Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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A. MOTION TO ADOPT budget Resolution within the County’s State Housing Initiatives Partnership (“SHIP”) Program Local Housing Assistance Trust Fund to appropriate, recognize, and implement unanticipated SHIP Program income revenue in the amount of $1,233,768, generated during Fiscal Year 2022-2023 (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 County’s State Housing Initiatives Partnership (“SHIP”) Program Local Housing Assistance Trust Fund which amends the SHIP Program budget for the previous closeout Fiscal Years 2017-2018, 2018-2019 and 2021-2022 by $12,354 (Exhibit 2), to provide additional funding for the minor home repair strategy; and authorize the County Administrator to take all 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, to appropriate the unanticipated funds, and to amend previously approved budgets.
What Action Accomplishes
Approves a budget Resolution recognizing and appropriating SHIP Program Income revenue and approves the amendments to previously approved budgets.
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 is 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 approves a budget Resolution to recognize unanticipated income from the State Housing Initiatives Partnership (“SHIP”) Program for Fiscal Year 2022-2023, totaling $1,233,768 (“Fiscal Year 23 Funds”). This income is derived from the repayment of second mortgage loans and early payoff of deferred loans by SHIP Program recipients.
The Housing Finance Division (“Division”) recommends distributing the Fiscal Year 23 Funds to the following SHIP strategies: (1) Special Needs/Barrier Free Housing in the amount of $392,080; (2) Home Repair Assistance in the amount of $375,000; (3) Purchase Assistance in the amount of $280,000; and (4) Rental New Construction in the amount of $125,000. Additionally, 5%, or $61,688, of the Fiscal Year 23 Funds are allocated for the County’s administrative and personnel costs incurred in implementing the SHIP Program.
Motion B approves a budget Resolution which amends the previously approved budgets for Fiscal Years 2017-2018, 2018-2019, and 2021-2022 by $12,354. The Division has completed the required Annual Reports (as defined in Rule 67-37.011, Florida Administrative Code) for the Florida Housing Finance Corporation (“Corporation”). These Annual Reports are comprised of activities and expenditures during the State Fiscal Year July 1, through June 30. There were insufficient funds remaining in the budgets to provide full project assistance to one minor home repair or one purchase assistance client.
The Division recommends moving or carrying forward the balance of $12,354 from the previous approved budgets for Fiscal Years 2017-2018, 2018-2019 and 2021-2022. This “carry forward” of funds is permitted by the Corporation to enable local governments to close out the Annual Report. The Corporation strongly advises the local governments to perform annual reconciliation of their SHIP Program expended funds with the County’s General Ledger. The Office of Budget and Management requires an amendment to the fiscal year budgets for transfer of cash between Fiscal Years.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact to County because the $1,233,768 will be disbursed from the SHIP Local Housing Assistance Trust Fund. The $12,354 was already recognized in fiscal year 2017-2018 and 2018-2019 and will be transferred to fiscal year 2021-2022.