HomeMy WebLinkAboutExhibitSINGLE FAMILY REHABILITATION: WAIVING INSURANCE REQUIREMENT
AGENDA SUMMARY ATTACHMENT
BACKGROUND INFORMATION:
• The City's current Single Family Rehabilitation Program policy requires the
homeowner to carry the appropriate homeowners insurance
• Due to many of the properties that qualify for the program are older housing
stock that have no mortgage, many of these homeowners do not carry the
required property insurance and those that do, the limits are very low
• Based on numerous applications the City has received, many of the elderly
homeowners, living on limited fixed incomes, are unable to pay for the cost of
insurance, thereby disqualifying them from the program
• The Administration is recommending amending the current policy to include
waiving insurance requirements for eligible elderly persons participating in said
program
! The United States Department of Housing and Urban Development ("HUD")
regulation 24 CFR 891.205 defines an elderly person as -an -individual who is 62
years of age or older
• For purposes of this program, an eligible elderly person would be defined as an
individual of at least 62 years of age, living on a fixed income and meeting the
income eligibility requirement (120% area median income)
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