3-SHIP Affordable Rental Rehab App Instructions.pdf

INSTRUCTIONS

Affordable Rental Rehabilitation Strategy Acknowledgement

Applicant acknowledges and agrees that in order to receive reimbursement for funding pertaining to this application, the Applicant must agree to terms and conditions as presented through the mortgage, promissory note, rental monitoring agreement, and Land Use Restriction Agreement (LURA). The applicant shall acknowledge the SHIP Funded Strategy herein.

Applicant must agree to a Land Use Restriction Agreement (LURA) for a minimum term of fifteen (15) years. The LURA shall set forth rental housing restrictions necessary for the SHIP-funded project.

Section 1 - Priority Selection and Scoring Notice

Select one priority for the project or property you are applying for funds on. These priorities are directly from the Local Housing Assistance Plan (LHAP) governing this funding opportunity. Each selected priority will be evaluated independently under the LHAP criteria and incorporated into the weighted scoring system. If an applicant intends to apply to more than one Priority, the applicant shall submit a separate application for each priority.

The funds being granted through this application are FY 2024-2025, Monroe County SHIP Program must expend these funds prior to June 30th, 2027.

An applicant, who is awarded SHIP funds under this strategy, must prepare all requests for processing of funds to the Monroe County SHIP Department by April 30, 2027. If SHIP funds are not requested by April 30, 2027, then the all SHIP funds not requested will be de-obligated. All unspent funds will revert back to Monroe County SHIP Department, and at that time Monroe County SHIP Department is responsible for expending the funds in a manner consistent with FHFC / SHIP guidelines.

The Monroe County SHIP Department will conduct an initial review of the request for processing of funds and may request additional documentation prior to submission to the Monroe County Clerk of Courts.

Section 2 – Applicant and Project Information

Please provide the requested information. All not-for-profit entities and for-profit entities are required to include a current Sunbiz for verification of authority. All governmental entities are required to include a letter of authority or other equivocal documentation.

Include the Project or Property’s full name, address, and the total number of units within the subject property. Include the key/island name that the project is located on.

Provide the requested amount of SHIP assistance per assisted unit. The maximum allowable award under the governing LHAP is $40,000 per unit. If your request exceeds this amount, the request will be reduced to the maximum SHIP award per unit according to the governing LHAP.

Section 3 – Cover Letter, Narrative, Units Assisted, and Income Targeting

Provide a narrative of describing your organization’s history, mission, and experience relevant to affordable housing development, rehabilitation, or property management. List other affordable rental projects that your organization has been involved in and what the involvement included.

Also include reference to all leveraged funds and which portion of the overall project the leveraged funds are used for or intended to be used for. Include a full timeline with all milestones and an estimated date of completion. Provide the amount of units that will be served with the overall rehabilitation project and the amount of units SHIP funds will assist. Provide all expected outcomes and justification for the need of SHIP funds.

Provide the total amount of units that the requested SHIP funds will be utilized for within the selected priority.

All applicants must provide a complete and accurate budget for their affordable rental rehabilitation project. This budget must include: 1. Complete list of all funding sources and uses of the specific funding; 2. Identify SHIP funds and all leveraged sources (other non-SHIP funds); 3. Include documentation verifying all committed or pending funds; 4. Show that total sources equals total uses; and 5.

Demonstrate that all costs are reasonable.

Applicants are required to submit the completed Due Diligence Cost Estimates Forms. No lump-sum, turnkey, or un-itemized cost estimates will be accepted.

Failure to submit the Cost Estimate Forms will result in your application being disqualified.

Section 4 – Sponsor Preference Criteria

Per the LHAP: priority will be given to those sponsors who demonstrate innovative design, green building principles, storm resistant construction or other elements that reduce long term costs relating to maintenance, utilities or insurance, rehabilitation of existing homes to greatly reduce the carbon footprint of building new homes; installation of storm shutters and high impact windows and doors; use of recycled construction materials; installation of new energy saving rated appliances; etc.

Section 5 – Special Needs Priority

Provide whether the project reserves units for or commits to serving Special Needs households as defined in Florida Statue 420.0004(13).

The prioritization of Special Needs Recipients reflects a program-wide effort as required by Florida Statute dictating how SHIP funds must be spent. This does not alter the priority ranking system for Strategy E: Affordable Rental Rehabilitation (or Construction).

Section 6 – Priority Evaluation Detail (directly from the governing LHAP)

Complete only the section that corresponds to the priority as previously selected in Section 1.

Note: The tiebreaker within each priority will be the lowest SHIP award per unit cost.

Priority #1 relates to the funding of assisted housing units. Florida Statute 420.9071(5) defines “assisted housing” as shown below: