Agenda 06/14/2011 Item # 9C
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6/14/2011 Item 9.C.
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners approve the 2011 Finance
Subcommittee Report of the Affordable Housing Advisory Committee as assigned previously by the
Board.
OBJECTIVE: That the Board of County Commissioners (Board) approve the 2011 Finance
Subcommittee Report, of the Affordable Housing Advisory Committee, as assigned previously
by the Board.
CONSIDERATIONS: On December 16, 2008, Item lOG, the staff presented the 2008
Incentive Review and Recommendation report from the Affordable Housing Advisory
Committee as required by FS 420.9076(4).
As a result of that report, the Board of County Commissioners asked the AHAC to see if they
could work on the banking consortium in order to increase lending to qualified people so that
more vacant and foreclosed properties would be sold to owner occupants.
The Affordable Housing Advisory Committee formed a subcommittee to investigate the finance
issues that were impacting the income qualified borrower. The committee members included
Jolm Cowan, Christine Jones, Ken Kelly and Sally Masters. The staff liaison was Marcy
Krumbine, Director of Housing, Human and Veteran Services, assisted by Lisa Carr, Housing
Outreach Coordinator and Priscilla Doria, SHIP Loan Processor.
The Committee met 10 times over the course of 2 years and invited several industry experts to
come and testify about the current state of affairs regarding mortgage lending, credit reporting
and delinquency rates. The speakers included Kathy Patterson (Housing Development
Corporation of SW FL), Barbara Haman (Wells Fargo), Moses Pereira (Ironstone Bank) and
Howard Nelson (Mortgage Banker's Association)
A summary of the Affordable Housing Advisory Committee's recommendations are noted
below:
1. Focus funding on the rehabilitation and renovation of current affordable housing stock
and foreclosures.
2. Invest in rental assistance as the need for affordable rentals has increased.
3. Invest in the most needy of our community - homeless and those transitioning out of
homelessness.
4. Invest in educating our students and citizens on Financial Literacy.
FISCAL IMPACT: None.
GROWTH MANAGEMENT IMP ACT: None.
. LEGAL CONSIDERATIONS: Dependent on Board direction.
Packet Page ~47-
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6/14/2011 Item 9.C.
STAFF RECOMMENDATION: That the Board of County Commissioners approve the 2011
Finance Subcommittee Report of the Affordable Housing Advisory Committee as assigned
previously by the Board.
Prepared bv: Marcy Krumbine, Director, Housing, Human and Veteran Services
Packet Page -48-
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6/14/2011 Item 9.C.
COLLIER COUNTY
Board of County Commissioners
Item Number: 9.C.
Item Summary: Recommendation that the Board of County Commissioners approve the
2011 Finance Subcommittee Report of the Affordable Housing Advisory Committee as assigned
previously by the Board.
Meeting Date: 6/14/2011
Prepared By
Name: MuckelCynthia
Title: Applications Ana1yst,Information Technology
6/1/2011 12:09:19 PM
Submitted by
Title: Director - Housing & Human Services,Housing, Human & Veteran Services
Name: KrumbineMarcy
6/1/2011 12:09:20 PM
Approved By
Name: SheffieldMichae1
Title: Manager-Business Operations, CMO
Date: 611/2011 12:20:06 PM
Packet Page -49-