Title
A Resolution Of The City Commission Of The City Of Hollywood Florida, Approving The Local Housing Assistance Plan ("LHAP") For Fiscal Years 2025 Through 2028 Pursuant To The State Housing Initiatives Partnership Program Act Subsections 420.907-420.9079, Florida Statutes; And Rule Chapter 67-37, Florida Administrative Code; Authorizing The Appropriate City Officials To Execute Any And All Documents And Certifications Required To Transmit The Local Housing Assistance Plan For State Of Florida Fiscal Years 2025 Through 2028 To The Florida Housing Finance Corporation And Required Annual Reports; And Authorizing The Community Development Division Manager To Make Technical And Clarifying Revisions To The LHAP As Provided In The Resolution; And Providing An Effective Date.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The State of Florida's William E. Sadowski Affordable Housing Act (Chapter 92-317) established a funding mechanism for affordable housing through a portion of documentary stamp taxes on deeds. This funding is distributed to local governments under the State Housing Initiatives Partnership ("SHIP") Act, which directs how these funds must be used for affordable housing development and maintenance.
The program requirements are as follows:
* Local governments must create a Local Housing Assistance Plan ("LHAP") for one to three years, detailing how the allocated SHIP funds will be used.
* The SHIP Act mandates the maximum allowable SHIP funds for each housing strategy and requires local governments to define average area purchase prices for new and existing housing benefiting from the program. These methodologies and prices are outlined in the LHAP.
* The administration of the LHAP is capped at 10% of the local housing distribution plus 5% of program income.
For fiscal years 2025 through 2028, the Community Development Division has prepared and is submitti...
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