Fort Walton Beach Resolution — 2009-30-Amend LHAP — reading text

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 $ 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 according to the amount borrowed for 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 Requests for subordination in the event of homeowner refinancing will be reviewed on a case- by- case basis with priority given to debt consolidation or reduction in interest rate and disallowing cash in hand to recipient. 6. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first- serve basis 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. 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. Updated June 17, 2009 - Addition FHOP Strategy 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 and for relocation costs for the home owner while they are being reconstructed. Selected units will be determined based on feasibility analysis. The maximum allowable SHIP cost is up to $ 180, 000. If applicant is eligible for a partial home loan on the reconstruction project, the Okaloosa CDC will pay the difference not to exceed the maximum allowable SHIP funds. 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. 4. Maximum award is noted on the Housing Delivery Goals Charts: $ 180, 000 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 20 years upon which time the loan is fully forgiven. Listed below are the loan amounts with the years of commitment: 1. 00 - $ 180, 000 = 20 Years Loans will be forgiven in percentages at the following rates: 20 Year 5% forgiven per year loan......... .. There is a maximum term of 4-a 20 years, unless the property is sold, transferred or rented, in which case the loan becomes due and payable in full, with the following exceptions: 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 4 Q years, unless the property is sold, transferred or rented, in which case the loan becomes due and payable in full, with the following exceptions: Updated June 17, 2009 - Addition FHOP Strategy  1. 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. 2. If HOME monies are leveraged with SHIP monies for reconstruction or new construction HOME & SHIP rules will apply to eligible recipients and property. 6. Recipient Selection Criteria: Assistance will be on a first- come, first qualified, first- served, basis for 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 families in the aftermath of a Federal, state or locally " declared natural disaster" 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 inhabitable by a the eligible family; and post- disaster assistance with non- insured repairs to homes owned by low and very low income families. Additionally, in those cases where st eligible families cannot live in their damaged homes, deposits and 1 and last months rents will be provided not to exceed $ 3, 500 per family. This optional strategy will be implemented only in the event of a " declared natural disaster" that directly impacts the area. The maximum amount of SHIP funds to be utilized through this strategy is 50, 000 in repair per unit and $ 3, 500 per family for rental assistance unit. 2. Fiscal Years Covered: 2007/ 2008; 2008/ 2009; 2009/ 2010 3. Income Categories to be served: Those individuals or households who are who are at 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 family for rental assistance Updated June 17, 2009 - Addition FHOP Strategy  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 4 years upon which time the loan is fully forgiven. Listed below are the loan amounts with the years of commitment: 1. 00 - $ 50, 000 = 4 years for unit repair Loans will be forgiven in percentages at the following rates.;. 4 year 25% forgiven per year loan.. . ...... ... ...