partnerships between government,
lenders, builders and developers. Involvement is continually solicited through public
hearings and forums, special housing committees and work groups, and consultations with
public, quasi- public, and non - profit agencies. The city has ongoing funding relationships
with area non - profits and housing developers through the administration of its other grant
funds.
6.
Narrative describing qualified system and selection criteria for applications for awards to
eligible sponsors:
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Eligible sponsors, by means of the City of Clearwater Consolidated Action Plan process,
are considered by application and evaluated and rated by either staff or a review
committee, depending upon the proposed activity. Areas that are evaluated include:
economic feasibility of a project; timeliness of completion; past experience; commitment to
expanding affordable housing opportunities to very-low, low- and moderate - income
households; preservation of the housing stock to increase property values; and
enhancement of a community's image in targeted areas for housing developers.
Eligible sponsors must prepare an application which contains, but is not limited to,
organizational capacity; project proposal; pro- forma; project budget; financial analysis; site
information; zoning information; proof of clear title; and proof of environmental assessment.
The designated participant must plan to complete the project within eighteen (18) months.
Larger, longer -term projects may be proposed outside of the housing pool as funding is
available. Incentives to designated participants will be granted to those organizations to
facilitate local housing assistance strategies.
7.
Narrative describing criteria for selection of eligible persons:
Applications, for both owner - occupied rehabilitation and purchase assistance programs, will
be funded on a first -come, first - qualified, first- served basis by administering agencies.
Applicants must be income eligible; the property must meet the city's established
requirements; and the property must be the occupied as primary residence.
Tenants applying for rental housing units will be qualified on a first -come, first - qualified,
first - served basis by housing sponsors. Tenants must be income - eligible and must occupy
the rental -unit as their primary residence.
What constitutes income eligibility will be defined in each specific program. No homeowner
or tenant will be assisted whose gross income exceeds 120% of AMI as defined in
Ordinance 06 -28. Income eligibility will be determined by the same HUD- established
methodology currently utilized in other City of Clearwater housing programs. The current
methodology is annual income as defined in 24 CFR Part 5.
8.
Narrative describing the participating jurisdiction's maximum award schedule or system of
amounts and how it is consistent with the intent and budget of this local housing assistance
plan:
The maximum award schedule under this plan will be based upon the amount of subsidy
required by a project to produce units that can be sold or rented for no more than the
maximum purchase price or the maximum rent allowed under the City's program. This
methodology is consistant with the intent and budget of this Local Housing Assistance plan
in that it relates maximum awards to the local price of housing and local rents. Further, it
ensures that housing produced under this plan will be consistent with "community housing"
as defined in the Ordinance.
9.
Narrative describing the expenditure process (attach timeline for each fiscal year covered
by this plan as Exhibit A):
Exhibit A shows the anticipated expenditure pattern. If it is determined, during periodic
reviews, that the expenditures under a particular strategy are not being made as
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anticipated, the city may proceed with another strategy shown on Exhibits A and B without
need for amendment of this plan.
10.
Narrative regarding provision for the application of program income and recaptured funds,
evidencing compliance with the provision of Ordinance 06 -28, Section 3(5):
The City will continue its established Local Housing Assistance Fund with a qualified
depository for all monies the City will receive from its share of program funds; recaptured
program funds; program income; and other monies received or budgeted by the city for the
Local Housing Assistance Plan. These funds will be placed in a separate account.
The exception to the above paragraph is any program income resulting from proceeds used
to match the Federal HOME program. Such program income shall be deposited to the
HOME program fund, as required by Federal law. All funds distributed out of the Local
Housing Assistance Fund must be leveraged on a 2:1 basis. The eighty percent (80 %)
non - forgiven loan requirement and twenty percent (20 %) for special needs /extremely low -
income requirement do not apply to program income.
11.
Narrative regarding ownership housing affordability period provisions:
Loans or grants for houses constructed, rehabilitated or otherwise assisted through this
Plan shall be subject to equity sharing and recapture requirements deemed appropriate at
the time the loan is made. Minimum requirements, however, as required by the Rules are:
Ninety percent (90 %) recapture within two years from the date of purchase and Fifty (50 %)
recapture after two years or more from the date of purchase. The intent of the programs
administered under this Plan is to allow property owners to realize a portion of the equity if
a property is occupied or used for its intended purpose for a specific period of time, but also
to prevent property owners from realizing inordinate gains.
The city also intends to perpetuate affordability of housing units when appropriate. These
goals could be realized through resale restrictions or through other types of agreements
that fulfill these intents, but in no event shall the requirements be less than those mandated
by the Rules of the Housing Trust Fund.
12.
Narrative regarding process followed to assess and prioritize housing needs:
The City of Clearwater has identified priorities for assisting households. The first priority is
to provide safe, decent, adequate and affordable housing in safe and desirable
environments for homeowners, homebuyers and renters. The second priority is to provide
housing and supportive services housing programs. Studies are undertaken for the
Housing Element of the City's Comprehensive Plan and for the Federal Consolidated
Planning process. In addition to formal studies, stakeholder input is sought through public
meetings and forums.
13.
Strategy 1 — Produce new rental and owner housing - Brief narrative regarding activities to
be carried out under this strategy, including (a) the proposed sales price of owner housing
produced; (b) what resources through partnership will be combined to reduce the cost of
housing; (c) any support services provided by the participating jurisdiction to the residents
of the housing; (d) what initiatives will be used to conduct outreach and to attract applicants
for assistance; and (e) a description of how this strategy furthers the housing element,
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goals, policies, and objectives of the participating jurisdiction's comprehensive plan:
Through the utilization of various funding sources and in conjunction with partnerships, a
high priority is placed on collaborative efforts and effective use of resources to ensure that
housing costs are minimized and impediments are removed. The City of Clearwater
engages the community in seeking and promoting housing units which, based on surveys
or citizen input, addresses the need of affordability, accessibility and meets the standard of
suitable living environments. Partnerships are established that provide homebuyer
education classes, which is a step that potential homebuyers can take to become informed
on ways to increase their credit score and become a more desirable candidate for the
finance industry to provide a home loan with a low interest rate.
(a) The proposed sales price of owner - housing produced may not exceed the purchase
limits for the city. The city's funding limits will be set forth on the Exhibit B, but may
adjust such funding limits on a not to exceed State Housing Initiative Partnership
(SHIP) program purchase price limits without amendments to this Plan.
(b) The City will continue to develop partnerships with non - profits and developers for
construction of new units. The cost of construction can be reduced by utilizing
incentives provided for Affordable Housing Developments. Loans to affordable
housing builders, and eventual homeowner, will provide a below market supplement
to private market financing to further reduce costs.
(c) Support services may be provided by the participating jurisdiction to the residents of
housing. Necessity for support services, however, will be determined on a project -
by- project basis. If a proposed project is intended to serve a population that
traditionally needs specific support services to sustain housing, the proposal must
clearly demonstrate how those support services will be delivered and maintained by
the developer of the housing project.
(d) The city will continue to develop relationships with non - profits and other agencies
that assist applicants in finding suitable rental- housing which offer services that
prepare applicants for homeownership. The city advertises its housing program
through print media and its website. Developers of housing are required to submit
an Affirmative Marketing Plan as part of the application process. Homeowner and
rental applicants will be qualified on a first -come, first - served basis by the developer
and /or administering agencies. Applicants must meet the income guidelines
applicable to the strategy and must occupy the purchased or rented property as a
primary residence.
(e) This strategy furthers the Housing Element of the comprehensive plan that
acknowledges deficits in both rental and owner - occupied housing for extremely low -
to moderate - income households through the year 2020, addressing the factors
which prevent homeownership due to excessive cost burdens and barriers that are
prevalent in the pursuit of purchasing decent and affordable housing.
14.
Strategy 2 — Preserve existing rental and owner housing - Brief narrative regarding
activities to be carried out under this strategy, including (a) the proposed sales price of any
rehabilitated properties to be sold; (b) proposed caps on the value of any owner occupied
housing to be rehabilitated; (c) what resources through partnership will be combined to
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reduce the cost of housing; (d) any support services provided by the participating
jurisdiction to the residents of the housing; (e) what initiatives will be used to conduct
outreach and to attract applicants for assistance; and (f) a description of how this strategy
furthers the housing element, goals, policies, and objectives of the participating
jurisdiction's comprehensive plan:
Both rental and owner housing may be preserved through acquisition of existing units and
rehabilitation of units. Although this strategy appears primarily as a rental strategy on the
attached Exhibit B, this strategy may be carried out for both owner and rental housing at
any time during the three -year period covered by this Plan without amendment to this Plan.
The estimated number of households proposed to be served, by income, as shown on
Exhibit B, may be adjusted at any time without amendment to this Plan. Additional
preservation activities may be added as need and market conditions change without
amendment to this Plan.
(a) The proposed sales price of any rehabilitated property to be sold under this strategy
may not exceed the purchase price limits under the City's program in effect at the
time the home is sold. The current SHIP purchase price limit is $168,000. The City
anticipates that funding limits will be set forth on Exhibit B, but may adjust such
funding limits, not to exceed SHIP purchase price limits, without amendment to this
Plan.
(b) The value of the owner - occupied housing to be rehabilitated may not exceed the
purchase price limit under the City's program in effect at the time the home is sold.
Value will be determined using the same methodology utilized in other city Housing
programs at the time of rehabilitation. Currently, the city utilizes the "Sales
Comparable Value" as documented by the Pinellas County Property Appraiser's
Office.
(c) The city will continue to develop partnerships with non - profits and developers for
acquisition and rehabilitation of units, as is done in all other housing programs the
city currently carries out. The cost of substantial rehabilitation may be reduced
through the use of loans which provide a below market supplement to private
market financing.
(d) Support services are available from various sources which include, but are not
limited to: Homeownership Counseling (Pre and Post), Credit Counseling, Tenant
Counseling and Transportation.
(e) The city will continue to develop relationships with non - profits and other agencies
that assist applicants in finding suitable rental housing and which offer services that
prepare applicants for homeownership. The city also widely advertises its housing
programs through print media and its website. Developers of housing undertaking
substantial rehabilitation or conversion of non - residential properties to rental
housing are required to submit an Affirmative Marketing Plan as part of the
application process. Homeowner and rental applicants will be qualified on a first -
come, first - served basis by the developer and /or the administrating agencies.
Applicants must meet the income guidelines applicable to the strategy and must
occupy the purchased or rented property as a primary residence.
(f) This strategy furthers the Housing Element of the Comprehensive Plan. In addition,
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preservation may include acquisition of existing units by non - profits or a Community
Land Trust to preserve these units as affordable housing by taking them out of the
market rate housing pool. These units assist the deficit of affordable housing units
described in Strategy 1. The preservation of existing housing stock is the first
objective under the current Consolidated Action Plan and furthers the goals, policies
and objectives by ensuring there are provisions available for preservation through
the use of state and federal funds for rehabilitation, code compliance and
adherence to building standards, and elimination of blight.
The city also focuses on the removal of architectural barriers, thus allowing for
homeowners to maintain their units while making necessary modifications. Internal
guidelines and procedures are established to ensure that costs related to
preservation are limited to a standard of reasonableness.
15.
Strategy 3 — Promote Housing Opportunities - Brief narrative regarding activities to be
carried out under this strategy, including (a) proposed caps on the value of homes to be
purchased under this strategy; (b) what resources through partnership will be combined to
reduce the cost of housing; (c) any support services provided by the participating
jurisdiction to the residents of the housing; (d) what initiatives will be used to conduct
outreach and to attract applicants for assistance; and (e) a description of how this strategy
furthers the housing element, goals, policies, and objectives of the participating
jurisdiction's comprehensive plan:
Through this strategy, down payment and closing cost assistance will be provided to
income - qualified households. This strategy may be carried out at any time during the
three -year period covered by this Plan. While this strategy is primarily intended to assist
with the promotion of homeownership opportunities, it may be utilized to assist with the
promotion of rental opportunities through rental assistance activities without amendment to
the Plan. The estimated number of households proposed to be served by income as
shown on Exhibit B, may be adjusted at any time without amendment to this Plan.
Additional activities to promote housing opportunities may be added as needs and market
conditions change without amendment to this Plan.
(a) The purchase price of homes purchased under this strategy may not exceed the
city's maximum purchase price for new or existing homes. The current maximum
purchase price is $228,000 for newly constructed homes and $168,000 for existing
homes. The city's funding limits will be set forth in Exhibit A or B, but may adjust
such funding limits from time to time, not to exceed the SHIP purchase price limits,
without amendment of this Plan. The monthly rent for tenants assisted under this
strategy may not exceed the 120% rent limits under the SHIP program in effect at
the time the unit is rented.
(b) The City will continue to develop partnerships with non - profits who prepare
applicants for homeownership and with lenders that make primary loans.
Homebuyer education may reduce the cost of housing by helping the homebuyers
to obtain better pricing for services required for their real estate transaction.
Partnership with lenders may reduce the price of housing by allowing homebuyers
to obtain a more favorable interest rate on primary loans.
(c) Support services will not be provided by the city to the residents of housing.
Necessity for support services, however, will be determined on a case -by -case
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basis by agencies administering the assistance programs. If needed, support
services for credit counseling, pre - purchase, post - purchase and foreclosure
prevention counseling will be provided through these agencies.
(d) The city will continue to develop relationships with non - profits and other agencies
that offer services that prepare applicants for homeownership or which assist
applicants in need of rental housing. The city advertises its housing programs
through the print media and website. Developers of housing are required to submit
an Affirmative Marketing Plan as part of the application process. Applicants will be
qualified on a first -come, first - served basis by eligible sponsors and administering
agencies. Applicants must meet the income guidelines applicable to the strategy
and must occupy the property as primary residence.
(e) This strategy furthers the Housing Element of the comprehensive plan that
acknowledges deficits in housing for the extremely low- to moderate - income
households through the year 2020. The subsidy provided to a household through
this strategy can close the affordability gap and ease the deficit.
16.
Strategy 4 — Provide Housing Services - Brief narrative regarding activities to be carried out
under this strategy, including: (a) what resources through partnership will be combined to
reduce the cost of housing; (b) any support services provided by the participating
jurisdiction to the residents of the housing; (c) what initiatives will be used to conduct
outreach and to attract applicants for assistance; and (d) a description of how this strategy
furthers the housing element, goals, policies, and objectives of the participating
jurisdiction's comprehensive plan:
Through this strategy, available support services may include, but are not be limited to, fair
housing services, housing placement services, pre- and post - purchase homeownership
counseling, credit counseling, and foreclosure prevention counseling. The estimated
number of households proposed to be served by income as shown on Exhibit B may be
adjusted at any time without amendment to this Plan. Additional housing services activities
may be added as needs and market conditions change without amendments to this Plan.
(a) The city will continue to develop partnerships with non - profits that prepare
applicants for homeownership and with lenders that make primary loans, as is
currently taking place in other promotion of housing opportunity programs done
through the city.
(b) The support services available under this strategy will be provided through non-
profits and other qualified agencies.
(c) The city will continue to develop relationships with non - profits and other agencies
that offer the services to be carried out under this strategy. The city widely
advertises its housing programs through print media and website information.
(d) This strategy furthers the Housing Element of the comprehensive plan by which the
city's Comprehensive Plan assists homeowners and renters find and sustain decent
and safe housing.
17.
Narrative explaining how the activities carried out under these Strategies will meet the
requirements of Ordinance 06 -28, Section 3(4)(a) — Leveraging 2:1:
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Checklist of required documents (will satisfy the table of contents or checklist requirement):
O This Local Housing Assistance Plan
O Exhibit A - Timeline for each fiscal year covered by this plan
O Exhibit B - Local Housing Assistance Plan Summary Chart for each fiscal year covered
by this plan
O Exhibit C - Copy of policy of participating jurisdiction regarding sub -prime loans
[Ordinance Section 3(1)(b)]
8
The city will meet this requirement on a program year allocation basis and not on an
individual project basis. The city will track its portion of the Housing Trust Funds used in
each project for leveraging. Leveraging may come from, but is not limited to: loans made
to projects by other lenders; grants made to projects; donated land; developer and sponsor
owner - equity and donated materials; supplies, labor and services.
18.
Narrative explaining how the activities carried out under these Strategies will meet the
requirements of Ordinance 06 -28, Section 3(4)(b) — 80% non - forgiven loans:
The city will meet this requirement by using both amortized loans and deferred payment
loans. No loan will be forgiven. The type of loan made will be determined on a project by
project basis, as the debt service capability of each project is underwritten. This
requirement does not apply to the expenditure of program income.
19.
Narrative explaining how the activities carried out under these Strategies will meet the
requirements of Ordinance 06 -28, Section 3(4)(c) —15% special needs or <30% MFI:
The city will meet this requirement by producing or preserving units specifically for this
targeted population or by working with other Participating Jurisdictions on a collaborative
basis. Additional activities to utilize the fifteen percent (15 %) set -aside may be carried out
by one of the four strategies as needs and market conditions change without amendment to
this Plan. This requirement does not apply to the expenditure of program income.
20.
Narrative explaining how rental developments assisted under this plan will be monitored
annually and how tenant eligibility shall be determined throughout the compliance period:
For rental housing assisted under this Plan, the city, or its agent, shall annually monitor and
determine tenant eligibility and subsidy amounts using the HUD established methodology
utilized in other city housing programs. The current methodology is annual income as
defined in 24 CFR Part 5. However, to the extent another governmental entity provides the
same monitoring and determination, the city may rely on such monitoring and determination
of tenant eligibility. Tenant eligibility will be monitored, at minimum, once a year for fifteen
(15) years, or the term of the assistance, whichever period is longer.
Loans for rental housing development made under this Plan shall be secured by a
mortgage recorded against real property and a promissory note. The continued use of the
real property for affordable rental shall be ensured by recording a Land Use Restriction
Agreement (LURA) attached to the land. Developers and sponsors that offer rental
housing for sale, prior to the expiration of a LURA, must ensure continued occupancy by
eligible person(s) for the remainder of the affordability period required under the LURA.
Checklist of required documents (will satisfy the table of contents or checklist requirement):
O This Local Housing Assistance Plan
O Exhibit A - Timeline for each fiscal year covered by this plan
O Exhibit B - Local Housing Assistance Plan Summary Chart for each fiscal year covered
by this plan
O Exhibit C - Copy of policy of participating jurisdiction regarding sub -prime loans
[Ordinance Section 3(1)(b)]
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O Exhibit D - Copy of policy of participating jurisdiction regarding subordination of loans
[Ordinance Section 3(1)(c)]
O Exhibit E - Copy of sample Land Use Restriction agreement [Ordinance Section 3(4)(f)]
O Exhibit F - Certifications and Required Statements with original signature
O Exhibit G - Adopting Resolution
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Housing Finance Authority of Pinellas County
Local Housing Assistance Plan Timeline of Expenditures - Exhibit A
Required by the Rules, Section 3(6)(d)
Timeline for the Program Year:
Allocation - $0
Tittle Period
4400000
Participating Jurisdiction: CITY OF CLEARWATER EXHIBIT A 2
Year 1 10/01/16 - 9/30/17 Program Income w/ Beg Bal $476,684
Year 2 10/01/17 - 9/30/18 Program Income $48,349
Year 3 10/01/17- 9/30/19 Program Income $48,349
Available for projects $558,877 (Allocation less administration)
2
Strategy 1 - Production
Owner Activity
Rental Activity
Other Activity - Special Needs Rental
Strategy 2 - Preservation
Owner Activity
Rental Activity
Other Activity
Strategy 3 - Promote Housing
Opportunities
Activity 1 - Down Payment Assistance
Activity 2 -
Activity 3 -
Strategy 4 - Provide Housing Services
Activity 1 - Housing Placement
Activity 2 -
Activity 3-
Contingency
TOTALS
$0
$0
$0
FY2
$150,000 ;? _.i• §'
'$98,500. .;. -:. '
$52,800
$98,500
$72;047
$471,847
$0 $0 $0 $43,515
$0
$14,505
$14,505
$14,505
$179,010
$98,500
$0
$81,810
$127,510
$0
$72,047
$0
$0
$0
$0
$43,515
$0
$0
$0
$0
$558,877
Should equal $558,877
i
Housing Finance Authority of Pinellas County
Local Housing Assistance Plan Summary Chart - Exhibit B
Required by the Rules, Section 3(5)
Strategies for the Program Year: 10/01116 - 09/30/17
Participating Jurisdiction: CITY OF CLEARWATER
Criteria
2:1 leveraging
80% non - forgiven loans that generate program income
15% special needs or < 30% MFI
Criteria Set - Asides
Allocation
Administration Estimates
Salaries and Benefits
Office Supplies & Equipment
Travel and Workshops
Advertising
Total - not to exceed
$4,834.90
$3,050.00
$1,785.00
$0.00
$0.00
$4,835.00
# units
Strategy 1 - Production
Owner Activity
Rental Activity
Other Activity - Special Needs Rental
Total Strategy 1
30% or
Spec maximum
Needs VLI LI MI funding /unit
Total Leveraging
Allocation Amount $0.00
Program Income w/ Beg Bal
Administration (10 %)
20% forgiven loans /services
80% non - forgiven loans
15% special needs
$476,684.00
$4,834.90
$0.00
$0.00
$0.00
$0
Available for projects: $471,849
(Allocation +PI less administration)
12 $12,500 $150,000 Amount funded from HTF
2 549,250 598,500 Amount funded from HTF
$0 Amount funded from HTF
14 0 0 0 0 $248,500
Strategy 2 - Preservation
Owner Activity 2 526,400 $52,800 Amount funded from HTF
Rental Activity 2 $49,250 $98,500 Amount funded from HTF
Other Activity $0 Amount funded from HTF
Total Strategy 2 4 0 0 0 0 $151,300
Strategy 3 - Promote Housing Opportunities
Activity 1 -
Activity 2 -
Activity 3 -
Total Strategy 3
Strategy 4 - Provide Housing Services
Activity 1 - Housing Placement Amount funded from HTF
Activity 2 - $0 Amount funded from HTF
Activity 3- $0 Amount funded from HTF
Clients Assisted under Strategy 4 0 0 0 0 $0 $0
15
15
0
$4,803 $72,049 Amount funded from HTF
50 Amount funded from HTF
$0 Amount funded from HTF
$72,049
Total Units
33
EXHIBIT B: Program Year 2018
$for30 %or
Spec Needs $ non- forgiven
$0 $0 $0
Contingency/5% Holdback - $4,835
5471,849 Must exceed Must exceed Must exceed Must exceed
$0 $23,834 $0 $0
•
Housing Finance Authority of Pinellas County
Local Housing Assistance Plan Summary Chart - Exhibit B
Required by the Rules, Section 3(5)
Strategies for the Program Year: 1011/17 - 09130118
Participating Jurisdiction: CITY OF CLEARWATER
Criteria
2:1 leveraging
80% non - forgiven loans that generate program income
15% special needs or < 30% MFI
Criteria Set - Asides
Allocation
b
Administration Estimates
Salaries and Benefits $3,050.00
Office Supplies & Equipment $1,785.00
Travel and Workshops 50.00
Advertising $0.00
Total - not to exceed 54,835.00
$4,834.90
# units
Allocation Amount $0.00
Program Income
Administration (10 %)
20% forgiven loans /services
80% non - forgiven loans
15% special needs
$48,349.00
$4,834.90
$0.00
$0.00
$0.00
Available for projects:
(Allocation +PI less administration)
50
$43,514
EXHIBIT B: Program Year 2017
30% or
Spec maximum $ for 30% or
Needs VLI LI MI fundinglunit Total Leveraging Spec Needs $ non- forgiven
Strategy 1 - Production
Owner Activity 1. $14,505 $14,505 Amount funded from HTF
Rental Activity $0 Amount funded from HTF
Other Activity - Special Needs Rental 50 Amount funded from HTF
Total Strategy 1 0 0 0 0 514,505
Strategy 2 - Preservation
Owner Activity 1
Rental Activity
Other Activity
Total Strategy 2 2 0
Strategy 3 - Promote Housing Opportunities
Activity 1 -
Activity 2
Activity 3 -
Total Strategy 3 0 0
Strategy 4 - Provide Housing Services
Activity 1 - Housing Placement
Activity 2 -
Activity 3-
Clients Assisted under Strategy 4
0
0
0 0 0 0
$14,505 $14,505 Amount funded from HTF
514,505 $14,505 Amount funded from HTF
$0 Amount funded from HTF
$29,010
50 Amount funded from HTF
$0 Amount funded from HTF
$0 Amount funded from HTF
$0
Amount funded from HTF
$0 Amount funded from HTF
$0 ' S Amount funded from HTF
$0 $0
$0 SO $0
Contingency/5% Holdback - $4,835
Total Units 3 $43,515 Must exceed Must exceed Must exceed Must exceed
$0 $2,417 $0 50
r["
Housing Finance Authority of Pinellas County
Local Housing Assistance Plan Summary Chart - Exhibit B
Required by the Rules, Section 3(5)
Strategies for the Program Year: 10/01/18 - 09130119
Participating Jurisdiction: CITY OF CLEARWATER
Criteria
2:1 leveraging
80% non - forgiven loans that generate program income
15% special needs or < 30% MFI
Criteria Set - Asides
Allocation
b
Administration Estimates
Salaries and Benefits $3,050.00
Office Supplies & Equipment $1,785.00
Travel and Workshops .$0.00
Advertising 50.00
Total - not to exceed $4,835.00
54,834,90
Strategy 1 - Production
Owner Activity
Rental Activity
Other Activity - Special Needs Rental
Total Strategy 1
Strategy 2 - Preservation
Owner Activity 1 $14,5051 $14,505 Amount funded from HTF
Rental Activity 1 $14,505 $14,505 Amount funded from HTF
Other Activity $0 Amount funded from HTF
Total Strategy 2 2 0 0 0 0 $29,010
Allocation Amount 50.00.
Program Income
Administration (10%)
20% forgiven loans /services
80% non - forgiven loans
15% special needs
$48,349.00
$4,834.90
$0.00
$0.00
$0.00
Available for projects:
(Allocation +PI less administration)
$0
$43,514
EXHIBIT B: Program Year 2018
30% or
Spec maximum $ for 30% or
9 units Needs VLI LI MI funding /unit Total Leveraging Spec Needs $ non- forgiven
0
0 0
$14,505 $14,505. Amount funded from HTF
$0 Amount funded from HTF
$0 Amount funded from HTF
$14,505
Strategy 3 - Promote Housing Opportunities
Activity 1 -
Activity 2 -
Activity 3 -
Total Strategy 3
Strategy 4 - Provide Housing Services
Activity 1 - Housing Placement
Activity 2 -
Activity 3-
Clients Assisted under Strategy 4
0
Total Units 3
0
$0a
$0
$0
50
Amount funded from HTF
Amount funded from HTF
Amount funded from HTF
Amount funded from HTF
$0 Amount funded from HTF
$0 Amount funded from HTF
$0 50
$0 $0 $0
Contingency /5% Holdback - $4,835
$43,515 Must exceed Must exceed Must exceed Must exceed
50 52,417 $0 $0
Exhibit C
City of Clearwater
Housing Policy
Sub -Prime Lending Policy
The city will not assist Borrowers who are being charged more than a combined two percent (2 %) for
loan discount and origination fees by the first mortgage provider. The city will also not assist Borrowers
who are obtaining adjustable rate first mortgages, interest only mortgages, mortgages financed by the
owner /seller, or mortgages with above - market interest rates or excessive fees. Interest rate expressed
as Annual Percentage Rate (APR) may not exceed two percent (2%) above the Market Rate (A rate that is
no more than 25 basis points greater than the most - recent Freddie Mac Weekly Primary Mortgage
Market Survey (PMMS) Rate for 30 -year fixed -rate conforming mortgage).
In addition, the city will not assist Borrowers with loans that require high up -front and out of pocket
fees, prepayment penalties, loans for more that the property's value, unfavorable balloon payments,
loans that requires credit life or credit disability insurance, unreasonable penalties for late fees, having a
mandatory arbitration clause (give or right to sue in court), negative amortizing loans, or open ended
mortgages.
Exhibit D
City of Clearwater
Housing Division
Loan Subordination Policy
Revised - July 2016
In general, the City of Clearwater does not subordinate mortgages made using CDBG,
HTF, HOME, and SHIP funds. However, under the following circumstances, the City
will consider taking a subordinate position:
1. The original borrower continues to own and occupy the home as its primary
residence.
2. The original borrower is experiencing financial hardship which would be
benefited by securing a lower interest rate on his or her first mortgage
accompanied by lower monthly payments.
3. The new monthly payment includes escrows for taxes and insurance, and
represents between 30% - 35% of a borrower's gross monthly income.
4. The new first mortgage interest rate is at least two percentage points below
the original first mortgage, and /or as a result of the monthly savings, the
borrower should be able to recoup (break -even) the loan closing costs within
3 -5 years.
5. The new loan's origination fee, points, commitment fees, buy down fees and
other lender charges do not exceed 2% of the loan amount.
6. The new first mortgage is a permanently fixed rate mortgage with no balloon
payments and no pre - payment penalty. Terms may be made for as few as
ten years, and may go up to thirty years as applicable based on the original
loan balance and the term remaining on the original note.
7 The borrower does not receive any cash out for any purpose, including but
not limited to, home improvement loans, bill consolidation loans, lines of
credit, future advances, personal loans, medical collections, other mortgages
or encumbrances or liens.
8. The borrower must have sufficient equity in the home so as not to displace
the City beyond a 125% loan to value ratio.
9. If the borrower has a payment type loan, the account must be current.
10. Property Taxes must not be delinquent.
11. Borrower must submit proof of homeowner's insurance.
12. Processing fee of $100 will be charged for subordination review and
processing.
Borrowers interested in seeking approval from the City's Housing Division to
subordinate a first mortgage must:
1. Write the City of Clearwater's Housing Division requesting the City subordinate to
their lender and authorize the lender to receive information regarding their loan
for the purposes of the refinance.
Last Updated: July 2016
2. The Lender must provide the details of the loan being requested by supplying
copies of the Loan Estimate, Itemization of Fees, Title Commitment, Appraisal
and the projected settlement costs.
3. Provide additional information as needed to establish that the loan is strictly for a
reduction in payment/interest rate and that the lender is not charging rates or
providing terms that will in some way fall under the category of predatory lending
practices.
4. The City must review a copy of the HUD -1 Closing Statement prior to release of
the City's executed Subordination Agreement. If a title company faxes the HUD -
1 to the City when completed, and supplies their FedEx account number, the City
will overnight, or fax, if acceptable, the executed Subordination Agreement, if in
agreement with the figures on the HUD -1.
5. All requests for subordination must be made at least thirty (30) days prior to
closing.
This Loan Subordination Policy may be amended from time to time. For the most up to
date version please contact the City of Clearwater — Economic Development & Housing
Department at 727.562.4036.
I have read the above City of Clearwater — Subordination Policy and understand the
terms and conditions of the policy.
Borrower Date
Borrower Date
Last Updated: July 2016
EXHIBIT "E"
LAND USE RESTRICTION AGREEMENT
CITY OF CLEARWATER
HOME Investment Partnership Program &
Pinellas County Housing Trust Fund Program
THIS DECLARATION, made this _ day of , between ., a Florida not - for -profit
corporation, its successors, assigns and transferees of the project described below, whose mailing
address is , Clearwater, Florida , hereinafter called ( "Borrower ") and
the City of Clearwater, Florida, a municipal corporation organized and existing under the laws of
the State of Florida hereinafter called ( "City ").
WHEREAS, the Borrower shall renovate certain real property for affordable rental units
to low- moderate income tenants described herein and agrees with the City that the real property
which is subject to this executed Mortgage and Note shall be subject to the restrictive covenants
set forth herein.
WHEREAS, the Borrower agrees that the restrictive covenants shall remain in full force
and effect against the real property until the end of a thirty (30) year affordability period
( "Affordability Period ").
This Agreement shall be properly filed and recorded by the City in the Official Public
Records of the Pinellas County, Florida and shall constitute a restriction upon the use of the
property subject to and in accordance with the terms contained herein.
IN CONSIDERATION of funds the City has provided through the HOME Investment
Partnership Program and the Pinellas County Housing Trust Fund Program to the Borrower for a
loan of $ to finance the rehabilitation or construction of certain units and closing
costs associated with the project in the City of Clearwater, Pinellas County, Florida, more
particularly described as: Exhibit "A" Attached.
In consideration of financing for the rehabilitation of the above referenced property, the
Borrower acknowledges that this Agreement is necessary to comply with the affordability
requirements of the HOME program as stated at 24 CFR Part 92, and the Pinellas County
Housing Trust Fund Program, from which funds were obtained to finance such loan, and subpart
B of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970,
§24.101, and therefore, borrower covenants and agrees that in connection with the rehabilitation
of the project, that the City should approve any transfer or sale of the subject property and
borrower will comply, and will require any subsequent purchaser of the project to comply, with
the following:
1. Covenants and Restrictions on Use of Funds. HOME Investment Partnership Program
and Pinellas County Housing Trust Fund Program allocations provided to this project will be
used for rehabilitation of the real property. During the Period of Affordability as defined herein,
the units shall be rented to tenants having an annual income which does not exceed 80 percent of
the median family income for the area, as determined and made available by the U.S. Department
of Housing and Urban Development with adjustments for smaller and larger families at the time
of occupancy. The income of the persons who will occupy the unit shall be verified by the City or
a designated party agreed to by the Borrower and the City, by obtaining third party verification of
current income for the tenants who will occupy the housing units and verification of assets.
Source documentation evidencing annual income may include wage statements, interest
statements, and unemployment compensation statements, other documentation approved by the
-1-
City. In the event that neither of the above methods is suitable, the Borrower may use other
methods acceptable to the City to verify income. Annual income for the purpose of this
Agreement shall be as defined by the U.S. Department of Housing and Urban Development for
the HOME Program.
(a) For the purpose of this Agreement, the Period of Affordability shall commence upon the
date of this Agreement and end on the last day of the thirtieth (30`h) year thereafter.
(b) During the Period of Affordability, the HOME Investment Partnership Program and the
Pinellas County Housing Trust Fund shall require four of the HOME- assisted units must
rent at the low HOME rents level and of the units at the high HOME rents level for a
period of thirty years. It is encouraged that all other units remain affordable with rents at or below
the Fair Market Rents as defined annually by the U. S. Department of Housing and Urban
Development.
(c) All proceeds, program income and recaptured funds associated with this project shall be
returned to the City of Clearwater within 30 days.
(d) Any noncompliance with the requirement of this Section shall be corrected within 30
days after such error is first discovered or would have been discovered by the exercise of
reasonable diligence.
2. Property Standards: The units shall meet and maintain all applicable local codes, the
Florida Building Code, ordinances, including but not limited to, zoning ordinances at the time of
project completion. All units must meet all applicable State and local housing quality standards,
code requirements and accessibility requirements at 24 CFR Part 8, which implements Section
504 of the Rehabilitation Act of 1973 and covered multifamily dwellings as defined at 24 CFR
100.20, and must also meet the design and renovation requirements at 24 CFR 100.205, which
implement the Fair Housing Act. Renovation of the unit must meet the Model Energy Code.
3. Location of HOME Investment Partnership Program and Pinellas County Housing
Trust Fund Program Assisted Units. The location of the units is as follows:
, Clearwater, Florida . Legal Description Attached.
The Borrower agrees that there will be no material changes to the units after initial commitment
by the City without assurances provided by Borrower and approved by City that any proposed
changes will not adversely affect the HOME assisted units or any provision of this Agreement.
4. No Discrimination. The Borrower shall not discriminate, as defined by Federal
Statutes, on the basis of race, creed, color, sex, age or national origin in the use or occupancy of
the HOME assisted unit or in connection with the employment or application for employment of
persons for the operation and management of the project.
5. Affirmative Marketing Efforts. The Borrower will follow the affirmative marketing
procedures and requirements for the HOME Program to attract eligible tenants in the housing
market area to the available housing without regard to race, color, national origin, sex, religion,
familial status or disability.
6. Environmental Reviews. The acquisition project must be assessed for environmental
effects in accordance with the provisions of the National Environmental Policy Act of 1969
(NEPA) and related authorities listed in HUD's implementing regulations at 24 CFR parts 50 and
58.
7. Displacement, relocation, and acquisition. The Borrower will take reasonable
measures to minimize displacement of persons as a result of a project being assisted with HOME
funds in accordance with the requirements of the Uniform Relocation Assistance and Real
-2-
Properties Acquisition Act. The borrower shall be responsible for any relocation expenses
incurred without City approval.
8. Lead Based Paint. The Borrower shall be responsible for maintaining that all HOME
assisted units meet the requirements listed in the Lead Based Paint Poisoning Prevention Act and
24 CFR part 35.
9. No Conflicts with Other Documents. The Borrower warrants that it has not, and will
not, execute any other agreement with provisions contradictory to, or in opposition to, the
provisions hereof, and that, in any event, the requirements of this Agreement are paramount and
controlling as to the rights and obligations herein set forth and supersede any other requirements
in conflict herewith.
10. Requests for disbursement of funds. Loan funds will be placed in an escrow account at
a title company. The Borrower shall request funding for the project from the City of Clearwater in
accordance with its application and approval for such funds.
11. Records. The Borrower shall retain all records pertaining to Project for a period of five
years after audit and/or resolution of audit findings involving this loan. The Borrower shall
maintain accurate information regarding the occupancy for each HOME unit during the term of
the Affordability Period and, at the request of the City, shall submit this information to the City
for the City's review and comment. The Borrower shall maintain documentation substantiating
compliance with Affirmative Marketing Requirements. These Project records shall be made
available to The City of Clearwater, U.S. Department of Housing and Urban Development and /or
representatives of the Comptroller General of the United States for audit, inspection or copying
purposes during normal business hours. The Owner shall maintain project records that include
the following:
(1) A full description of each unit assisted with HOME funds, including the location and
form of HOME assistance.
(2) The source and application of funds for each unit, including supporting documentation
in accordance with 24 CFR 85.20.
(3) Records demonstrating that each unit meets the property standards of the lead based
paint requirements.
(4) Records demonstrating that each tenant is income eligible.
(5) Records demonstrating that the purchase price or estimated value is in accordance with
program guidelines.
(6) Records demonstrating that each HOME assisted unit meets the affordability
requirements.
(7) Records documenting required inspections, monitoring reviews and audit, and the
resolution of any findings or concerns
(8) Records documenting equal opportunity and fair housing records.
(9) Records documenting all HOME related financial activities.
(10) Records documenting affirmative marketing and MBE /WBE activities.
12. Monitoring. The Borrower shall permit the City or its designee to inspect all records
pertaining to units upon reasonable notice and within normal working hours and shall submit to
the City such documentation as required by the City to document compliance with this
Agreement and HOME Program rules. If the project is new construction, the Borrower shall
provide the required documentation quarterly, until all HOME units are sold.
13. Successors Bound. This Agreement and the covenants contained herein shall run with
the land and shall bind, and the benefits shall inure to, respectively, the Borrower and its
- 3 -
successors and assigns and all subsequent owners of the project or any interest therein, and to the
City for the Period of Affordability set forth in this Agreement.
14. Enforcement of Terms. The benefits of this Agreement shall inure to, and may be
enforced by the City for the Period of Affordability, whether or not the City shall continue to be
the holder of the Mortgage, whether or not the project loan may be paid in full, and whether or
not any bonds issued for the purpose of providing funds for the project are outstanding.
15. Conflict of Interest. The Borrower warrants that no person covered who exercises or
exercised any functions or responsibilities with respect to HOME activities or who is in the
position to participate in decisions or gain inside information may obtain a financial interest or
benefit from a HOME activity; or have an interest in any contract, subcontract or agreement for
themselves or for persons with business or family ties.
16. Conditions of Religious Organizations. HOME funds may not be used for
rehabilitation or construction of housing that is owned by primarily religious organizations or to
assist primarily religious organizations in acquiring housing.
17. Uniform Administrative Requirements. If the owner of the HOME assisted project is a
not- for - profit organization, the owner agrees to comply with applicable federal administrative
requirements of OMB Circular A -87 and applicable provisions of 24 CFR 85 for government
entities, or OMB Circular A -122 and applicable provisions of 24 CFR Part 84 for non -profit
entities.
18. Severability. The invalidity of any clause, part or provision of this Agreement shall not
affect the validity of the remaining portion thereof.
19. Defaults and Remedies. If the Borrower shall fail to observe or perform any covenant,
condition or agreement contained herein on its part to be observed or performed, then and in such
event, the City shall be entitled, in addition to all other remedies provided by law or in equity:
(a) To compel specific performance by the Borrower of its obligations under this Agreement,
it being recognized that the beneficiaries of Borrower obligations hereunder cannot be adequately
compensated by monetary damages in the event of Borrower's default.
(b) To cause the Borrower to pay to the City an amount equal to all HOME Investment and
Pinellas County Housing Trust Fund Program funds loaned to Borrower less any principal
balance previously repaid by Borrower or the transfer of real property acquired with HOME
Investment Partnership Program and Pinellas County Housing Trust Program assistance, if any
assisted unit is knowingly or negligently rented to persons who do not comply with the
requirements for such unit or doesn't have low to moderate income tenants.
(c) In addition, to these remedies, a default by the Borrower hereunder shall constitute a
default under the Mortgage and Note which will enable the City thereunder, after notice and an
opportunity to cure as therein provided, to accelerate the Borrower's loan and take such other
actions as may be permitted under the terms of the Mortgage.
Name of the organization
By: , Inc.
a Florida not - for - profit corporation
By:
President
CITY OF CLEARWATER, FLORIDA
By and through
City Council through the Dept. Director
- 4 -
By:
, Director
Economic Development & Housing
EXHIBIT "A"
EXHIBIT "E -1"
LAND USE RESTRICTION AGREEMENT
HOME INVESTMENT PARTNERSHIP PROGRAM
HOME BUYER
THIS DECLARATION is entered into this day of
between
his /her successors, assigns and transferees regarding the real property described below, hereinafter called (" Borrower ")
and the City of Clearwater, Florida, unit of local government organized and existing under the laws of the State of Florida
hereinafter called ( "City "), whose address is 112 South Osceola Avenue, Clearwater, Florida 33756 (Lender).
WHEREAS, the Borrower shall purchase certain real property described herein and agrees to the City that the real
property which is the subject of a Mortgage and Note executed by Borrower of even date herewith, shall contain the
restrictive covenants set forth herein,
WHEREAS, Borrower agrees that the hereafter described restrictive covenants shall remain in full force and effect against
the real property until the end of the Period of Affordability,
WHEREAS, these covenants shall be properly filed and recorded by City in the Official Public Records of the
Pinellas County, Florida and shall constitute a restriction upon the use of the property subject to and in accordance with
the terms contained herein, and
IN CONSIDERATION of funds the City has provided to the Borrower for a loan to finance the down payment and closing
costs on real property located in the City of Clearwater, Pinellas County Florida described as: (LEGAL DESCRIPTION)
which has the address of:
(herein "Property Address ") and which real property is described in the mortgage between the City and the Borrower,
the Borrower acknowledges that these Restrictive Covenants are necessary to comply with the program requirements of
the HOME program stated at 24 CFR §92.254, from which funds were obtained to finance such loan and covenants and
agrees with the following:
1. Covenants and Restrictions on Use of HOME Funds. HOME funds provided to this project will be used for down
payment and closing costs for the acquisition of the real property. At the time of the application, the Borrower's annual
income should not exceed 80 percent of the area median income, as determined and made available by the U.S.
Department of Housing and Urban Development with adjustments for smaller and larger families at the time of purchase
of the new home. The home must be the principal residence of the family.
a. The value of the HOME assisted unit shall not exceed 95 percent of the median purchase price for that type of
single family housing for the area (FHA 203(b) limits). The maximum per unit subsidy amount shall not exceed
the per dollar limits established under section 221(d)(3)(ii) of the National Housing Act.
b. The Borrower shall have fee simple title to the property.
c. For the purpose of these Covenants, the Period of Affordability shall be a period beginning when the HOME funds
are invested and ending at the end of the ( ) years thereafter.
1
A
d. During the Period of Affordability, the single family unit must be occupied by the Borrower. Should the Borrower
sell the property to any willing buyer at whatever price the market will bear, the sale will trigger repayment of the
HOME assistance. In addition, if the Borrower should rent and /or transfer the property, or if the home shall cease
to be the principal /homestead residence of the Borrower, it will trigger repayment of the HOME assistance.
e. The City will use the recapture provision for repayment of the loan should the Borrower not abide with the
affordability period or any other default provision in the mortgage, note or covenant. In the event of default, the
Borrower shall repay the City in accordance with the following:
(1) The " Net Proceeds" from the sale shall be determined by subtracting the amount of the seller's closing costs
and repayments of the outstanding loans on the property, including the repayments of any loans of HOME or
other funds provided by the City;
(2) The Borrower may recover his or her initial investment from the Net Proceeds. The initial investment included
the amounts he or she contributed to the down payment when the property was originally purchased, to any
permanent improvements to the property and to payment of principal on the permanent financing.
(3) Any balance remaining from the initial investment shall be divided proportionally between the Borrower and
the City according to their investments and formulas. The City's investment shall include all grants and loans
of HOME or other City funds provided to the Borrower, minus any repayments previously made to the City.
(4) In the event the proceeds from the sale of the property are insufficient to permit the Borrower to recover any
of the amounts indicated in (1), (2) or (3) above, neither the City nor any previous owner shall be liable for
such insufficiency.
f. In the event the housing is conveyed pursuant to a foreclosure sale, the provisions of Section 92.254 (a)(5)(ii) of
the HOME Program shall apply. The recapture provision provides for shared net proceeds (if any) from the
foreclosure sale. If there are no net proceeds from the foreclosure, repayment by the City or the Borrower is not
required and HOME Program requirements are considered to be satisfied.
g.
Enforcement. Violation or breach of any restrictions or covenant herein contained shall give the City the right to
institute any proceeding at law or in equity necessary to recover the applicable sum set forth in this agreement. If
action is instituted by the City to recover the sum, Borrower or its successors in the title agree to pay all costs to
collection, including court costs and reasonable attorney's fees.
IN WITNESS WHEREOF, this document has been duly signed by the Borrower on or as of the day and year first above
written.
In the presence of:
Witness
Witness
STATE OF FLORIDA
COUNTY OF PINELLAS
1
1
Borrower
Borrower
The foregoing instrument was acknowledged before me this day of , 20 by and
, husband and wife, personally known to me oho have produced a drivers license as
identification.
My Commission expires: Notary Public
2
HOUSING FINANCE AUTHORITY, PINELLAS COUNTY, FLORIDA
Local Housing Assistance Plan - Exhibit "F"
Certifications and Required Statements:
In implementing the strategies and activities outlined in this plan, housing for which a household
devotes more than 30 percent of its income shall be deemed affordable if the first institutional
mortgage lender is satisfied that the household can afford mortgage payments in excess of the
30 percent benchmark or, in the case of rental housing, does not exceed those rental limits
adjusted for bedroom size established by the Florida Housing Finance Corporation.
This participating jurisdiction has a plan to advertise the availability of the housing assistance
plan at least 30 days before the beginning of the application period in a newspaper of general
circulation.
This participating jurisdiction has developed a qualification system and selection criteria for
applications for awards to eligible sponsors, adopted criteria for selection of eligible persons,
and adopted a maximum award schedule or system of amounts consistent with the intent and
budget of its local housing assistance plan.
This participating jurisdiction has developed a time line for the expenditure of Program
distribution funds in sufficient detail to allow for a comparison of such plan with actual
expenditures.
This participating jurisdiction has a provision for the application of program income and
recaptured funds from loan repayments, reimbursements or other repayments, and interest
earnings on the local housing distribution funds.
This participating jurisdiction shall establish and maintain a local housing assistance fund with a
qualified depository, as defined in Chapter 280, F.S. Amounts on deposit shall be invested, as
permitted by law, for the program funds of this participating jurisdiction. This fund shall be
separately stated as a special revenue fund in this participating jurisdiction's audited financial
statements.
In accordance with the provisions of ss.760.20- 760.37, it is hereby certified that this participating
jurisdiction will not discriminate on the basis of race, creed, religion, color, age, sex, marital
status, familial status, national origin or handicap in the award application process for eligible
housing.
It is hereby certified that the staff or entity that has administrative authority for implementing a
local housing assistance plan assisting rental developments shall annually monitor and
determine tenant eligibility through the compliance period as described in Pinellas County
Ordinance 06 -28, Section 3 and as amended in Ordinance 09 -44.
It is hereby certified that this document is the eligible entity's local housing assistance plan and
all provisions of the plan conform to the requirements of Pinellas County Ordinance 06 -28 and
the Rules.
9frorty• C^ek-ttos
Authorized Official Tito Date