Agenda 06/14/2011 Item #16D1
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6/14/2011 Item 16.D.1.
EXECUTfVESU~Y
Recommendation to approve a budget amendment recognizing $64,391.41 in revenue generated as
program income when conveying properties acquired under the Neighborhood Stabilization
Program, in addition to reallocating funds within the program commitment items to aecurately
reflect ongoing program expenses. (Fiscal impact $64,391.41)
OBJECTfVE: To approve a budget amendment recognizing $64,391.41 in revenue generated as pro
income when conveying properties acquired under the Neighborhood Stabilization
associated reallocations within commitment items.
CONSIDERATIONS: On December 1, 2009, agenda item 17B, the Board of County Commissioners
adopted Ordinance No. 2009-63 to establish policies and procedures to be used when selling and
conveying real property acquired under the Neighborhood Stabilization Program. The ordinance was
necessary to ensure Collier County was in compliance with 9 125.35(3), Florida Statutes.
Collier County has used Neighborhood Stabilization Program funds to acquire and rehabilitate foreclosed
and abandoned properties. Once rehabilitation is complete, the homes are sold to income~qua1ified
persons or families. Upon sale, the net proceeds are returned to Collier County as program income to be
used for other eligible Neighborhood Stabilization Program activities, including administration. The
following table details the revenue generated, which requires a budget amendment
Net Proceeds
Property Address Expenditures Subsidy Retention*
38047 AvenueNE,Na les, FL 34120 $98,424.57 $34,033.16 $64,391.41
*Subsidy retention includes downpaymellt assistance to reduce the required first mortgage amount and those expenditures that
are not eligible for recapture pursuant to the NSP rules and regulations. The downpayment assistance is secured by a second
mortgage recorded in the Public Records and will be repaid to Collier County when the home is sold, refinanced. or no longer
used as a primary residence.
This revenue will be used in compliance with federal grant regulations and will fund eligible expenses,
including administration. Furthennore, approval of this item will authOlize the reallocation of funds
within the program commitment items to accurately reflect ongoing program expenses.
FISCAL IMPACT: A total of $64,391.41 will be recognized as revenue for FY11 in Fund 121.
LEGAL CONSIDERATIONS: No legal issues are raised by this item which is ready for Board action.
This is a regular matter requiring majority vote. - JEW
GROWTH MANAGEMENT IMPACT: The Neighborhood Stabilization Program facilitates the goals,
objectives and policies set f01th in the Housing Element of the Growth Management Plan.
RECOMMENDATION: To approve a budget anlendment recognizing $64,391.41 in revenue generated
as program income when conveying properties acquired under the Neighborhood Stabilization Program
and associated reallocations within commitment items.
Prepared By: Frank Ramsey, Housing Manager; Housing, Human and Veteran Services
Packet Page -1495-
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6/14/2011 Item 16.D.1.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.1.
Item Summary: Recommendation to approve a budget amendment recognIzing
$64,391.41 in revenue generated as program income when conveying properties acquired
under the Neighborhood Stabilization Program, in addition to reallocating funds within the
program commitment items to accurately reflect ongoing program expenses. (Fiscal Impact
$64,391.41)
Meeting Date: 6/14/2011
Prepared By
Name: RamseyFrank
Title: Manager, Housing, Human and Veteran Services
5/11/2011 2:55:23 PM
. Submitted by
Title: Manager, Housing, Human and Veteran Services
Name: RamseyFrank
5/11/2011 2:55:26 PM
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Approved By
Name: KrumbineMarcy
Title: Director - Housing & Human Services,Housing, Human & Veteran Services
Date: 5/16/2011 I: 11 :22 PM
Name: AckennanMaria
Date: 5/17/2011 11 :22:07 AM
Name: AlonsoHailey
Title: Administrative Assistant,Domestic Animal Services
Date: 5/23/2011 3:18:31 PM
Name: FoordMarlene
Title: Grant Development & Mgmt Coordinator, Grants
Date: 5/23/20114:28:04 PM
. Packet Page -1496-
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Name: RamseyMarla
Title: Administrator, Public Services
Date: 5/24/2011 9:15:24 AM
Name: WhiteJ ennifer
Title: Assistant County Attorney,County Attorney
Date: 5/25/20119:57:00 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 5/25/2011 4:22:39 PM
Name: PryorCheryl
Title: Management! Budget Analyst, Senior,Office of Management & Budget
Date: 5/31/2011 4:59:41 PM
Name: OchsLeo
Title: County Manager
Date: 6/5/2011 3:15:42 PM
Packet Page -1497-
6/14/2011 Item 16.D.1.