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

categories. The maximum SHIP cost per unit is $ 35, 000 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: 35, 000 $ 50. 000 5. Tenns, Recapture and Default: Relocation costs are in the fonn 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 tenn of H 1.years upon which time the loan is fully forgiven. Listed below is the loan amounts with the years of commitment: 1.00 $ 15, 000 - 10 Years 15, 001 $ 35, 000 - 15 Years 50.000 - 4 years Loans will be forgiven in percentages at the following rates: 1 0 Year loan. . . . . . . . . 10% . . . . forgiven per year 15 Year loan...... ... . 6. 67% forgYo'eR per year 4 year loan. . . . . . . . . . 25% . . . . .forgiven per year There is a maximum tenn of H 1. 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 U: AnhiveJSHIP/LHAPS 2003-04 LHAP Fonns dtd 9_ 03/LHAP T emplat.e 9_2003 #3dr _TB 12 -  them. 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 tenn of ~ ~ years, unless the property is sold, transferred 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. 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, 50% of median income or elderly ( 62 years or older) or earning W% 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 provided on a first come/ first served, first qualified 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 SlllP Program year, any funding reserved for the Strategy will be reallocated to one or more of the approved SlllP strategies by SlllP budget transfer notification to the Housing Finance Agency. U :AfthiveJSHIPILHAPS 2003-04 LHAP FonDS dtd 9_ 03/ LHAP TB Template. 9_2003 # 3dr _ 13 - E. Name of the Strategy: Inidl-HousinglLand and/or House Acquistion/Rehabiltaion/ Resale 1. Summary of the Strategy: The intent of this strategy is ld threefold: twof{) 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: 2006/ 2007; 2007/ 2008; 2008/ 2009 3. Income Categories to be served: The targeted populations are those individuals or households who are at 120% of the median income or less. This is a one- time assistance 8()% program. Maximum award is noted on the Housing Delivery Goals Charts: 200. 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. MAXIMUM AMOUNTS: Single Family Home 150, 000. 00 $ 258. 637 Land for Development 150, 000. 00 $ 800. 000 Recipient Qualifications: Costs funded by the SHIP Program with a Deferred Payment Loan (DPL) secured by a mortgage and promissory note (applicant must be very 1m'; or 1OY." 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. U :An: hivelSHIPL/ HAPS 2003- 04 LHAP Fonns dtd 9_ 03/LHAP Template 9_2003 #3dr _TB 14-  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: a) An income eligible heir makes the house their primary residence, in which case the loan can be assumed by them. 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,