Title
Amend SHIP Housing Assistance Plan's Disaster Mitigation/Recovery Strategy (NB)
Explanation
The recent hurricanes caused considerable damage to the community and to its homeowners. There is a need for the City to revise its SHIP Housing Assistance Plan to raise the limits on SHIP properties' qualification for SHIP Disaster Assistance to the maximum $189,682 allowed by the State of Florida. By so doing, the City will assure that its SHIP participants will be able to receive SHIP Disaster Assistance to the same extent as SHIP program beneficiaries throughout the State.
Currently, the State of Florida SHIP program sets limits to the value of an existing or new dwelling unit at a maximum of $189,682. The City's Program sets value limits of $106,365 for new homes and $98,523 for existing homes for eligibility to participate in the SHIP program.
Fiscal Note
Maximum city subsidy amounts will not change.
Recommendation
The City Commission: 1) approve increasing the maximum value of an existing or new dwelling unit that can receive SHIP assistance as a result of a natural disaster declared by the President of the United States or Governor of the State of Florida to the maximum allowed by the United States Treasury Department as adopted by the State of Florida, which is currently $189,682; 2) approve extending the duration of the increase in maximum value to coincide with the term of any executive orders issued by the President of the United States or Governor of the State of Florida; 3) authorize the City Manager or designee to execute the required documents and certifications that authorize submission of the amended strategy for review and approval by the Florida Housing Finance Corporation; and 4) providing an immediate effective date.