HomeMy WebLinkAboutexhibit5Department of Community Development
Housing Program Summary
SINGLE FAMILY REHABILITATION
Current Policy (effective 1010112004)
Proposed Policy (Effective 10/0112005
Project Description
To provide home improvement and rehabilitation assistance to homeowners
throughout the City in order to maintain the housing stock by assisting with
deferred maintenance, emergency repairs, removal of code violations an
replacement of unsafe structures.
Funding
HOME, SHIP, CDBG
r
No Change
Repayment Requirements
Forgivable after 10 years of owner
occupied or if not met, repayment in
full.
Forgivable after 15 years of owner
occupied or if not met, repayment in full.
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Minimum/Maximum Subsidy
$1,000 / $30,000 per home
$1,0001$35,000 per home
Affordability Period
10 Years
15 Years
Developer Fee
N/A
N/A
Service Charge
N/A
N/A
Minimum ratio of City funds to
other funds in the project
N/A
NIA
Type of Assistance
Construction rehab costs - paid
directly to contractor with
homeowners signing off on all
payment requests
No Change
Maximum Purchase
PriceNalue of Property
New Homes: $199,117; Existing
Homes: $173,701
New Homes and Existing homes:
$236,000
Priority
Clientele
Selection Process
Priority and preference for properties in Neighborhood Development Zones or Model Blocks
80% and below of Area Median Income, priority in the rehab program for elderly homeowners
Request for Applications advertised In local newspapers and processed on first -come first served basis,