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

Rental assistance funds, not to exceed $ 3, 500 will be granted.:. 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. 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. Updated June 17, 2009 - Addition FHOP Strategy E. Name of the Strategy: Infill- Housing/ Land and/ or House Acq u is ition/ Reha bil itation/ Resa Ie 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. Updated June 17, 2009 - Addition FHOP Strategy  MAXIMUM AMOUNTS: Single Family Home 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 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 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. 5. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first- serve basis following 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 SHIP handicap in the selection of recipients of contracts or assistance under the Program. Updated June 17, 2009 - Addition FHOP Strategy 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 30 days with either a letter from the In addition, mortgagee- notifying applicant of delinquency and/ or intent to foreclosure. been caused circumstances beyond the control of the the default must have by will be able to applicant and there must be a reasonable prospect that the applicant resume full mortgage payments to the primary lender. This program may only be used once by an eligible homeowner. Updated June 17, 2009 - Addition FHOP Strategy 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.