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

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 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: If HOME monies are leveraged with SHIP monies for reconstruction, HOME rules will apply to eligible recipients and property. Direot grant to homeo'V. nem that =: Ire or physioally ment=I:I y diG=:Ibled, elderly ( 62 yeor~ or older) or earning 30% of median inoome or lesG, =: Ire =: able =: II/ olf/ Ind not Geoured by =: I lien. No Rep=Iym:ent is required. 5. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first- serve basis fol/ owing annual advertisement of the availability of SHIP resources for eligible homeowners who are at no more than 120% of median income level for Okaloosa County. 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, national origin, or handicap in the selection of recipients of contracts or assistance under the SHIP Program. U: ArchivelSmPL/ HAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_ 2003 # 3dr _TB 11-  F. Name of the Strategy: Foreclosure Prevention/ Intervention Strategy 1. Summary of the Strategy: This strategy will be used in all areas of Okaloosa County and the City of Fort Walton Beach to provide foreclosure prevention/ intervention assistance prior to the start of the foreclosure process to allow eligible low and very low income homeowner's to become current on their mortgage payments. Eligible expenses will include delinquent mortgage payments, debt collection, attorney' s fees, recording fees, and late fees. The maximum grant amount is $ 5, 000. 2. Fiscal Years Covered: 2007/2008; 2008/ 2009; 2009/ 2010 3. Income Categories to be Served: Those individuals or households who are at or below 80 % of median income. That are not eligible for the HUD Assignment Program or other related programs. Assistance will be provided on a first- come, first qualified, first- served basis. 4. Maximum Award is noted on the Housing Delivery Goals Charts: $ 5,000 5. Terms, Recapture and Default: Assistance will be available in the form of a grant with no repayment required. 6. Recipient Selection Criteria: Homeowner' s must be delinquent in at least two full monthly mortgage 30 payment!:: davs with either ~: md in reoeipt of a letter from the mortgagee- notifying applicant of delinquency and/ or intent to foreclosure. Eligible mu~ t attend oounseling mt!:: applio:: GeGsions 3& determined by funding agenoy. In addition, the default must have been caused by circumstances beyond the control of the applicant and there must be a reasonable prospect that the applicant will be able to resume full mortgage payments to the primary lender. This program may only be used once by an eligible homeowner. U: ArchivelSHIP/LHAPS 4 LHAP Forms dtd 9_ 2003..() 03/LHAP Template 9_2003 # 3dr_TB 12-  G. LHAP RENTAL STRATEGIES Name of the Strategy: Rehabilitation/ New Construction 1. Summary of the Strategy: The intent of this strategy is to leverage state funds with private investors and other non- profits in the rehabilitation of existing substandard low- income rental housing, both single family homes and multi- family apartments or town homes, and to assist in the funding, rehabilitation or new construction of rental units within the County and City to further the efforts of low income rental development. 2. Fiscal Years Covered: 2007/ 2008; 2008/ 2009; 2009/ 2010 3. Income Categories to be served: Families occupying rental units rehabilitated or developed through this activity must have incomes below 80% of the median income or in the case of a development receiving tax credits, they must adhere to state required percentages. 4. Sponsor Selection Criteria: Selection criteria shall include the following, as applicable: U: ArchivelSIDPILHAPS 2003- 04 LHAP Forms dtd 9_ 031LHAP Template 9_ 2003 # 3dr_TB 13 -  SELECTION CRITERIA MAXIMUM POINTS 1) Proof of the desire to provide affordable rental housing as stated in the organization' s mission statement or bylaws. 1 0 pts. 2) Amount of community related activity the organization has one in Okaloosa County. 5 pts. 3) Experience in the development of affordable rental housing as well as any previous experience with the FHFC rental development. 20 pts. 4) The financial stability of the organization / corporation. 15pts. 5) Ability to complete projects in a timely manner with target dates for Project commitment and completion if selected. 1 0 pts. 6) Demonstrate site control. 1 5pts. 7) Demonstrate that other necessary funds and financing are committed with a ration of private funds to public funds included. 15pts. 8) Document the SHIP cost per unit as well as the total aggregate cost per unit from all funding sources. 20pts. 9) Document that the infrastructure is in place or is available and project conforms to County and/ or City development goals. 1 Opts 10) Document support services provided. 20pts. 11) Document the affordability of the proposed units to be constructed or