Okaloosa County BOCC — 2013 meeting #1140 (date undetermined) — 2013-2016 LHAP Revised Per FHFC — reading text

constructed home. 2. Fiscal Years Covered: 2013/2014; 2014/2015; 2015/2016 3. Income Categories to be served: Those individuals or households who are at or below 80% of the median income. Beneficiaries must complete a Home Buyer Counseling class provided by Consumer Credit Counseling Services, Inc. or other HUD certified Credit Counseling service prior to receiving funds. Eligible Moderate Income applicants will be considered only if there are no eligible buyers in the Very Low Income and Low Income categories. 4. Maximum award: $30,000 5. Terms, Recapture and Defaull: The SHIP note has no monthly payments, is at zero percent (0%) interest, and is due and payable upon sale, transfer or rental of subject property. Requests for subordination in the event of homeowner refin ancing will be reviewed and granted only when the refinancing will result in a decrease of their mortgage payment. There is the stipulation of no more than $100.00 cash in hand to the homeowner. 6. Recipient Selection Criteria: Assistance will be provided on a first-come, first qualified, first served basis for an applicant who receives a first mortgage commitment from a lender. Section 420.9075(3)(c) Florida Statue, state that it is unlawful to -5-  discriminate on the basis of race, creed, color, relig ion, age, sex, marital or famil ial status, nationa l origin, or hand icap 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. The maximum per unit cost for rehabilitation cannot exceed $50,000, and is fully forgivable. Green strategy: The Housing Rehabilitation and Substantial Rehabilitation strategy provides that energy conservation and other green features will be incorporated into all substantial rehabilitation projects. This includes, but is not limited to energy conserving windows and doors, higher efficiency HVAC units, increased wall and ceiling insu lation , programmable thermostats, low-flow plumbing fixtures, as appropriate and Energy Star rated appliances where applicable and with homeowners' acceptance, metal roofing. Metal roofing contributes to increased energy efficiency, longer life and is less susceptible to hurricane wind damage. Fiscal Years Covered: 2013/2014; 2014/2015; 2015/2016 2. Income Categories to be served: The targeted populations are those individuals or households who are at or below 80% of the median income. 3. Maximum award: $50,000 4. Terms, Recapture and Default: The Ship note has no monthly payments, at 0% interest and is secured by a recorded mortgage and promissory note that is forgiven at the end of 5 (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 @ 1/5 PER YEAR Requests for subordination in the event of homeowner refin ancing will be reviewed and granted only when the refinancing will result in a decrease of their mortgage payment. There is the stipulation of no cash in hand to the homeowner. 6. Recipient Selection Criteria: Assistance will be provided on a first-come, first qualified, first-serve bas is following annual advertisement when required of the availability of SHIP resources for eligible homeowners who are at no more than 80% of median income level for Okaloosa County. Seelion 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 seleelion of recipients of contracts or assistance under the SHIP Program. -6- C. Name of the Strategy: Reconstruction or New Construction for Eligible Homeowners 1. Summary of the Strategy: SHIP funds will be made available for the demolition of mobile homes and homes, which are determined to be deteriorated beyond repair for the reconstruction of homes on the property of the eligible homeowner. Reconstructed homes will include Energy Starr rated appliances, compact florescent light bulbs, energy efficiency rated HVAC units , and added insulation. Selected units will be determined based on feasibility analysis. The maximum allowable SHIP cost is up to $150,000. If applicant is eligible for a first mortgage on the reconstruction project. the Okaloosa CDC will pay the difference between the amount of the first mortgage and the cost of the new reconstruction. 2. Fiscal Years Covered: 2013/2014; 2014/2015; 2015/2016 3. Income Categories to be served: Those individuals or households who are within 80% of the median income or less. 4. Maximum award is noted on the Housing Delivery Goals Charts: $150,000 5. Terms, Recapture and Default: The SHIP 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 note has a term of 20 years upon which time the loan is fully forgiven. Listed below are the loan amounts with the years of commitment: Loans will be forgiven in percentages at the following rates: 20 Year loan ...... 5% forgiven per year on the loan anniversary date. There is a term of 20 years, unless the property is sold, transferred or rented, in which case the balance of the loan becomes due and payable in full, with the following exceptions: a .. ln the event of the dealll of a loan holder, if an income eligible heir makes the house their primary residence, tile forgivable loan can be assumed by them. b.lf HOME monies are leveraged with SHIP monies for reconstruction or new construction HOME & SHIP rules (whichever is more restrictive) will apply to eligible recipients and property. 6. Recipient Selection Criteria: Assistance will be on a first-come, first qualified, first-served, basis for -7-  those whose income is 80% or less of the median income. Section 420.9075(3)(c) Florida Statue, states 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. D. Name of the Strategy: Disaster Assistance 1. Summary of the Strategy: SHIP funds may be used in all areas of Okaloosa County and the City of Fort Walton Beach to provide emergency repairs and rental assistance funds to homes owned by SHIP very low and low income fam ilies in the aftermath of a Federal or state declared disaster by Executive Order to address emergency housing repair needs. Generally, such needs shall include, but not be limited to: purchase of emergency supplies for eligible homeowners to weatherproof damaged homes; interim repairs to avoid further damage to the homes of eligible families; tree and debris removal required to make individual housing units habitable by an eligible family; and post-disaster assistance for uninsured repairs to homes owned by low and very low income families. Additionally, in those cases where eligible families cannot live in their damaged homes, deposits and 1" and last month's rents will be provided not to exceed $3,500 per unit This optional strategy will be implemented only in the event of a "declared disaster" that directly impacts the area. The maximum amount of SHIP funds to be utilized through this strategy is $50,000 in repairs per unit and $3,500 per family for rental assistance. 2. Fiscal Years Covered: 201312014; 201412015; 201512016 3. Income Categories to be served: Those individuals or households at or below 80% of the median income or less. The maximum SHIP cost per unit is $50,000. 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. This is a one-time assistance program. 4. Maximum award is noted on the Housing Delivery Goals Charts: $50,000 per unit for rehabilitation $ 3,500 per unit for rental assistance, if required 5. Terms, Recapture and Default: The SH IP 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 5 years upon which time the loan is fully forg iven. Listed below are the loan amounts with the years - 8-  of commitment: $1.00 - $50,000 = 5 years for unit repair Loans will be forgiven in percentages at the following rates; 5 year loan-20% forgiven per year on the loan anniversary