§ 62-6304. Housing trust fund and unit mitigation bank.

(a)

Created. There is hereby created, pursuant to this article, a Brevard County Housing Trust Fund for the receipt of non-ad valorem revenues, and residential density equivalent units, for use in the development and rehabilitation of affordable housing. The use of funds and residential density equivalent units from the housing trust fund shall be limited to developments where 30 percent or more of the units meet the definition of affordable housing.

(b)

Dispersion of funds. The board of county commissioners shall establish and adopt written policies and procedures for the dispersion of such trust funds and residential density equivalent units. The criteria shall include a priority based ranking system, similar to the state housing finance corporation format, to determine priority for the awarding of funds or density equivalent units to applicants.

Example: Proposals having more than the minimum percentage of units serving lower income residents shall receive a higher priority ranking.

(c)

Application. Any applicant seeking to secure such funds or residential density equivalent units shall submit an application to the housing and human services department.

(d)

Trust fund and unit dispersion. Dispersion of funds and, or, density equivalent units shall be limited by fund availability and shall be in accordance with the written policies and procedures established by the board of county commissioners for the use of such funds. Dispersion of residential unit density, by the transfer of development rights, shall be consistent with the transfer of development rights for affordable units section of the code and the county comprehensive plan.

Developments seeking the use of housing trust funds or density equivalent units should be located in areas serviced by existing transportation and utilities infrastructure, and located near other public facilities, services, employment centers, shopping, active mass transit corridors, day care centers, schools, and health services. A location evaluation matrix and needs analysis form, authorized by the BOCC as a part of these regulations, shall be completed and submitted to determine consistency with the location criteria. Developments scoring at or above the minimum 66th percentile will be eligible to receive housing trust funds and density equivalents. A complete application will include a completed location evaluation matrix and needs analysis form that meets the minimum scoring requirement at or above the 66th percentile. A higher ranking score may be used to determine the awarding of additional funds when available.

(e)

Trust fund affordability agreement. The applicant shall enter into a land use and deed restriction affordability agreement with the county. The agreement shall provide the number and designation level of affordable units, and period of time as affordable, and any other requirements in order to receive housing trust fund monies or units consistent with the written policies and procedures established by the board of county commissioners. A land trust may be used as a mechanism to retain units as affordable and/or special needs units.

(f)

Trust fund discretionary allocation. Allocation of these funds and units are discretionary and must compete with all other developments, and are based on fund and unit availability. Priority shall be given to developments designed to facilitate pedestrian access to transit and neighborhood commercial nodes and that score above the 66th percentile on completed location evaluation matrix and needs analysis forms.

(Ord. No. 07-18, § 6, 5-3-07)