Bill Type and Number:
Ordinance 2002-174Sponsor: The Council President at the request of the Mayor
Date of Introduction: February 26, 2002
Committee(s) of Reference: F; RCD
Date of Analysis: March 1, 2002
Type of Action: Ordinance Amendment
Bill Summary: This bill amends Ordinance 2000-1228-E concerning the establishment of Duval County Housing Finance Authority's Housing Tax Credit Multi-Family Rental Project Revolving Fund. The Florida Housing Finance Corporation allocates Housing Tax Credits to Florida counties of certain size. The Florida Housing Finance Corporation requires that applicants (counties) for Housing Tax Credits must contribute an amount to be determined by rules/formulas established by FHFC from time to time. FHFC has changed the formula. The local government contribution requirement for Duval County has been reduced from $1,000,000 to $200,000. This action frees up funds that the DCHFA can now allot to other housing uses. Aside from the change in the local government contribution requirement Housing Tax Credits, provisions in Ordinance 2000-1228-E remain intact.
Background Information: DCHFA's Multi-Family Rental Project provides funds for housing projects that are a part of the City's efforts to comply with the Department of Justice's consent decree on Fair Housing. Ordinance 2000-1228-E appropriated $5,000,000 for DCHFA's Housing Tax Credit Multi-Family Rental Project's revolving fund.
Policy Impact Area: Duval County Housing Finance Authority/Public Housing
Fiscal Impact: Uncertain
Analyst: Jackson