Fort Walton Beach Resolution — 2009-08-Local Housing Assistance Plan — reading text

distribution plus 5% of program income deposited into the trust fund, except that small counties, as defined in s. 120. 52( 17), and eligible municipalities receiving a local housing distribution of up to $ 350, 000 may use up to 10 percent of program income for administrative costs. The Okaloosa County/City of Fort Walton Beach city/county has adopted the above findings in the attached resolution, Exhibit E. U: ArchivelSHIPL/ HAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_2003 # 3dr_TB 4-  II. LHAP HOUSING STRATEGIES: Chapter 67-37.005(5), F.A. C. A. Name of the Strategy: Purchase Assistance 1. Summary of the Strategy: Ship funds will be made available to support down payment, closing costs, GAP financing, debt collection and substantial rehabilitation for the purchase of existing or newly constructed affordable units on a one- time basis housing to income eligible homebuyers. Assistance shall be tailored to the individual affordability and financing needs of the participating homebuyer. However, each homebuyer shall only receive the minimum level of assistance required to enable the purchase and necessary repair of an existing or newly constructed home utilizing GAP financing when necessary. Permanent first mortgage financing ( exceeding the SHIP Homebuyer Assistance) is provided through financial institutions without local guarantee, thereby leveraging a significant volume of private sector financing. The projected average SHIP cost per unit is $ 10, 000 to a maximum of 60, 000 feF-all. 2. Fiscal Years Covered: 2007/ 2008; 2008/ 2009; 2009/ 2010 3. Income Categories to be served: Those individuals or households who are within ~ 80% of the median income or less. Beneficiaries must complete a certified Home Buyer Counseling class prior to receiving funds. Eligible Moderate Income applicants will be considered only if there are non- eligible buyers in the Very Low Income and Low Income categories. 4. Maximum award is noted on the Housing Delivery Goals Charts: $ 60, 000 5. Terms, Recapture and Default: Deferred Payment Loan ( DPL) to the homeowner secured by a mortgage and promissory note at zero percent (0%) interest with no monthly payments due and payable until sale, transfer or rental of subject property. Requests for subordination in the event of homeowner refinancing will be reviewed on a case- by- case basis with crioritv aiven to debt consolidation or reduction in interest rate and disallowing cash in hand to recipient. 1\ direot grant not Geoured by a lien i~ :: lIlo\ able to homeo':mers that ::1re a: mentally or physioally disabled, elderly (62 yoam ::1nd oldor) or belo':: JO% of median inoome. No repayment is required in suoh om~eG. All gr-ants mUGt be 1pproved by the Board of Direotor&. 6. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first served basis following annual advertisement when reauired of the availability of SHIP resources for eligible homebuyers who are at no more than ~ 80% of the median income level for Okaloosa County as determined by HUD, and receive a first mortgage commitment from a local lender. Section 420. 9075( 3)( c) Florida Statue, state that it is unlawful to discriminate on the basis of race, creed, color, religion, age, sex, marital or familial status, U: ArchivelSIDPILHAPS 2003- 04 LHAP Forms dtd 9_ 03ILHAP Template 9_ 2003 # 3dr_TB 5-  national origin, or handicap in the selection of recipients of contracts or assistance under the SHIP Program. B. Name of the Strategy: Rehabilitation 1. Summary of the Strategy: The intent of this strategy is to complete substantial rehabilitation of substandard, homeowner occupied housing. Eligibility for relocation costs will be determined on a case- by- case basis. The economic life of the house should be extended by an additional 20 to 30 years. The maximum per unit cost for rehabilitation can go up to 16, 000 $ 50. 000. Fiscal Years Covered: 2007/ 2008; 2008/2009; 2009/ 2010 2. Income Categories to be served: The targeted population are those individuals or households who are at 80% of the median income or less. 4. Maximum award is noted on the Housing Delivery Goals Charts: $ 16, 000 50. 000 5. Terms, Recapture and Default: Deferred Payment Loans ( DPL' s) at 0% interest with no monthly payments secured by a recorded mortgage and promissory note that is forgiven at the end of the following time periods to the amount borrowed for 5 according five) years. The loan is due and payable upon sale, transfer or rental of subject property prior to forgiveness date. In the event of the death of a loan holder, if an income eligible heir makes the house their primary residence, the forgivable loan can be assumed by them. 1 . 00 - $ 50. 000 = 5 Years Requests for subordination in the event of homeowner refinancing will be reviewed on a case- by- case basis with Drioritv aiven to debt consolidation or reduction in interest rate and disallowing cash in hand to recipient. IA. direot grant not seolJredby :J lien is allowable to vners that ore homeO'. mentally or physio311y disabled, elderly ((32 year~ Jnd: older) or belo'/.' 3Q% of modian inoome. No re133yment is required in suoh C3se~. /\ 11 mu~ t be gr-ants Jpproved by the Board of Direotor~. 6. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first- serve basis following annual advertisement when reauired of the availability of SHIP resources for eligible