HomeMy WebLinkAboutexhibit7Department of Community Development
Housing Program Summary
SINGLE FAMILY REPLACEMENT HOMES
Current Policy (effective 10/01/2004)
Proposed Policy (Effective 10101/2005
Project Description
Designed to address substandard and dilapidated housing units that the cost of
repairs cannot be addressed through the Single Family Rehabilitation Programs,
Funding
SHIP, CDBG
No Change
Repayment Requirements
Interest from 0-3% based on household
income. Repayment of principal and
interest begins 8 months after
No Change
Minimum/Maximum
Subsidy
Maximum of $95,000
Maximum of $110,000
Affordability Period
Maximum of 20 years based on Income
30 years regardless of income
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
Construction and relocation expenses -
paid directly to contractor.
All construction costs and relocation
expenses. Paid directly to contractor with
Homeowner signing off on all payment
requests.
Maximum Purchase
PriceNalue of Property
Maximum Value: $199,117.
Maximum Value: $236,000
Priority
Clientele
Selection Process
Priority and preference for properties in Neighborhood Development Zones or Model Blocks
B0% 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,