HomeMy WebLinkAboutexhibit6City of Miami
Department of Community Development
Housing Program Summary
SINGLE FAMILY HOMEOWNERSHIP
Current Policy (effective 10101/2004)
Proposed Policy (Effective 10/01/2006
Project Description
To assist low Income homebuyers in the purchase of a home by providing down
payment, closing costs and/or second mortgage financial assistance for the
purchase of a newly constructed or existing residential property within the City,
Funding
HOME, SHIP, CDBG
No Change
Repayment Requirements
Forgivable until affordability period of
20 years is met or If not met,
repayment In full
Non -forgivable loan for an affordability
period of 30 years. Full principal
repayment of loan upon transfer of
property, non -occupancy or at term of
loan.
Minimum/Maximum Subsidy
$1,000 per unit to HUD Maximum
subsidy cap based on bedroom size
(up to $85,225 for a 4 bedroom unit)
No Change
Affordability Period
20 Years
30 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
N/A
Type of Assistance
Down payment assistance and closing
costs
No Change
Maximum Purchase
PriceNalue of Property
New Homes: $198,117; 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.