Fort Walton Beach Council agenda — 12-12-06 ‎(regular)‎ — reading text

20, 001 $ 35, 000 - 15 Years The loan is due and payable upon sale, transfer or rental of subject property prior to forgiveness date. Requests for subordination in the event of homeowner refinancing will be reviewed on a case- by- case basis reduction in interest and disallowing cash in hand to recipient. There is a maximum term of 15 years indebtedness. However, debts will be forgiven at the follo'.ving rates: 10 Year loan. . . . . . . . . 10% . . . . forgiven per year 15 Year loan... ... ... . 6. 67% forgiven per year U: An:hivelSHIPfLHAPS 2003- 04 LHAP Fonns dtd 9 _03fLHAP Template 9_2003 #3dr_TB 8-  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. A direct grant not secured by a lien is allowable to homeowners that are mentally or physically disabled, elderly ( 62 years or older) or below J{)%. 50% of median income. No repayment is required in such cases. All grants must be approved by the Board of Directors Management Team. 6. Recipient Selection Criteria: Assistance will be provided on a first- come, first qualified, first- serve basis following annual advertisement ofthe 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. 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 ofthe 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 $ 35, 000 up to 100. 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: 2006/ 2007; 2007/ 2008; 2008/ 2009 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: 5. T enns, Recapture and Default: U; ArchivelSHIP/LHAPS 2003-04 LHAP FOnD8 dtd 9_ OJ/LHAP Template 9 ~ OO3 # 3dr _TB 9-  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 15 years upon which time the loan is fully forgiven. Listed below are the loan amounts with the years of commitment: 1.00 - $ 15, 000 $ 50. 000 = 10 Years 15, 001 $ 50. 001 - $ 35, 000 $ 100. 000 = 15 Years Loans will be forgiven in percentages at the following rates: 1 0 Year loan. . . . . . . . . 10% . . . . forgiven per year 15 Yearloan......... . 6. 67% forgiven per year 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. F or 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 + 1-years, unless the property is sold, transferred term of s. or rented, in which case the loan becomes due and payable in full, with the following exceptions: 2) An income eligible heir makes the house their primary residence, in which case the loan can be assumed by them. U :ArchivelSHIPILHAPS 2003-04 LHAP FOnml dtd 9_ 03/LHAP Template 9_ 2003 #3dr_TB 10 -  If HOME monies are leveraged with SlllP monies for reconstruction or new construction HOME & SlllP rules will apply to eligible recipients and property. Direct grant to homeowners that are mentally or physically disabled, elderly 62 years or older) or earning ~ 50% of median income or less, are allowable and not secured by a lien. No Repayment is required. All grants must be approved by the Board of Directors Management Team 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 religion, age, sex, marital or familial on the basis of race, creed, color, status, national origin, or handicap in the selection of recipients of contracts or assistance under the SlllP Program. 7. Sponsor Selection Criteria: D. Name of the Strategy: Disaster Assistance 1. Summary of the Strategy: SlllP funds may be used in all areas of Okaloosa County and the City of Fort Walton Beach to provide emergency repairs to homes owned by SlllP 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. This optional strategy will be implemented only in the event of a " declared natural disaster" that directly impacts the area. The maximum amount of SlllP funds to be utilized through this strategy is $ 35, 000 $ 50. 000 per unit. 2. Fiscal Years Covered: 2006/ 2007; 2007/2008; 2008/ 2009 U: ArcbivelSHIPILHAPS 2003-t14 LHAP Forms dtd 9 _03ILHAP Template 9_2003 #3dr_TB 11-  3. Income Categories to be served: Those individuals or households who are within the very low and low- income