HomeMy WebLinkAboutHousing Program SummaryProject Description
Funding
Repayment Requirements
Minimum/Maximum
Subsidy
Affordability Period
Developer Fee
Service Charge
Minimum ratio of City
funds to other funds in the
project
Type of Assistance
Meximum Purchase
PriceNalue of Property
Priority
Clientele
Selection Process
Department of Community Development
Housing Program Summary
BINDLE FAMILY REPLACEMENT HOMES
Current Polley (effective 10101/2004) I Proposed Policy (Effective 10/0112005
Designed to address substandard and dilapidated housing units that the cost of
repairs cannot be addressed through the Single Family Rehabilitation Programs,
SHIP, CDRO
Interest from 0-3% based on household
income. Repayment of principal and
interest begins a months after
completion of property.
Maximum of $95,000
Maximum of 20 years based on income
N/A
N/A
N/A
Construction and relocation expenses -
paid directly to contractor.
Maximum Value: $199,117.
No Change
No Change
Maximum of 8110,000
30 years regardless of Income
N/A
NIA
NIA
All construction costs and relocation
expenses, Paid directly to contractor with
Homeowner signing off on all payment
requests.
Maximum Value: $230,000
Priority and preference for properties in Neighborhood Development Zones or Model Blocks
l80% and below of Area Median Income, priority In the reheb.program for elderly homeowners
Request for Applications advertised In local newspapers and processed on first -come first served basis.