Fort Walton Beach Council agenda — 02-08-05 — reading text

2  a) The Homeowner has certified that the property shall be their principal residence and that at the time of application and approval their annual income does not exceed eighty percent ( 80%) AMI, as detennined by HUD with adjustments for size. family County Area Median Income ( adjusted for family size) Percentage (%) AMI Level of Homeowner Homeowner' s Income b) The property is located in [ City, County] and will have an after-rehabilitation or reconstruction app~aised value less than ninety- five percent ( 95%) median sales equal to or price of the area. The Subr~cipie~t has reviewed the household income and the property value requirements in accordance\ vitn HOME ,Program requirements and has approved this project eligible for funding. c) The Homeowner must maintain the property, for the life of the loan including payment of property taxes, homeowner' s insuran~~,~ d, floo4 insurance, ,if applicable. The Corporation must be named as an additional insured' op all of the homeowner' s insurance policies. . 5) HOUSING AND QUALITY STANDARDS The property, after rehabilitation / reconstruction, ri1ust meet Florida Housing' s Minimum Rehabilitation Standards, Section 8 Housing Quality Standards ( HQS) or the local or Florida Building Code (latest editiol1)~~ ever is' more hicl?- stringent. The Subrecipient shall verify the property has met the housirig aha. ards as' evidenced by atris"suance of Occupancy upon final 9lialt!y,~tan4, of a Certificate inspection:()f the' reh~o~litation / reconstruction. 6) OTHER PRQG~ REQUIREMENTS The Homeowner and,' the HOME assisted unit must comply with the following, as applicable: a) 24GFR ~ 92;, b) Chapter 67- 50. 060( 12), F.A.C.; c) Lead- based Paint requirements as enumerated in 24 CFR 9 92. 355, 42 D.S. C. 4821 et seq., 24 CFR ~ 35 and 24 CFR ~ 982.4010) ( except paragraph 982. 4010)( I)( i)), which are adopted and incorporated herein by reference; and d) Flood Insurance requirements as enumerated in Section 202 of the Flood Disaster Protection Act of 1973 ( 42 D.S. C. 4106), which is adopted and incorporated herein by reference. 3  7) REQUESTS FOR DISBURSEMENT OF FUNDS The Homeowner agrees that HOME funds shall only be used for activities. The Homeowner also eligible HOME Again agrees that any work done by a contractor in perfonnance of this Agreement shall be done' pursuant to a written contract. The HOME funds shall be held' by the Corporation for disbursement as the work progresses. All requests shall be made in the fonn of an invoice or bill and must be the Homeowner. The Homeowner and the contractor approved by will be , required to Homeo,wner/ Contractor sign a attached as Exhibit A, and submit o the with any invoices or bills. The Affidavit,- t. Subrecipient along Subrecipient shall inspect and approve the work prior to approving and submitting a payment request to the Corporation. . Upon receipt of the contractor' s proper mechanic' s lien waiver,' if appli~ab'le, the Subrecipient shall request a final draw from the If there are funds completed, inspected and accepted "~ari.cl all soft costs reWainiiig the work has been Corporati(l ) }:, after all CorPoration shall adjust the amount of the loan ~ d..de- paid' in full, the Homeowner will oblig~ te the remaining funds. The receive documentation of outstal1dirig balance; Ida!) 8) ENFORCEMENT OF THE AGREEMENT The loan shall be evidenced by a Promissory Note and shall be secured by a the property. Failure the Mortgage on by Homeowner to bomply wlth;thetenns of this Agreement and the loan documents shall be considered a default and appropriate legal actions shall be taken. 9) DURATION OF TIiEr\(; REEMENT This Agreement shall be in effect for a term which shall run until the first to occur of the' events as noted in Sectiol13. 10) OTHER PROVISIONS' No discrimination ~ gainst any person or group of persons by the race, s~ x, creed,. lor or na. parties on account of c,? t~op.al origin shall be made in performance of this Agreement. Nothing contaiQ,ed in this Agreement or any act of the shall be deemed or ,construed Subrecipient or the Homeowner by any of the parties hereto, or third persons to. create any relationship of third party beneficiary, principal or agent, limited or venture or any association or general partnership, joint relationship involving the Subrecipi~nt. REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 4  FIOrid'fHousing Finance Corporation we make housing affordable HOME Again FHFC Disaster Relief HOME Assistance Program HOMEOWNER F~ E COMPLETION CHECKLIST FHFC # / Applicant Name: Homeowner Name: Homeowner Address: File Prepared By: Contact Phone Number: Completion Date: . UNDERWRITING AND APPLICATION PROCESSING DOCUMENTS: FHFC Homeowner File Set- Up Checklist HOD Project Set Up Form Application form; authorization to release information Source documentation and calculation of income Current Income Limit Chart Documentation of principal residence Documentation of ownership Project Activity Tracking Log Privacy Statement and Notification I Acknowledgement ofRecei t Form Uniform Loan Application / Loan Transmittal Summary ( Form 1003), Ifapplicable LEGAL AND FINANCIAL DOCUMENTS: I Documentation of all costs and compliance with subsidy limits HOME Again Completion Cklst 1- 5- 05 HOME Again Homeowner Assistance Agreement HOME Again Promissory Note HOME Again Second Mortgage Recorded Original) . Copy of Recorded First M;ortgage if applicable) HOD- I Settlement Statement Title Insurance Policy with Florida Housing as additional insured) Property Insurance with Florida Housing as additional insured) Flood insurance, if applicable with Florida Housing as additional insured) CONSTRUCTION MANAGEMENT: Lead hazard risk assessment or other lead hazard evaluation; lead hazard evaluation and reduction notices to occupant Property inspection checklists to determine compliance with local codes and written rehabilitation standards FHFC Environmental Review Checklist Relocation notices; documentation of assistance Budget and scope of work Documentation of after-rehabilitation property value Bid documents; bid analysis Contractor Certification Contract for construction work Pre- donstruction conference report Notice to proceed, if applicable Change if applicable orders,- Ongoing and final inspection reports; building code compliance inspections Payment records and lien releases HOME Cklst  Warranties and guarantees On- site monitoring of construction work perfonned Certificate of Occupancy HUD Project Completion Report Florida Housing File Review: Signature Date HOME Again Completion Cklst J - 5- 05  HOME Again FHFC Disaster Relief HOME Assistance Flondaouslng F J n Q n C II Cor p. 0 ro J to n . Program Florida Housing Finance Corporation we: make Mailing Address: 227 N. Bronough Street, Suite 5000 Lousin.gafbdoble Tallahassee,