HomeMy WebLinkAboutExhibit 1City of Miami
Department of Community Development
Housing Program Summary
HOM€OWNERSHIP POLICY -BUYERS
Program 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, CDSG, AHT
Repayment
Requirements
Zero (0%) interest loan for a period of 30 years. In the case of aie or transfer of
the unit. the entire assistance amount will be due and payable.
Minimum/
Maximum Subsidy
$1.000
'$40:000
Affordability Period
30 Years
Security
Affordability period to be -enforced by a restrictive covenant that will run with the
land as well as a mortgage.
1
Developer Fee
N/A
Minimum Down
Payment
$500.00
Minimum Ratio of City
Funds to other Funds in
the Project
N/A
Type of Assistance
Down payment -assistance and closing=costs
Maximum Purchase
PriceNalue of Property
W236 000.00
Revised
City of -Miami
Department of mmunity Development
Housing Pram Summary
HOMEOWNERSHIP POLICY —BUYERS
To assist Iow income horn eba. yers in the purchase of a home by providing down
Program Des ription •payment,olosing costs andlor second mortgage financia assistance for the
E purchase of a newly constructed or existing- residential property within the£ity.
Funding HOtJE, SHIP, Cam, AHT
Repayment
`Requirements
1. Forgivable loan after the affordability period of 30 years
2. In the tease of sale or transfer of the unit, the entire • ssistance amount will be
due and payable. In addition, the City will share in the gain realize by the
borrower according to the • allowing schedule:
a 0 to 3 years —100% of the City's pro rata share of e gain enerated.
b. 3 — 30 years —On the 3`d year, City receives %of the City's pre •rate
share of the lain generated and borrower receives 1'5%. Thereafter,
the borrower receives additional -5% of the 1City's prorate share per year
reducing the°City's share = by the same percentage.
3. The above gain sharing proposal will tenninate in foreclosure; however, the
city wilf• squire tenders to provide us a right of first refusal -to purchase the loan
at a negotiated price.
Special Provision
In the event of a foreclosure, provides the City Manager or hiedesignee the
authority to exercise the right of first -refusal to negotiate and execute a purchase
agreement with the lender.
Minimum
Maximum Subsidy
$1 ,000
$40,000 I
Affordability Period 4 30 Years
Affordability period and equity'haring to be enforced by a restrictive covenant that
Security j will run with the land as well ass mortgage
Developer Fee N/A
Minimum down
payment
4503.0
Minimum ratio of City
funds to other funds in
the project
Type of Assistance
Down payment assistance�and ;.losing cos's
Maximum Purchase
PriceNalue of Property
Rev d 04-10. 06