Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
A. MOTION TO ADOPT budget Resolution within the Broward County State Housing Initiatives Partnership (“SHIP”) Program Local Housing Assistance Trust Fund (“Trust Fund”) to appropriate, recognize, and implement unanticipated SHIP Program income revenue in the amount of $2,043,353, generated during Fiscal Year 2023-2024 (Exhibit 1), and authorize the County Administrator to take any necessary administrative and budgetary actions to implement same.
B. MOTION TO ADOPT budget Resolution within the Trust Fund to appropriate, recognize, and implement unanticipated SHIP Program Disaster Relief Funds in the amount of $122,289 for Fiscal Year 2023-2024 (Exhibit 2), and authorize the County Administrator to take any necessary administrative and budgetary actions to implement same.
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Why Action is Necessary
Board action is required to approve unanticipated revenue resolutions and to appropriate the unanticipated funds.
What Action Accomplishes
Approves budget Resolutions within the Trust Fund recognizing, appropriating and implementing unanticipated SHIP Program income and Disaster Relief Funds.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTIONS.
This item supports the Board’s vision of, “offering sustainable, compatible, innovative housing options for all income levels, including integrated, permanent supportive housing and rapid rehousing, and its corresponding goal to strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g., rental, purchase, supporting, etc.) countywide, in every community.”
Motion A proposes the adoption of a budget Resolution to recognize $2,043,353 in unanticipated income for Fiscal Year 2023-2024 under the State Housing Initiatives Partnership (“SHIP”) Program (“Fiscal Year 24 Funds”). These funds are generated from the repayment of SHIP Program second mortgage loans, early payoff of deferred loans by SHIP Program recipients, and interest earnings on the balance of funds in the bank and investments.
The Housing Finance Division (“Division”) recommends allocating the Fiscal Year 24 Funds to the following SHIP Program strategies: (1) $408,670 for the Special Needs/Barrier Free Housing strategy; (2) $1,152,516 for Home Repair Assistance strategy; and (3) $380,000 for the Foreclosure Prevention Assistance strategy. Additionally, 5% or $102,167 of the Fiscal Year 24 Funds will be allocated for the County’s administrative and personnel costs incurred in implementing the SHIP Program.
Motion B proposes the adoption of a budget Resolution to recognize $122,289 in unanticipated SHIP Program Disaster Relief Funds for Fiscal Year 2023-2024 (“Fiscal Year 2024 Relief Funds”). This total includes allocations of $79,900 for the County, $13,272 for the City of Coconut Creek, $13,452 for the City of Margate, and $15,665 for the City of Weston.
Each year, the Florida Housing Finance Corporation (“Corporation”) reserves $5 million of the SHIP Program budget for use in the event of a declared natural disaster. If no such disasters occur, the reserved funds are reallocated to local governments. The allocation for Broward County and its three participating cities totals $122,289 (as noted above). The Division recommends using the Fiscal Year 2024 Relief Funds to support the Home Repair strategy with 10% or $12,228 allocated for administration and personnel costs.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact to the County because the $2,043,353 and $122,289 will be disbursed from the SHIP Local Housing Assistance Trust Fund.