HomeMy WebLinkAboutpre housing activities'APR--28-2004 10:42 CITY CLERKS OFFICE
305 858 1610 P.05
29TH YEAR CDBG PROGRAM AND HOME PROGRAM POLICY
(CDBG Housing Development Category and HOME Homeownership Activities)
Efilo Itv g ivtdes by Districts:
The Request for Proposals (RFP) for 20 Year CDBG Program funding of housing development
activities and HOME Program funding of homeownership activities will limit Ending to the
fallowing District -specific priorities:
District Irtority Activities
District 1 - (1) Down payment Assistance / Second Mortgage
(2) New Construction, Homeownership
District 2 - (1) New Construction, Homeownership
(2) Down payment Assistance / Second Mortgage
District 3 - (1) Down payment Assistance / Second Mortgage
(2) Multi -family Rehabilitation
(3) New Construction, Homeownership
District 4 - (1) Multi -family Rehabilitation
(2) Down payment Assistance / Second Mortgage
(3) New Construction, Homeownership
District 5 - (1) New Construction, Homeownership
(2) Down payment Assistance / Second Mortgage
', l insti4 g.. .S� JD fu ! _t,! ;.Hoasing,Adminlstradon:
Housing administrative costs on Brick and Mortar activities of affordable housing projects will
be covered through developer fees of fimded projects, thereby eliminating the use of U.S. HUD
hands for housing administration.
,,_and Mortar a� tir'ptles:
The HOME Program funding of Brick and Mortar housing development activities will continue
to be directed a3 follows:
75% - New Construction, Homeownership
25% - Rehabilitation and New Construction, Rental units
vet ate uiren nts Con freed:
Housing developers will be required to leverage City funds using other public and/or private
funding as follows:
5: I - Rental housing projects
2:1 - Homeownership projects
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' APR--213--2004 10:42
CITY CLERKS OFFICE
305 858 1610 P.06
jiMciagsflaject C4 true ion
For any bous%ng development project to be eligible for funding, construction must be ready to
begin within six (6) months of executing an agreement with the City and the project must be able
to be completed within twenty-four (24) months of executing the agreement.
Down ravme iatance andSecond Mortgages:
"Ma down payment assistance and second mortgage programs for CDBG and HOME funding
will be project -driven. The maximum funding per eligible home purchase will be $30,000.
Funding will be in the form of 0% interest deferred loans which will come due and payable, in
full, at sale or in the event that the property is leased or rented during the term of the Ioan. In the
event that the homebuyer seeks to refinance the home prior to the termination of' the loan, the
City Manager or designee will determine what portion of the loan must be repaid.
W721$ attachment
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