HomeMy WebLinkAboutExhibitDepartment of Community Development
Housing Program Summary
SINGLE FAMILY REPLACEMENT HOMES
Current Policy
Proposed Policy
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 6
months after completion of
property.
Deferred loan at Zero (0%) interest for a term
of 30 years.
i. In the case of sale or transfer of the
unit, the full amount of the loan will be
due and payable.
Minimum/Maximum
Subsidy
Maximum of $120,000
Maximum of $150,000
Affordability Period
Maximum of 30 years
Maximum of 30 years
Type of Assistance
Construction and relocation
expenses paid directly to
copator.
All construction and demolition costs and
relocation expenses if any paid directly to
contractor with homeowner signing off on all
payment requests.
Maximum Completed
Value of Property
Maximum Value: $236,000
Maximum Value: $236,000
Clientele
Selection
120% and below of Area Median Income, priority given to elderly and disabled
homeowners
Request for applications advertised in local news papers and processed on a first -come
first -served basis, however, priority will be given to unsafe structures referred from the
building department and the rehabilitation program.
ATTACHMENT "A"
Department of Community Development
Housing Program Summary
SINGLE FAMILY REPLACEMENT HOMES
Current Policy
Proposed Policy
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 begl s 6
months after completion of f °:a
property.
Deferred forgivable loan at Interest of 0% to
3% based on Income for a term of 30 years
according to the following schedule:
0% - Household Income at or below 50%
1% - Household Income between 50% and 60%
2% - Household income between 60% and 70%
3% - Household income between 70% and 80%
For household Income between 80% and
120%, the loan will be fully amortizing at 3%
with monthly payment of principal and
Interest.
In the case of sale or transfer of the unit, the
City will share in the gain realized by the
borrower.
I. 0 to 3 years — 100% of the City's pro
rata share of the gain generated.
II. 3 — 30 years — On the and year, City
receives 85% of the City's pro rata
share of the gain generated and
borrower receives 16%. Thereafter, the
borrower receives additional 5% of the
City's pro rata share per year reducing
the City's share by the same
`\percentage
Minimum/Maximum
Subsidy
Maximum of $120,000
Maxlmuri of $150,000
Affordability Period
Maximum of 30 years
Maximum 4,30 years
Type of Assistance
Construction and relocation
expenses - paid directly to
contractor.
All constructionand demolition costs and
relocation expenses if any paid directly to
contractor with homeowner signing off on all
payment requests. ��
ti
Maximum Completed
Value of Property
Maximum Value: $236,000
Maximum Value: $236,000
Clientele
Selection
120% and below of Area Median Income, priority given to elderly and disabled
homeowners
Request for applications advertised in local news papers and processed on a first -come
first -served basis, however, priority will be given to unsafe structures referred from the