HomeMy WebLinkAboutExhibitEXHIBIT "A"
City of Miami
Department of Community Development
Housing Program Summary
Manufactured Home Dmvnpayment Assistance
Program Policy
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MANUFACTURED HOME DOWNPAYMENT ASSISTANCE
PROGRAM POLICY
Provide assistance to replace manufactured homes within the City of
Miami owned by low income residents whose manufactured homes have
Program Description
been found to be in violation of the City Code. The City of Miami will be
provided down payment, closing costs and/or second mortgage financial
assistance towards the purchase of a new- manufactured home.
Funding
HOME
Repayment
Forgivable loan after the affordability period 6f.5 -years. In the case of
Requirements
sale of the property during the affordability period, the borrower will be
required to repay the en91_ oan.
Minimum / Maximum
$1,000 l $14;999
Subsidy
Only manufactured -=homes defined as a structure that is built in sections in
a factory, possesses a permanent chassis end manufactured in compliance
with the Manufactured Home Construction and Safety Standards
"(MHCSS)" established by HUD (24 CFR Part3280) are eligible. The
properly must also meet -the following criteria:
Eligible Property
1. Must; be connected to`permanent utility hookups.
2. Th ase of the parcel to which the home will be affixed to must
be no.less than 5 years,
3. The property must meet all local and state housing quality
standards or'at aminimum a Housing Quality Standards as set of
m Section 92.251(0(2) of the HOME regulation.
Affordability Period
5 years
Security
Affordability period to be enforced by a restrictive covenant that will run
with the land as well as a mortgage
Minimum Down Payment j;
i
$100
Type of Assistance
Down payment assistance and closing costs
Maximum Purchase Price /
Value of Manufactured
$15,000
Home
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