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HomeMy WebLinkAbout2006 08 21 Other The Florida Community Land Trust Institute Handout Date: August 21, 2006 The attached was distributed during the August 21, 2006 City Commission Workshop via by Ms. Jaimie Ross Is IT REALLY FAIR TO RESTRICT RESALE PRICES FOR lOWER INCOME ClT HOMEOWNERS WHEN HIGHER INCOME CONVENTIONAL HOMEOWNERS CAN SELL FOR MARKET-RATE PRICES? CLTs look at this question not in terms of what would be fair in an ideal world, but in terms of the real choices open to lower income tenants, most of whom are not able, on their own, to buy decent homes in their communities through conventional channels. Homeownership through a CLT can give them many advantages that they do not enjoy as tenants - long-term security, a chance to build substantial assets through affordable monthly payments, and the opportunity to leave these benefits to their children. But, as with any investment, potential buyers should look at the advantages and disadvantages of all their options, and make their own decisions. ** How DO PROPERTY TAXES WORK? Typically, the homebuyer is responsible for the real property taxes on both the land and the home. The ground lease provisions adopted by the CLT will usually provide either that the real property taxes are spread out over 12 months and paid to the CLT together with the nominal ground lease fee, or the homebuyer will simply be responsible for paying the bills each year. In some jurisdictions, there will be one tax bill for the land and the house and in others the tax office may send two bills. If a separate bill is sent for the land, it will most likely be sent to the CLT, as it is the title holder of record. However, a 99 year ground lease is treated as the functional equivalent of ownership in Florida, and therefore, the tax bill for the land may be sent directly to the home- owner, as the public records will reflect that the homeowner is the lessee under a 99 year ground lease. Real property taxes and how the land and home will be valued for real property tax purposes is an area that lacks clarity in Florida. It is an extremely important area, as the amount of taxes to be paid by the homebuyer directly impacts how much debt (the amount of the mortgage) the prospective buyer can afford. Contact the Florida Community Land Trust Institute for more information on this topic. CAN ClT HOMEBUYERS GET MORTGAGE lOANS EVEN THOUGH THEY WON'T OWN THE lAND OUTRIGHT? CLTs have been able to negotiate mortgage agreements that address the basic concerns of lenders while protecting the CLI's long-term interest in the property. These agreements typically allow the CLT to take action, if necessary, to prevent foreclosure and the sale of the property on the open market. Such mortgages give the lender a claim on the borrower's house and "leasehold interest." The CLI's "fee interest" in the land is not mortgaged. These "leasehold mortgages" can be, and have been, insured by FHA, and have been purchased by Fannie Mae and a number of state housing finance agencies, as well as banks. CLT homebuyers have also received mortgage loans through the Rural Housing Services program of the federal Department of Agriculture. ** How ARE ClTs DIFFERENT FROM CONSERVATION lAND TRUSTS? Both CLTs and conservation land trusts control land use for the benefit of people in the future as well as the present, but they are primarily concerned with different types and uses of land. Conservation trusts are concerned with controlling rights to undeveloped land to preserve open space, ecologically fragile or unique environ- ments, wilderness, or productive forest or agricultural land. CLTs, on the other hand, are mainly concerned with acquiring developed or developable land for specific community uses - particularly residential use. These concerns are not mutually exclusive, and some land trusts, notably in Vermont, combine these purposes, preserving some land in a natural state while leasing other land. ** ** excerpts from FADs, Institute for Community Economics The Florida Community Land Trust Institute is a collaboration between two statewide 501 (c)(3) organizations, 1000 Friends of Florida and the Florida Housing Coalition. The Florida CLT Institute is headed by Jaimie Ross, Attorney at Law, and Affordable Housing Director at 1000 Friends of Florida, a statewide nonprofit growth management organization. The training and technical assistance team is comprised of the staff of the Florida Housing Coalition, headed by Senior Technical Assistance Providers, Wight Greger and Stan Fitterman. For more information, call the Florida Housing Coalition at 850/878-4219, or email jaimieross@aol.com. THE FLORIDA COMMUNITY LAND TRUST INSTITUTE While Florida's land values continue to climb, and as communities grapple with the complex issues of sustainable affordability, local governments and their nonprofit partners are examining alternative models for addressing the long term needs of residents least served by the prevailing market. A community land trust can benefit low-income families by providing access to affordable housing in high cost, service-industry dependent areas, while keeping housing affordable for future residents. Just as importantly, the ClT model can be used to capture the value of public investment for long-term community benefit. WHAT IS A COMMUNITY LAND TRUST? A community land trust refers to the vehicle of separating land from building (house) for the purpose of transferring title to the house without selling the land. It also denotes the nonprofit organization that holds title to the land and manages the ground leases on community land trust properties. Homeownership becomes more affordable because the transfer of title to the homeowner does not include a fee interest in the land; the sales price is based on the value of the improvements, without the value of the land. The land is owned by a 501 (c)(3) corporation which provides a 99 year ground lease to the homeowner. The ground lease has a resale provision which ensures the property will be affordable in perpetuity. The home must be sold to an income eligi- ble buyer at an affordable price. The resale provision will typically provide a reasonable return to the homeowner but the appreciation may be far less than standard market appreciation. The resale provision will also typically provide a right of first refusal in favor of the CLT. From the standpoint of the buyer, the CLT home provides home- ownership in a market where the alternative is to rent or move away. From the standpoint of the local government, society, funders providing subsidy, and affordable housing advocates in general, the CLT provides a way of creating permanent housing stock with a single subsidy. THE FLORIDA COMMUNITY LAND TRUST INSTITUTE PROVIDES ASSISTANCE WITH: ~ Assessing whether a community land trust is appropriate for your community and, if so, which model makes the most sense for your community ~ Understanding the terms of the ground lease and options for resale provisions ~ Start up for the nonprofit community land trust ~ Capacity building for the nonprofit community land trust ~ Homebuyer counseling for community land trust purchasers ~ Internal opperations and marketing for the community land trust ~ legal questions such as title and real property tax issues ~ All manner of real property development and financing issues COMMUNITY lAND TRUSTS FAQs WHAT EXACTLY IS A COMMUNITY LAND TRUST? A community land trust refers to the vehicle of separating land from building (house) for the purpose of transferring title to the house without selling the land. It also denotes the nonprofit organization that holds title to the land and manages the ground leases on community land trust properties. Frequently, the nonprofit organization is already involved with developing or maintaining affordable housing in the community it serves, and can adapt easily from producing and selling the house with the land to selling the house together with a 99 year leasehold interest in the land. WHAT IS THE ROLE OF LOCAL GOVERNMENT WHEN FORMING A CLT? A growing number of local governments recognize that ClTs can play an important role as stewards of community resources and that property and funds allocated to a ClT can benefit not only present community residents but future residents as well. In addition to providing construction financing and downpayment assistance to buyers of ClT homes, local governments can support ClT activities by providing land on which the housing can be built, as well as ongoing administrative support to the Cll These types of local government support will greatly enhance the initial and long-term affordability for its residents. It is essential for ClTs to work in cooperation with local governments in meeting present and future community needs. How LARGE AN AREA DOES A CLT SERVE? Some ClTs serve a single neighborhood or particular geographical area, like Hannibal Square ClT in Winter Park and the Bahama Conch and Middle Keys Community land Trusts in Monroe County. Others work countywide, such as in lee and Sarasota counties. How a ClI's territory is defined is shaped by the immediate interests of its founders, market characteristics which involve household income, land values and sales prices, and avail- ability of affordable housing opportunities. In Florida, it is important to be mindful of the variety of submarkets, each with unique economic conditions and political climate. The decisions that go into tailoring the end product, resale provisions, and caps on appreciation and equity sharing arrangements must take these factors into consideration. How DOES THE CLT MAKE SURE THAT THE HOME WILL BE AFFORDABLE- AND AVAILABLE-FOR OTHER LOWER INCOME HOUSEHOLDS? The terms of the 99 year ground lease place limitations on the resale of the home - preventing resale to a household that is not eligible under the terms of the ground lease (for example, the ground lease may provide that the home must be sold to very low, low, or moderate income households). The lease lays out a "resale formula" that determines the maximum allowable price. In the typical ground lease, if a family member who inherits the ClT property is not income eligible, the property must be sold to one who is income eligible at the restricted resale price. How DO RESALE FORMULAS WORK? Each ClT - given its own goals and local circumstances - designs its own resale formula to set maximum prices that are as fair as possible to the seller while staying affordable for the next buyer. There are several types, but the majority of ClTs use what are called "appraisal-based" formulas. These formulas set the maximum price as the sum of what the seller paid for the home plus a certain percentage of any increase in market value (as measured by appraisals). Variations on these and other types of formulas are possible. Most local groups starting ClT programs spend a good deal of time examining the various possibilities before deciding on a formula that is right for them. ** Our mission is to act as a catalyst to bring together housing advocated and resources so that all Floridians have quality affordable housing and a suitable living environment. Now, more than ever, it is vital that we work together to restore, develop and preserve affordable housing opportunites for Florida families. We hope you will join us! Florida Housing Coalition 2005 Annual Report OUR VISION Every Florida community, large and small, practices a community ethic reflecting a belief that access to housing that IS decent, safe, affordable and of a person's own choosing, is a fundamental right and that at least one active, viable community-based organization plays an important role in delivering affordable housing and related services in each community. The Florida Housing Coalition is commonly acknowledged as the foremost authority in Florida on affordable housing, community development and related issues, as a clearinghouse for information, a provider of training and technical assistance, and an advocate at the state and national levels for people in need of affordable housing. OUR MISSION The Florida Housing Coalition, Inc. IS a nonprofit, statewide membership organization whose mission is to act as a catalyst to bring together housing advocates and resources so that all Floridians have a quality affordable home and suitable living environment. The Coalition provides information, training and technical assistance on affordable housing and related issues; supports community-based partnerships in leveraging resources; and advocates for policies, programs and use of funding resources that maximize the availability and improve the quality of affordable housing in Florida. The Coalition carries out this mission recognizing that affordable housing is an integral part of community revitalization and economic development. MESSAGE FROM OUR CHAIRPERSON On behalf of the Florida Housing Coalition's Board of Directors, I am pleased to present to you our 2005 Annual Report. In 2005, legislators, housing advocates, professionals and the media, throughout the state have all come to realize that the affordable housing "problem" has bt~col1le a full-blown crisis. Accordingly, there is increasing awareness of the critical need to fully fund Florida's state and local housing programs. To achit~vc full funding, the Coalition has met with legislative leaders and provided local governments and advocates across the state with uniform talking points and economic statistics on the impact of not fully funding the housing trust funds. In addition, the Coalition continues 10 lw the leading affordable housing advocate in the state wi th the creal ion and development of substantial puhlic policy through personalized recommendations and regular action alerts. We believe... affordable housing is more than finance and real estate - that it is really about people. The Coalition has always believed that every citizen of our state has the right to safe, decent, affordable housing. Only by fully funding affordable housing are we truly able to move towards fulfillment of that right for our citizens. Now is the time for the private sector, nonprofit organizations, state and local government leaders, and the housing advocate community to unite and insist on full funding for affordable housing for Florida families now and for future generations. We hope you find the Florida Housing Coalition's 2005 Annual Report informative and we invite you to join us as we work towards a common vision. Melvin Philpot Chairperson MESSAGE FROM OUR EXECUTIVE DIRECTOR The Florida Housing Coalition experienced an unprecedented year in 2005. Our technical advisors performed nearly 200 on-site visits, assisting with a variety of groups including local governments and special needs organizations, while serving over 1,500 people directly and countless more indirectly. We expanded the knowledge of housing professionals statewide by introducing an Advanced Core Curriculum to complement our existing Core Curriculum. We collaborated forces with 1000 Friends of Florida to form the Florida Community Land Trust Institute, an unification that enhances the assistance provided to Florida communities on the complex issue of community land trusts. As diversified and steadfast as our work has been, there remain thousands of Floridians fighting to afford safe and decent housing for their families. During the 2005 Legislative Session, our elected officials failed to appropraite all monies in the Housing Trust Funds for this very purpose-housing. We believe... service and passion is the lifeblood of any organization. Everything flows from it and is nourished by it. The Governor also asked the Legislature to permanently cap the state and local housing trust funds, including appropriations for affordable housing, These moves were a huge step backwards for working families struggling to find housing within their means in the communities they serve. The Florida Housing Coalition remains the voice for affordable housing in Florida by providing programs, services, continuing education workshops, research and effective legislative advocacy to thousands of housing professionals throughout the state. We hope that you will add your voice to those who are striving to assure that all Floridians have safe, decent and affordable housing. Michael Davis Executive Director ABOUT OUR PRESIDENT Jamie Ross is the President of the Florida Housing Coalition. She began her tenure with the Florida Housing Coalition as board chair, serving in that position from 1991-1995, and has served continually on the board executive comlllittee. As president of thc CoalitioJJ, Jaimic remains a member of the board executive committee. She is a spokesperson for the Coalition, responsible for conference fundraising and legislative issues, and is the editor of the Housing News Network Journal. Jaimie is also the Affordable Housing Director at 1000 Friends of Florida, a statewide nonprofit growth management organization. Jaimie is the founder of the Florida Community Land Tl:'ust Institute, a collaboration between the Florida HousingCoalition and 1000 Friends of Florida, which was launched ~JJ the spring of 2005. Prior to joining 1000 Friends of Florioa in 1991, Jairnie was a land LIse and real property lawyer in privatc practice with an Orlando law firm, representing for profit and nonprofit We believe... affordable housing choices create stable and healthy communities. developers and financial institutions. During her tenure at 1000 Friends, Jaimie initiated the broad-based coalition that successfully advocated the passage of the William E. Sadowski Affordable Housing Act. Jaimie continues to facilitate the Sadowski Act Coalition, which ensures funding under the Sadowski Act, providing a dedicated revenue source for affordable housing in Florida. Her work includes all forms of legislative and administrative advocacy and education related to the planning and financing of affordable housing in Florida. She authored Creating Inclusive Communities in Florida: a Guidebook for Local Elected Officials and Staff on Avoiding and Overcoming the NIMBY Syndrome. She produced the seminal and nationally recognized macro-media flash presentation, Creating Balanced Residential Communities 10 Florida, on inclusionary housing tools. Jaimie served as a Commissioner on Florida's Affordable Housing Study Commission from 1992 -2002. She currently serves on the National Low Income Housing Coalition NIMBY Report Advisory Committee, and the Wachovia National Community Development Advisory Board. She was awarded the James A. Johnson Community Fellowship in 2005 by the Fannie Mae Foundation. PUBLIC POLICY The Florida Housing Coalition provides its members with leadership on the development of effective public policy to address the housing needs of Floridians. In 2005, the Coalition's advocacy took many forms, from educating elected officials and offering recommendations for the creation of sound policies, to mobilizing Coalition members through legislative alerts. STATE LEVEL 2005 LEGISLATIVE SESSION: During the 2005 Legislative Session, a record $443 million was appropriated for housing, with $250 million allocated for hurricane housing and an additional $193 for ongoing affordable housing programs. While the total appropriated amount exceeded any previous amount in Florida history, the funding for existing programs remained at $193 million, an amount less than the funding appropriated in past years and far under the total amount collected through doc stamps, which was $478.8 million. In addition, legislation enacted during the 2005 Session capped future distributions to the Housing Trust Funds at $243, only $50 million higher than the current appropriations for ongoing programs. The success of housing funding and in achieving a better than proposed future cap was due in large part to the effective and unprecedented alliance of industry, local government; and advocacy groups known in 2005 as the Sadowski Workforce Housing Coalition. o Florida Housing Coalition o Florida Association of Realtors o Florida Bankers Association o Florida Association of Counties o Florida League of Cities o Florida Legal Services o 1000 Friends of Florida o Florida Catholic Conference o Florida Impact o Florida Association of Local Housing Fi nance Authorities o AARP Florida o Coalition of Affordable Housing Providers o Florida Home Builders Association o Florida Association of Homes for the Aging o Florida Association of Housing and Redevelopment Officials We believe... in advocating for optimum funding for affordable housing and for sound public policy at the federal, state and local levels. 2005 HURRICANE HOUSING WORK GROUP Governor Jeb Bush created the Hurricane Housing Work Group, in which Florida Housing Coalition Board Member Gus Dominguez served as a member, after Florida experienced one of the most devastating storm seasons ever in 2004. The group's purpose was to suggest the most effective ways to distribute a <me-time allocation of hurricane recovery funds. The Work Group recommended spending $354.4 mill ion for local governments, rental housing. farm worker housing, special needs housing, tax credits, and training and technical assistance. The Governor included this full- recommended amount, $354.4 million, in his budget request. However, despite these requests, till' Legislature approved only $250 million. As a resul t, the following programs were funded accordingly: · $207. 48 million to local governments for the Hurricane Housing Hecovcry Program · $42 million to Florida Housing Finance Corporation for the Hental Recovery Loan Program · $520,000 to Florida Housing Finance Corporation for monitoring The Florida Housing Coalition's Teclmical Assistance team assisted local governments in meeting their hurricane recovery needs by: · Implementing effective rental strategies for communities, with a special focus on extremely low incomes · Establishing community land trusts · Developing methods on how to best handle administrative requirements PUBLIC POLICY STATE LEVEL 2005 STUDY COMMISION REPORT: The release of tht' Govnnor.s A.ffordablt' HOllsing Study Commission's 2005 Final Hcport revealed specific data on the hurdles facing the ]'('nta] housing markct in Florida, including the aging and expiration of available units. The Study Commission's report also outlined financiaL informational, capacity and governmental barriers further complicating the preservation and rehabilitation of existing units. Melubers of the Study Commission developed specific recommendations to address these harriers and plans to propose a statewide preservations polin by Julv 2006. Affordable Housing Study Commission Florida Housing Coalition Executive Director \lidwt'l Davis :-;erv(~d a:-; a member of the 2005 Affordable Hou:-;ing Study Commission. representing low-and-very low-income citizens of the statt'. In addition to Davis' service. Coalition Senior Technical Advisors Stan Fillennan and Wight Greger served as advisors to the Study Commission Capacity Workgroup ad hoc committee, Advisory Council Memlwr Helen Hough Feinberg served as tlw Study Commission's Chair, and Board Member Gus Dominguez as a Study Commission Member. HOUSING NEWS NETWORK JOURNAL The Florida Housing News Network Journal goes out to 3,000 Affordable Housing Advocates, Local Government Representatives, for and nonprofit Developers/Builders and Lenders three times a year. It has become the main resource in the industry for information on legislation, programs, funding, and other topics. Below is a sampling of topics covered in our 2005 journals. 2005 legislative Update The Florida Community land Trust Institute Green Building Creating Inclusive Communities in Florida How Public Housing Agencies Are Coping With Dwindling Subsidies Housing Authorities and Advocates Must Join Together to Fight for Housing Assistance for the Most Needy Success Stories Affordable Housing Study Commission Examines Preservation Issues Preserving Mobile Home Parks: Don't Forget "Who Brought You To The Dance" 18th Annual Affordable Housing Conference SHIP Clips Hurricanes and Affordable Housing Shared Appreciation: Balancing Wealth Building with Future Community Needs Green Communities Preservation - Affordable Housing Study Commission's 2005 Final Report Community land Trusts: Title and Tax Issues The Obligation of the Community land Trust to the Homebuyer Funding to Facilitate Community Land Trusts in Florida Preserving Mobile Home Parks for the Residents Who Live There SHIP Clips 18th Annual Affordable Housing Conference Kelo v. City of New london: Eminent Domain and Affordable Housing PUBLIC POLICY Federal Level Section 8 In 2005, the hurdles presented to Public Housing Authorities and affordable housing advocates to maintain funding for Section 8 Housing Choice Vouchers continued. Both advocates and PHA's closed out last year's advocary believing Congress had completely funded the Section 8 Housing Chouse Voucher Program in the FY 2005 HUD Budget. However, HUD's actual operating budget included an across the board reduction in Housing Authority's Section 8 funding, as well as, in many cases, additional cuts caused by HUD's failure to fully pay for the increase in Section 8 voucher subsidies. The result, according to the Washington D.C. based Center for Budget and Policy Prorities, was an anticipate lose of funding for over 6,000 Section 8 Housing Choice voucher recipients in Florida. The Coalition supplied our membership base with information on these topics and encouraged allocate all funds for housing vouchers. National Housing Trust Fund/ GSE Reform Many in Congress have taken interest in stregthening regulatory oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, which are the Federal Government's three government- sponsored housing enterprises (GSEs). The GSEs operate as for- profit entities, yet their housing missions and public purpose obligations - including community economic development for the Federal Home Loan Banks - justify their government chartered status. The GSE's are valuable to the nation's housing finance system and make important contributions toward expanding opportunities for homeownership and affordable rental housing. The Florida Housing Coalition views reformed legislation allowing for a percentage of eSE's profits to be set-aside for a National Housing Trust Fund as a practical way to reserve national money for affordable housing, primarily rental housing for extremely low income households. In 2005, legislation that would have enacted a National Housing Trust Fund passed with approval through the House of Representatives. However, in the Senate, leaders were unable to agree on further issues surrounding the bill, therefore stalling the approval. Advocates were forced to oppose the bill due to last minute provisions in the bill, added by House leaders, which would have: · Disqualified from eligibility to receive Trust Funds any nonprofit organization that had done any non-partisan voter work in the last 12 months, including displaying voter registration forms in the rental office or driving residents to the polls on Election Day. · Forbade any nonprofit organization that received Trust Funds from engaging in non-partisan voter work throughout the duration of the grant. · Prohibited the dispersal of Trust Funds to organizations that lobby, except certain nonprofit organizations. . Prohibited from the broadcasting of any ad, whether free or paid, that referred to federal candidates within 60 days of a general election or 30 days of a primary, even if the election was not mentioned. This would have included public service announcements, public education and grassroots issue advocacy communications. · Prohibited an organization from affiliating with any organization that did any of the above. "Affiliations" included organizations that shared resources, had overlapping boards or staff, or received too much money from one entity. · Required that housing be the primary purpose of a nonprofit organization to be considered for the Trust Funds, thereby excluding participation by most faith-based and multi-service organizations that develop housing for low income people, but for whom housing is not their primary purpose. The Coalition encouraged its members to support legislation that would establish a National Housing Trust Fund without restrictions on legal activities performed by an organization. Senators and Representatives heard from advocates around the country, including Coalition members, who asked that the anti-democracy language not be accepted during debate on the GSE bill. I WE PROVIDE TRAINING AND TECHNICAL ASSISTANCE IN 2005 THE FLORIDA HOUSING COALITION: . Delivered personalized assistance through IB5 on-site visits and in turn provided assistance to 1.502 individuals regarding specific affordahl(~ housing issues that were critical concerns for their organizations . Produced 18 highly focused on-site dinies serving 188 peoplc; providing them with technical knowledge, which helped them understand available options, due procedures, currcnt mles and regulations specific to their affordahle housing eoneerlls . Produced 40 high quality, user-friendly. and informative workshops, which had 1,154 attendees . Provided technical assistance to 860 individuals via telephone, as well as replying to hundreds of email inquiries The Coalition's Website (www.flhousing.org) provides answers to many frequently asked questions. In 2005, the Coalition began designing a new website which now includes unique housing materials and data along with the familiar tooks and features found on our former site. Navigating options include links to Advocacy, Local Non-Profit and developer tools, publications, housing data, workshop and Training assistance and an archive of Housing news network Journals. FHC LECTURES AT MAJOR INSTITUTIONS AND EVENTS The Coalition's TA staff members Wight Greger, Stan Fitterman, Michael Chaney, and Steve Cumbo participated as guest lecturers at: . Agency for Persons with Disahilities - Florida Freedo/ll Initiotire Forum · Bay Area Housing Summit . Clearwater Chalnher of Connneree Workforce Honsing Snmmit . EAR Workshop in Northeast Florida HPC . Florida Assoeiation of L()(~al Housing Finance Ageneies Annual Conferenee . DepartInent of Urban and Regional Planning at Florida Atlantic UniYersity . Florida State University - Undergraduate C/asses . Florida International University I LISC lirban Institute . Growth in Florida - Tele-seminar . National Council of State Housing Agencies SJll'ing Conference · NIlS Neighborhood Collahorative . Policy Institute of Marion County . Regional Lender Training on Conlllllmity Land Trust - Iii/usia Counl\ . Tampa Bay Regional Plauning C(IlUll'il \VOl.kfOl'ce Honsing Symposium . The University of Flodda, College of Design. Consll'ndion and Planning - Graduate and UndergraduaJe Classes WORKSHOPS OFFERED IN 2005 Core Curriculum Certification for Housing Professionals in Florida Designed to improve the skills of affordable housing providers in the state, the Florida Housing Coalition provides the core curriculum for housing professionals in Florida. Funded by the Florida Housing Finance Corporation's Affordable Housing Catalyst Program, this curriculum is for those who are interested in both increasing their knowledge of designing and implementing affordable housing programs in the state and in furthering their career in the field of affordable housing. A.dvanced Curriculum Certification for Housing Professionals in Florida Designed to strengthen the skills of experienced affordable housing providers in the state, The Florida Housing Coalition has also developed an advanced curriculum for housing professionals in Florida. Funded by the Florida Housing Finance Corporation's Affordable Housing Catalyst Program, this curriculum provides experienced affordable housing professionals with in-depth consideration of issues in rental housing development, home ownership, pre-development and program management. In 2005 six Housing Professionals completed the Advanced Curriculum Certification and 30 Housing Professionals completed the Core Curriculum Certification requirements. TRAINING WORKSHOPS HELD THROUGHOUT FLORIDA IN 2005 Workshops are sponsored by the Florida Housing Finance Corporation. January II, 2005 January 12, 2005 January 25, 2005 February 8, 2005 February 9, 2005 February 22, 2005 February 24, 2005 March 8.9, 2005 March 10, 2005 March 15,2005 March 29.30 AprilS, 2005 April 6,2005 April 20.21, 2005 April 21, 2005 April 26, 2005 May 5, 2005 May 11.12,2005 May 18-19, 2005 May 31,2005 June 1-2,2005 June 3, 2005 June 7, 2005 June 8, 2005 June 14,2005 June 16, 2005 June 29, 2005 August 9, 2005 August 23, 2005 August 3 I, 2005 September 7, 2005 September 21, 2005 October 4, 2005 October 18, 2005 November 3, 2005 November 10, 2005 November 16,2005 Nov. 30.Dec. 1,2005 December 13-14, 2005 December 15, 2005 Planning For Your Community's Affordable Housing Needs Enhancing Your Housing Strategies Planning, Financing, and Developing Affordable Housing For Ownership Understanding The Income Qualification Process Homebuyer Couseling and Training Income Compliance and Program Management The Development Process Planning, Financing, and Developing Affordable Rental Housing Bond Financing For Rental Development Enhancing Your Housing Strategies The Pre. Development Process Homebuyer Couseling and Training The Development Process A Quantitative Analysis of the SHIP Program Understanding the Income Qualification Process Alternative Funding Sources Planning, Financing, and Developing Affordable Housing For Ownership The Pre.Oevelopment Process Planning, Financing, and Developing Affordable Rental Housing Hurricane Housing Recovery Program A Quantitative Analysis of the SHIP Program Hurricane Housing Recovery Program Hurricane Housing Recovery Program Joint Ventures Real Estate Development Process What to Expect During Underwriting Income Compliance and Program Management Understanding the Income Qualification Process Planning for Your Community's Affordable Housing Needs Developing Housing for Extremely Low Income Households Income Compliance and Program Management The Development Process Enhancing Your Housing Strategies Homebuyer Counseling and Training Understanding the Income Qualification Process Planning for Your Community's Affordable Housing Needs The Development Process The Pre.Development Process Planning. Financing and Developing Affordable Rental Housing Creating and Sustaining Affordable Housing for Long Term Affordability Clearwater St. Petersburg Clearwater Jacksonville Jacksonville Orlando Jacksonville St. Petersburg St. Petersburg Jacksonville Ft. Lauderdale Tampa Tampa Miami Fort Pierce Sarasota Tallahassee Orlando Gainesville Port Charlotte Tampa Pensacola Port 5t. Lucie West Palm Beach Tallahassee Orlando Miami Miami Orlando Orlando Tampa Orlando Orlando Orlando Orlando Miami Miami West Palm Beach Tampa Fort Lauderdale HOUSING PRESERVATION This year the Florida Housing Coalition\ 18th Annual Conference, held in Orlando 5tcpltclllhcr 12-1/1" cncompasstcd housing preservation in the hroadcst SCUSI', with topics ranging frolll prcsnviug mobile home parks to protecting a/lonlabltc housing from natural disasters. The event was a huge success, attracting ovcr 600 housing professionals. and continues to be one of the largest statewide affordable housing confcrcncccs in the nat ion. "Housing Preservation" was the theme of this year's public policy plenary, which included a panel of national experts engaged in a lively debate about permanent affordability pros and cons for homeownership and rental developments in Florida. FHC Board President Jaimie Ross led plenary experts during a discussion focused on the community assets acquired by creating a long-term or permanent affordable housing stock through use of community land use trust, a process detailed in the Community Land Trust Institute's Primer publication. Panelist included: Dwayne Marsh, Senior Program Associate, Policy Link; Verdenia Baker, Deputy County Administrator, West Palm Beach; Vince O'Donnell, Vice President, LISC Affordable Housing Preservation Invitiative; and Cathy Walker, Past President, National Association of Realtors. Additional conference features included success stories from Miami and Winter Park, bus tours, in-depth workshops, breakfast for the Affordable Housing Stuch Commission Stakeholders, and a roundtable for SHIP Administrators. The Keynote Address was provided by Gus Newport, executive director of the Institute for Community Economics. Newport has provided innovative leadership and straegic vision to community development, municipal government, and non-profit building. Prior to his tenure with ICE, Newport served as mayor of Berkley, California, and executive director of the Dudley Street Neighborhood Initiative in Boston. Under his leadership, this Boston neighborhood redevelopment project, now a national success model, distinguished itself from other community developments through use of community land trust, resident involvment in project plans, and effective eminent domain authority. The Florida Housing Coalition presented an award to Orlando Cabrera after he delivered his farewall address as Executive Director immediately before leaving for Washington DC to begin work as HUD Deputy Secretary for Public Housing and Indian Affairs. An impromptu meeting of conference attendees, sharing ideas about community land trusts. The Expo was a big success from the standpoint of the exhibitors who enjoyed the interaction with conference attendees, and the attendees who made personal connections with exhibitors and sometimes won a boatload of prizes. Success Stories and Tours. The Florida Housing Coalition welcomed Steve Auger, the new Executive Director of the Florida Housing Finance Corporation. Orlando Cabrera and Steve Auger honored the Florida Housing Coalition by choosing our statewide annual conference as their "changing of the guard" event. More than 600 housing professionals and advocates attended the Florida Housing Coalition's 2005 statewide annual conference. The Florida Housing Finance Corporation sponsored Breakfast with the Affordable Housing Study Commission for Florida's SHIP Administrators and the Florida Housing Coalition's conference attendees. It was a terrific event and we greatly appreciate Florida Housing's support. Networking is an important and fun time at every conference. WE ASSIST WITH COMMUNITY LAND TRUSTS This year the Coalition partnered with 1000 Friends of Florida to launch the Florida Community Land Trust-Institute. The land trust concept has long been a curiosity for Florida's housing providers as a means to retain the units in the affordable housing inventory as well as preserve the affordability of the home for future generations. Escalating land cost pressures led the Coalition to seriously evaluate the land trust as a solution to the heightening problem. A Primer was compiled and published which includes research, case studies, and analysis for adaptability to Florida's real estate and housing industries. Coalition staff attended numerous advanced training sessions aroung the country. Willing communities statewide have come forward requesting techincal assistance to get their own land trusts going. Over twenty land trusts are now in an exploratory or formation stage with several more officially begun. Community land trusts are a feature in the film "Creating Balanced Residential Communities in Florida" which has been previewed by many interested groups. The film was produced by the Coalition's President, Jaimie Ross, for 1000 Friends of Florida, with funding from the Rockefeller Foundation. The Coalition continues to provide extensive training in the formation of the land trust entity, development of resale provisions and affordability criteria and use of state and local housing funding for this type of housing. Chart of Florida Community Land Trust Activity Active Bahama Conch CLT Middle Keys CLT Hannical Square CLT Initiated CLT of Lee County Peace River Housing Trust Hiciscus Housing Trust Northwood Renaissance CLT St. Lucie CLT Martin CLT Sarasota CLT Delray Beach CLT Escambia CLT Exploring Palm Beach County Broward County Gulf County City of Lake Worth City of Hollywood Brevard County Collier County Bay County Pine Island Walton CDC Boynton Beach City of Destin Manatee County e believe... affordable housing is an integral part of community revitalization and economic developm,ent. MARTIN CLT The Coalition assisted Martin CLT by: o Forming strategies to address the county's initial and long-term affordable housing needs o Supplying specific recommendations on afford ability and development incentive terms related to creating inclusionary units o Educating and training community leaders, nonprofit organizations and government staff on the methodology for creating a community land trust "As a generalist planner, I quickly found out how little I knew about housing issues. But with just a phone call to the Coalition, I soon had access to everything I needed, including the appropriate housing and socio-economic data and model ordinances. My only regret was not making my call to the Florida Housing Coalition my FIRST move." David Quigley, Principal Planner Martin County Growth Management Department ST. lUCIE ClT The Coalition assisted St. Lucie CLT by: o Educating and training affordable housing task force members and local government staff on inclusionary housing and community land trusts o Providing recommendations on creating a regulatory environment that fosters affordable housing development o Granting technical assistance on making the delivery systems for HHRP more efficient, creating results which leverage other public and private resources "My experience with the Florida Housing Coalition has been exceptional! The resource staff makes themselves readily available for consultation, collaboration, and coordination. I have had some staff turnover this year and FHC has been crucial to getting my new staff up and running with confidence and accuracy both through individual and workshop trainings. John Franklin St. Lucie County Community Seroices Housing Manager WE ASSIST LOCAL GOVERNMENTS We provide assistance to local governments to help their affordable housing programs succeed. Capacity building, designing and implementing their affordable housing plans, redevelopment, annual reporting, tracking, needs assessment, and partnering with other sources for the development of affordable housing are only brief descriptions of the services we provide to local governments in order to ensure that they have the tools to meet their housing needs. OSCEOLA COUNTY o Improve intake procedures o Set effective subsidy levels o Structure financial tracking On-Site Visit Assistance The Coalition provided Technical Assistance to: Joseph Couture, SHIP administrator, Osceola County Community Services Department "It has been my pleasure to work with the Florida Housing Coalition in helping to make Osceola County a highly successful SHIP program. The guidance that has been provided on a team level has raised our success levels greatly." DESOTO' COUNTY On-Site Visit Assistance The Coalition is helping the county to: o Distribute over $10 million in HHRP money to area developers o Provide affordable rental housing and homeownership opportunities o Implement innovative housing strategies Mandy Hines, Desoto County Coordinator "The Florida Housing Coalition has proved to be an invaluable asset through its delivery of Technical Assistance relating to the SHIP program and the Hurricane Housing Recovery Program. The Coalition's Technical Assistance providers have been infonnative, responsive, and thorough. I am grateful for the services they offer, and continue to provide." We believe... the greatest success comes with partnerships between government, nonprofit organizations and the private sector. CITY OF BRADENTON On-Site Visit Assistance The Coalition provided Technical Assistance to: o Assist Program Administration with division of responsibilities o Train new staff o Improve Local Housing Assistance Plan o Determine eligible uses for SHIP funds o Effectively implement the Hurricane Housing Recovery Program o Understand the Income Qualification Process o Identify and implement the components of a comprehensive housing counseling and training course "I could not have lasted in this position this long if it was not for all of the help Florida Housing Coalition has provided to me. " . Nina Acree, Glades County SHIP Administrator Since its incorporation in 1982, the Coalition's membership has expanded from a handful of organizations in the Orlando area to a large number of groups and individual members across the state. Headquartered in Tallahassee, the Coalition employs II full-time persons, including seven technical assistance specialists, five of whom are out-posted throughout the state in Jacksonville, Inverness, Bokeelia, and Miami. WE ASSIST HOMELESS, ELDERLY & FAITH-BASED ORGANIZATIONS In 2005, of the 71 nonprofits assisted, 23 of those organizations specialize in serving the Homeless, Edlerly and/or were Faith-Based. SERVING THE EXTREMELY LOW-INCOME HOMELESS Renaissance Manor The Florida Housing Coalition has provided technical assistance to many advocates for special needs groups, including those whose mission is to stop homelessness. Since many homeless individuals are also dually diagnosed with mental illness, there is a great need for homeless housing efforts to also address needs. Renassiance Manor is one such organization that has a successful model in Sarasota. Seeking to expand to Lee County and further areas of Southwest Florida, the organization sought Coalition assistance is developing San Souci, a nine-unit village type community. A second Lee County project is Boardway Village, which will eventually have 42 beds within seven duplex units in a Santa Fe style compound. The village model is a peer assisted supportutive housing model that is non-medical and non-institutional. "All you have to do is ask. Whatever questions I've had on funding operating processes, the Florida Housing Coalition has been effective, efficent and timely with assistance, providing insight that county governments couldn't provide." Scott Eller, Director Renaissance Manor Refuge House refuge House, Inc. is the only primary service provider and State Certified Domestic Violence Center for domestic and sexual assault victims residing in eight North Florida counties. Refuge House was awarded Florida Housing Finance Corporation Demonstration Loan funds for providing independent transitional housing to victims of domestiv violence. The first phase was completed in 2005, and was comprised of the purchase of a single-family residence and three duplexes which are providing permanant housing and supportive services for 18 residents. Demonstration Loan funds were also awarded for rehabilitating a single-family residence to be used as transitional housing and facilties for additional supportive services. Ongoing technical assistance has been provided by the Coalition to the staff at Refuge Housing, including its Executive Director, Meg Baldwin, to ensure that both phases of the project will be successfully completed. "The guidance provided by the Florida Housing Coalition has meant nothing less than a real chance for happy peaceful lives for families escaping and healing from domestic and sexual violence." Meg Baldwin, Refuge House Executive Director We believe... viable community-based organizations play an important role in delivering affordable housing and related services in each comlnunity. ELDERLY Wakulla Trace Wakulla Tracc Apartments. located in Crawfordvillc. Wakulla Count\'. is a :~4-unit new construction affordable rental projcct, targeted to vcr\' low and low income senIOrs. The project will bc completed in the second quarter of 2006. The sponsor, Wakulla Countv Senior Citiz(,n's Conneil Inc., has an extensive waiting list of income-eligible households and alltieipates a Jcas(' up of less than ()() days. Predcvclopment funding was provided through the Florida Ilousing Finance Corporation's Predevelopment Loan Program, and technical assistance was pnlVided throughoutlhe predevt'!opment phase of the project hy the Coalition. "We could not have constructed affordable housing without the assistance received from the Florida Housing Coalition. " R.H. Carter, Wakulla Trace FAITH-BASED Lutheran Social Services Lutheran Social Services of North Florida, Inc .(LSSN F), a faith-based non-profit, provides housing and services for thc homeless in Tallahassee. LSSNF was awarded both PLP funding and Demonstration Loan funds from Florida Housing Finance Corporation for housing to serve 39 chronically homeless individuals with disabilities. Since the Coalition is the Technical Assistance Provider for both programs. the Coalition worked with LSSN F to evaluate the feasibility of the capital budgets. to offer input into the site selection, to provide coordination with the underwriter. and to facilitate the project's other funding sonrces. When completed, this project will provide quality housing for a desperately under served population in Leon Connty. "When we decided to expand our homeless housing to include a 39 unit, 2.5 acre, complex with six funding sources, it was a little daunting. The technical assistance offered by Florida Housing Coalition has really taken the edge off of the process. " Jim Freeman, Executive Director Lutheran Social Services of North Florida, Inc. WE ASSIST NONPROFIT ORGANIZATIONS Through contracts with PLp, HUD, FCLF and Catalyst, the Florida Housing Coalition assisted 71 nonprofit organizations in 2005, MISSION UNITY Mission Unity is a nonprofit organization in Port charlotte that operates residential facilities for single adults who have become homeless because of substance abuse and addiction. The organization is dedicated to providing safe, stable and sober setting for persons who express a committment to complete abstinence and recovery from substance abuse. An abuse-free family group home provides the stability to help the addict to begin rebuilding their life. The Coalition has supported Mission Unity by: Helping to create a plan to accomplsih short and long term goals Assisting with financial consulting Providing advice on the day-to-day operations of a nonprofit McCurdy Center McCurdy Center is a 92-unit single occupancy affordable housing assisted living facility in Belle Glade. The nonprofit center, currently in the beginning stages of development and construction, will provide residents with housing, nursing care services, personal care aid and home health care assistance. Residents will receive help with laundry, house keeping and food services, along with three daily meals. The center will be unique because it will set aside 50 percent of the living units for the homeless. The Florida Housing Coalition has assistted McCurdy Center with: Completing their predevelopment loan application Understanding the specifics of tax credits Educating staff on the benefits of the SAIL program "The Florida Housing Coalition has been an invaluable member of the Development Team for the McCurdy Center. Their advice and straight information about the development process, funding sources, and other collaborative partners has allowed us to make informed decisions in a timely manner. Without it, the project would not be getting ready to turn dirt." Joe Glucksman, President Florida Housing Corporation Volunteer Lawyers for Affordable Housing A partnership between the Florida Housing Coalition and the Real Probate and Trust Law Section of the Florida Bar made available volunteer lawyers to assist nonprofit affordable housing developers throughout Florida. A variety of assitance was provided, including review of title searches and mortgage financing documents, environmental issues, help with real estate purchase and sale agreements, zoning and land use issues, nonprofit corporation law issues, and predevelopment due diligence. WE ASSIST PUBLIC HOUSING AUTHORITIES Over the past year, the Florida Housing Coalition has seen a dramatic increase in the number of public housing authorities utlizing our assistance. Public Housing Authority projects comprised over 20% of the Predevelopment Loan Program appplications (11 out of 50) in 2005, and as the technical assistance provider for this program, the Florida Housing Coalition is working with these housing authoties to increase their development capacity. Our technical advisors have helped housing authorities understand the development process, educated them on how housing credits work and the risks involved, assessed development and operating budgets using alternative funding sources, and make recommendations to help them bring together a competent development team. Public Housing Authorities assisted: Deland Housing Authority West Palm Beach PHA Ferdinanda Beach PHA Arcardia Housing Authority Venice Housing Authority Area Housing Commission (Pensacola) Winter Haven Housing Authority Housing Authority of the City of Fort Lauderdale Lake Wales Housing Authority "The Coalition has gone out of their way to patiently advise and assist as our Technical Provider. They have visited the sites and attended several Arcadia Housing Authority meetings of the Board, to make sure that the Board and I understand our responsibilites and program requirements. With the Florida Housing Coalition's help and guidance, the Arcadia Housing Authority is able to contribute housing options to low income residents of Desoto County." Christine Engels, Arcardia Housing Authority Executive Director WE ASSIST SPECIAL NEEDS ORGANIZATIONS SERVING THE EXTREMELY Low-INCOME GROVE HOUSE AND NOAH'S ARC Grove House is a Jacksonville nonprofit tltat provides affordahle and accessible community-based housing for people with disabilities. Noah's Arc is a Lakclaml nonprofit that provides programs designed to meet the needs of individuals with developmental disabilities. The Coalition is continlling to provide long-term technical assistance to both development projeds. "The staff at the Florida Housing Coalition never ceases to amaze me. The depth of their collective knowledge and breadth of understanding they possess on some very complex housing issues will lead Florida with cutting edge solutions into the twenty-first century. " Jack Kosik, Noah:s Arc of Central Florida FAMILY CAFE CONFERENCE The Coalition offered two conference presentations to consumers, family members, support coordinators and coaches during the Family Cafe conference in Orlando. Training focused on current available affordable housing resources for renting an affordable apartment, buying a home or repairing the home one owns. AGENCY FOR PERSONS WITH DISABILITIES The Family Cafi The Agency for Persons with Disahilities assists people who have developmental disabilities and their families. It also provides assistance to identify the needs of people with developmental disahilities and funding to purchase supports and services. Although the Central Office is in Tallahassee, the supports and services for people with developmental disahilities are pnl\idcd through district offices throughout the slale. Technical Support provided by the Florida Housing Coalition: o Articles outlining the Hurricane Housing Bccovcn Program o Training for affordable housing support coaches o Provided expertise at trainings offt'red hv API) and NOVA Soutlwastem University We believe... people with disabilities should not have to resort to living in institutional settings or with aging family members solely for lack of affordable inclusive comlnunity living options. "The Agency for Persons with Disabilities Supported Living program has been fortunate this past year to receive expertise of Florida Housing Coalition staff in conducting affordable housing presentations for our providers. Success in supported living depends first on the ability to acquire affordable housing. I look fonvard to our continued partnership with FHC in expanding our ability to provide affordable housing to persons with disabilities. " Ed Rousseau, Supported Living Coordinator, Agency for Persons with Disabilities SPECIAL NEEDS WORKSHOPS "Innovations and Ideas for Assisting Special Needs Populations" The Coalition participated in this workshop that offered ideas for providing housing for people with disabilities and other extremely low-income households. The training, outlines the creation of an operating deficit reserve, and innocative approach to financing affordable rental housing. "Fair Housing Law: What a Local Housing Administrator Needs to Know" Coalition members discussed rehabilitation and new construction methods in this workshop, offereing sensible and affordable means of complying with Fair Housing and Americans with Disabilities Law requirements. The training taught attendees how to spot discrimination, respond to complaints, and make accessible design a regular part of housing services. 2005 BOARD OF DIRECTORS EXECUTIVE COI>1MITEE ADVISORY COUNCil Melvin Philpot Chairperson Lake Mary Senior Energy Efficiency Specialist, Progress Energy Florida Jeff Bagwell Vice Chairperson La/a:lrl1ld President & Executive Director, The Keystone Challenge Fund J airnie Ross President 7hlla/wssee Affordable Housing Director. 1000 Friends of Florida Gregg Schwartz Treasurer Clearwater President, Tampa Bay Community Development Corporation Helen Hough Feinberg St. Petersburg Housing Group Manager, RBC Dain Rauscher Ricardo "Rick" Soto-Lopez Housing and Community DevcloJlmen / City o( Winter Park, Wl:nter Park DIRECTORS Mary Sorge Secretarv BOlli/a Spri!!gs Exeeutin' J)ireetor. Bonila Springs Area IlollSi ng Development Mark Hendrickson Past Clwiqwl'son 7{I1lahassl'l' President. The J Icndriebon Compatl\ Annetta Jenkins "I-Large 1/1',\/ Palm Hl'ach Program J)in,etoI'. Loeallnitialives Support Corp. Bob Ansley Oda!!do President. Orlando Ed Busansky Senior Vice President. First Housing Development Corp. of Florida Gus Dominguez DIRECTORS Holly Duquette James Dyal Development, LLC. Charles Elsesser Miami Florida Legal Servin,s Denise Freedman Senior Vice President & Comm. Del'. Menke! Manager. Bank of America Cora Fulmore President. Mortgage & Credit Center Schonna Green Founder and Dan Horvath Jack Humburg Jeffrey Kiss Tei Kucharski Grace Miranda Anthony Riggio Gladys Schneider Sophia Sorolis Robert Von FINANCIAL SERVICES COUNCIL Dana Chestnut FHC STAFF Midwel Davis Steve Cumbo Haua Eskra Stan FiUerman Pam Davis Tom Flagg Wight Greger Dayatra Onluna This year, six housing professionals completed the Advanced Curriculum Certification requirements and 30 housing professionals completed the Core Curriculum. CORE GRADUATES e believe... access to housing that is decent, safe, affordable and of a person S oUjn choosing, is a fundamental nght. ADVANCED GRADUATES Nina Aeree - Glades Count' John Franklin - St. Lucie Count) Dorci Gruel - St. Johns County Derek Hankel'son - St. Johns County Chris Jackson - Brain Injury Association of Florida SlI"an Strum - Lee County Nina Acree - Glades County Laurie Anderson - Citrus County Annette Ayala - City of Margate Vanessa Bean - CDC of Leesburg & Vicinity Carolyn Bell - City of Kissimmee Barhara Brooks - Clearwater Neighborhood] lousing Services Rosa Carrion - Osceola County Shawna Chancey - Marion County Dianna Conner - AmeriNational Community Servict,s Matthew Constantine - Adopt A Family of the Palm Beaches, Inc. Jenna Daughtery - Grove House Bridget Engleman - City of Lakcland Janet Gilliard - Hardee Counly Aliee Gilmal.tin - Seminole County Claudia Goncalves - City of Tamara(' Dorci Gruel - St. Johns County Nancy Budey - City of Lakeland Annie Knight - Seminole County Raymond Lettsome - Osceola County Terry Malcolm-Smith - City of Clearwaler Shelly Massey - Hardee County Shelley McHaney - Seminole Counly Stephanie lUeMillian - City of Deerfield Beach Margie Miles - City of Cocoa Mildred Reynolds - Office of Housing Finance of Broward Count v AJlita Riduu'ds - Lee Count, Rita Ritchie - City of Ft. Mvers . . Gloria Sajgo - Lee County Lupe Taylor - Hendrv County Pat ~rilkcrson - Cirtus County 2005 FINANCIAL RESOURCES Financial Summary as of 12-3 1-200S REVENUES: Grants and Contracts: $1,000.186 Partners for Better Housing: $26/1.9;:;0 Conference and Membership: $12] ,,369 Interest: $6,153 EXPENDITURES: Contract Services: $ 988.294 Non-Contract Services: $ 251.44 ASSETS 12-31-2005 Reserves: Account Receivables: Equipment less Accumulated Depreciation: Deposits: Liabilities: $ 463,183 204,550 52,409 14,086 ($66,030) Total Net Assets: $ 668,198 $ 1 ,393,558 72% $1,239,737 80% PARTNERS FOR BETTER HOUSING PLATINUM SPONSOR Bank of America Washington Mutual WACHOVIA GOLD SPONSOR Fifth Third Bank PROGRESS ENERGY FLORIDA FPL SUNTRUST SPONSOR ~Fannie Mae PARTNERSHIP OFFICES FEDERAL HOME LOAN BANK STAte FARM INSURANCE Alliant Asset Capital Ameri National Community Services Capital City Bank Carlisle Group CED Companies (Sandspur) Coalition for Affordable Housing Providers Comerica Deutsche Bank Florida, N.A. The Enterprise Foundation Florida Association of Realtors Florida Manufactured Homes Association Gatehouse Group, Inc. Greater Miami Neighborhoods LCA Development Neighborhood Lending Partners RBC Dain Rausher Reznick, Fedder & Silverman Richman Group of Florida, Inc Stearns, Weaver, Miller, Weissler, Alhadeff, & Sitterson, P.A. Wendover Housing Partners, Inc. ABN AMRO Mortgage Group Bank United City of Tamarac Cornerstone Group Dev. Corp. Florida Community Loan Fund Florida Community Partners PATRON Hendrickson Company Jaimie Ross Keystone Challenge Fund Mercantile Bank Prudential Financial Raymond James Realvest Appraisal Related Capital Seltzer Management U.S. Trust Company of Florida Broad and Cassel Cygnet Private Bank Davis Heritage Ltd. First Nat'l Bank- Treasure Coast HANDS of Central Florida CONTRIBUTOR Homes in Partnership HSBC Mortgage Corp. Kiss and Company Packard Consulting Squire, Sanders, Dempsey TransAtlantic Bank Vestcor Wilson Management