HomeMy WebLinkAboutExhibit ACity of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Replacement Home Program
Resolution 19-0021
Proposed Guidelines
January 10, 2019
Single Family Replacement Home Program
Designed to address substandard and dilapidated
housing units that the cost of repairs cannot be
Program Description
addressed through the Single Family
Same as Resolution No. 019-0021
Rehabilitation Program. It involves the demolition
(No Change)
and reconstruction of a new 3 bedroom 2 bath
house on the same lot.
Funding
SHIP and CDBG
Same as Resolution No. 019-0021
(No Change)
Type of Assistance
Deferred payment 30 year loan used for
Same as Resolution No. 019-0021
reconstruction of home; 0 /o non -amortizing
(No Change)
Minimum / Maximum
$150,000
S450,000 to $250,000
Subsidy
Affordability Period
30 years
Same as Resolution No. 019-0021
(No Change)
Single family owner occupied unit in the City of
Miami with major structural defects that cannot be
rehabilitated.
The property must be free and clear of all liens
Same as Resolution No. 019-0021
Eligible Property
and mortgages, except City of Miami municipal
(No Change)
liens.
Properties with first mortgages will qualify for
replacement only if the first mortgage lender
subordinates to the City.
Affordability period to be enforced by a mortgage
Same as Resolution No. 019-0021
Security
on the property and requirement of homestead
(No Change)
exemption
Repayment
I . In the case of sale or transfer or if the
Same as Resolution No. 019-0021
Requirements
property ceases to be occupied as the
(No Change)
primary residence, the borrower will be
required to repay the original amount
given as assistance.
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Replacement Home Program
2. In the case of sale or transfer of the unit
the City will share in the gain realized by
the borrower.
a. 0 to 10 years — City receives
100% of the City's of the
gain generated less land
value.
b. 10 — 20 years — City receives
50% of the gain generated
less land value .
c. 20 to 30 years — City receives
25% of the gain less land
value.
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Rehabilitation Program
Resolution 20-0046
Proposed Guidelines
February 13,2020
Single Family Rehabilitation
To assist low income residents with all the repairs
Program Description
necessary to bring the house to a decent, safe and
Same as Resolution No. 20-0046
sanitary condition. Eligible trade areas to include
(No Change)
plumbing, electrical, roofing and structural.
Funding
SHIP and CDBG
Same as Resolution No. 20-0046
(No Change)
Type of Assistance
Deferred payment 10oyear loan used for repairs to
Same as Resolution No. 20-0046
property; 3 /o non -amortizing
(No Change)
Minimum / Maximum
Subsidy
$1 000 / $50 000
$1 000 / 9 990 $70 000
Affordability Period
10 years
Same as Resolution No. 20-0046
(No Change)
Affordability period to be enforced by a mortgage
Same as Resolution No. 20-0046
Security
on the property and requirement of homestead
(No Change)
exemption
Repayment
In the case of sale or transfer or if the property
Requirements
ceases to be occupied as the primary
residence, the borrower will be required to
Same as Resolution No. 20-0046
repay the original amount given as assistance
(No Change)
as well as any accrued interest.
SHIP: Not to exceed 90% of the median area
purchase price established by the U.S.
Same as Resolution No. 20-0046
Maximum Value of
Treasury Department
(No Change)
Property
CDBG: Property must not exceed the tax assessed
market value of $400,000