As a Realtor in Pasco County it is my obligation to provide information on the County's Homebuyer Assistance Programs. There are many programs available from Down Payment Assistance to building a new home. In Volume 6 I will be informing potential buyers of the State Housing Initiatives Partnership Program (SHIP) and the Local Housing Assistance Plan (LHAP).
The purpose of these programs has six goals which are:
Increasing the amount of homeownership in Pasco County.
Preserving, increasing, and rehabilitating the County's housing stock, especially what is available for very low, low and moderate/middle income families.
Providing opportunities for very low, low, and moderate/middle income families to improve their standard of living.
Providing economic growth and employment
Providing the match required by Federal and State Programs.
Improving the living conditions of substandard targeted neighborhoods (targeted neighborhoods are designated by the Board of County Commissioners and information boundaries are maintained by the Community Development Division).
The SHIP Program is established in accordance with Section 420.907-9079, Florida Statutes and Chapter 67-37.007 Florida Administrative Code. The SHIP Program does further the housing element of the Pasco County Comprehensive Plan.
The Pasco County SHIP Program is a true partnership involving public and private entities using its expertise and talents to the implementation of the Plan.
Lenders: Lenders take applications from homebuyers, process those applications, verify the information given in those applications and reserve funds on their behalf.
Realtors: Realtors explain the program to homebuyers and guide them through the application process
Builders: Builders provide the same service as Realtors and help the County meet the construction set aside.
Community Based Organizations: These agencies provide assistance to families that are hesitant to go to lenders or Realtors but will qualify if given the information from people they trust. They also are the primary vehicle for the development of County surplus and foreclosed properties.
Professional Service Providers: These businesses, whether they are public or private are essential for the success of the program. They provide the technical skills necessary to provide such items as counseling, title work, and architectural services.
Other Government Agencies: Whether they are local, state or federal, other government agencies aid in the success of this plan through leveraging funds, expedited permitting, and program administration.
By putting together these resources, many administrative and duplicate costs can be avoided. By using the entire partnership and using their talents to the fullest, costs are reduced and expensive delays are avoided.
Leveraging: The plan is intended to increase the availablility of affordable residential units by combining local resources and cost saving measures into a local housing partnership and using public and private funds to reduce the cost of housing. SHIP funds may be leveraged with or used to supplement other Florida Housing Finance Corporation programs and to provide local match to obtain State, Federal or Private housing grants or programs.
Advertising and Outreach: Pasco County will provide information regarding its program to the public in the following manner:
Newspaper Advertisements
Brochures mailed from the office
Brochures at public buildings, such as libraries.
Division newsletters to interested parties, such as Lenders, Realtors, Builders and Not-For-Profit agencies.
Pasco County will advertise the availability of funds at least 30 days prior to the beginning of the fund applications period. This will be in a newspaper or general circulation. There are currently no periodicals in Pasco County that serve ethnic and diverse neighborhoods, but we will also advertise in such a publication if one is developed.
Support Services and Counseling: The following support services will be provided by this Plan:
Homebuyer Counseling: This plan will fund individual counseling of homebuyers assisted. All clients assisted through our Homeownership Strategy must attend an individual counseling session with our contracted, homebuyer counseling agency, except for some homebuyers assisted through the Pasco County Opportunity Program (POP), they may be couseled by the agency that assisted them in becoming homeowners.
Homeownership Classes: This plan will fund homeownership classes to educate renters on how to become homeowners. All clients assisted through our homebuyer strategy (again, an exception for some POP clients) must attend a two part homebuyer training course.
Referrals: This plan will fund administrative staff of the Division that will refer clients to the proper agencies for assistance.
Foreclosure and Eviction Prevention: This Plan will fund counselors to aid homeowners that are threatened with foreclosure and tenants threatened with evictions. Funds will also be available to help these families.
Construction Services: This Plan will fund Division Housing Specialist and consulting architects that will aid with the construction or rehabilitation of their home.
Purchase Price Limits: The sales price or value of new or existing housing may not exceed 90% of the average area purchase price in the sttistical are in which is eligible housing is located. Such average area purchase price may ve that calculated for any 12 month period beginning not earlier than the fouth calendar year period to the year in which the award occurs. The sales price of new and existing units, which can be lower but may not exceed 90% of the median area purchase price established by the U.S. Treasury Department or as described above.
Income Limits, Rent Limits, and Affordablility: The Income and Rent Limits used in the SHIP Program are updated annually from the Department of Housing and Urban Development and distributed by Florida Housing Finance Corporation. Affordable means that monthly rents or mortgage payments including taxes and insurance do not exceed 30% of that amount which represents the percentage of the median annual gross income for the households as indicated in Sections 420.9071 (19), (20) and (28), Florida Statutes. However, it is not the intent to limit an individual household's ability to devote more than 30% of its income for housing, and housing for which a household devotes more than 30% 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% benchmark and in the case of rental housing does not exceed those rental limits adjusted for bedroom size.
For more information on the SHIP and LHAP Programs please contact the Community Development Divsion at (727) 834-3445 in New Port Richey: (352) 521-4274, ext. 3445 in Dade City: (813) 996-7341, ext. 3445.
April V. Solomon/Realtor/GRI
I Net Realty Group, Inc.
www.AprilSolomon.isanexpert.com
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