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

:ArchivelSmPILHAPS 2003-04 LHAP Forms dtd 9_ 03ILHAP Template 9_ 2003 # 3dr _TB 8-  age, sex, marital or familial status, national origin, or handicap in the selection of recipients of contracts or assistance under the SHIP This is a Program. one- time assistance program. 4. Maximum award is noted on the Housing Delivery Goals Charts: 50. 000 Der unit for rehabilitation 3. 500 Der familv for rental assistance 5. Terms, Recapture and Default: Relocation costs are in the form of a grant only, and will not be included in the mortgage. For eligible households outside of the City of Fort Walton Beach limits, 50% can be funded by the 502 Rural Development Direct Loan Program at an interest rate no higher than 6% with the remaining 50%, plus demolition costs to be funded by the SHIP Program with a Deferred Payment Loan ( DPL) secured by a mortgage and promissory note ( applicant must be very- low or low income. The note has no monthly payments, is at zero percent (0%) interest, and is due and payable upon sale, transfer or rental of subject property. The mortgage and note have a maximum term of 4a ~ years upon which time the loan is fully forgiven. Listed below is the loan amounts with the years of commitment: 1. 00 - $ 50. 000 = 4 years for unit reDair Loans will be forgiven in percentages at the following rates.;. 4 year loan... ... ... ... ... 25% forgiven per year Rental assistance funds. not to exceed $ 3. 500 will be aranted. There is a maximum term of 4 years, unless the property is sold, transferred or rented, in which case the loan becomes due and payable in full, with the following exceptions: 1) An income eligible heir makes the house their primary residence, in which case the loan can be assumed by them. 2) For eligible households not acceptable to the guidelines of the Rural Development Program, or within the City of Fort Walton Beach limits, the Okaloosa CDC will allow eligible households to owe a 50 % financed Deferred Payment Loan DPL) secured by a mortgage and promissory note (applicant must be within the very-low or low income categories). The note has no monthly payments, is at zero percent ( 0%) interest, and is due and payable upon sale, transfer or rental of subject property. There is a maximum term of 5 years, unless the property is sold, transferred or rented, in which case the loan becomes due and payable in full, with the following exceptions: If HOME monies are leveraged with SHIP monies for reconstruction or new construction HOME & SHIP rules will apply to eligible recipients and property. U: ArchivelSIDPL/ HAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_ 2003 # 3dr_TB 9-  Direot grant to homeowners that arc mentally or physioally dis1:bled, elderly 62 years or older) or earning 50% of median inoome or less, arc :1l1o':.( oble 1nd not scoured by a lien. No Repayment is requires. 1'.11 must be gr:1nts 3ppro'.'od by the Board of Direotors Management Te:1m. 6. Recipient Selection Criteria: Assistance will be provided on a first come, first qualified, first served basis following the declaration of a natural disaster. The strategy will be advertised upon declaration of the area as a " declared natural disaster" area. In the event the strategy is not implemented during a given SHIP Program year, any funding reserved for the Strategy will be reallocated to one or more of the approved SHIP strategies by SHIP budget transfer notification to the Housing Finance Agency. E. Name of the Strategy: Infill- Housing/ Land and/ or House Acquisition/ Rehabilitation/ Resale 1. Summary of the Strategy: The intent of this strategy is threefold: a.) To allow the Okaloosa CDC the capability to purchase property at relatively low prices below market value, rehabilitate the property and resell the property at approximately fair market value to low and very low income eligible customers. b.) To purchase property in target neighborhoods needing revitalization and to provide infill housing via new construction. c.) Purchase land to develop home sites 2. Fiscal Years Covered: 2007/ 2008; 2008/2009; 2009/ 2010 3. Income Categories to be served: The targeted populations are those individuals or households who are at 80% of the median income or less. This is a one- time assistance program. Maximum award is noted on the Housing Delivery Goals Charts: $ 800, 000. 4. Terms, Recapture and Default: Customers purchasing properties owned by the Okaloosa CDC, would be allowed, if eligible, to participate in the Down Payment/Closing Cost Program and/ or Housing Rehabilitation upon procurement of a home mortgage. The investment by the Okaloosa CDC would be recaptured in full less the Down Payment/Closing Cost funds. U: Archive/ SHIPL/HAPS 2003-04 LHAP Forms dtd9_ 03/LHAP 2003 # 3dr_TB Template 9.-,; 10 -  MAXIMUM AMOUNTS: Single Family Home 258, 637 281. 137. 50 Land for Development 800, 000 Recipient Qualifications: Costs funded by the SHIP Program with a Deferred Payment Loan (DPL) secured by a mortgage and promissory note. The note has no monthly payments, is at zero percent 0%) interest, and is due and payable upon sale, transfer or rental of subject property. There is a maximum term of 15 years, unless the property is sold transferred or rented, in which case the loan becomes due and payable in full, with the following exceptions: 1) An income eligible heir makes the house their primary residence, in which case the loan can be assumed by them. 2) For eligible households not acceptable to the guidelines of the Rural Development Program, or within the of Fort City