HomeMy WebLinkAboutPre AttachmentProgram Description
Funding
Repayment Requirements
Minimum!
Maximum Subsidy
Affordability Period
EXHIBIT "A"
City of Miami
Department of Community Development
Housing Program Summary
Homeownership Policy- Buyer
RESOLUTION 06-0327
MAY 25, 2006
HOMEOWNERSHIP POLICY -
BUYERS
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 properly within the City.
HOME, SHIP, CDBG, AHT
Zero (0%) interest loan for a period
of 30 years. In the case of sale or
transfer of the unit, the entire
assistance amount will be due and
payable.
$1,000/ $40,000
30 Years
PROPOSED ,.
HOMEOWNERSHIP POLICY- .
BUYERS
Same as Resolution No. 06-0327
{No change)
Same as Resolution No. 06-0327
(No change)
1. In the case of sale or transfer of
the property, the borrower will
be required to sell the unit io
an income eligible borrower
approved by the City.
2. In the case of sale or transfer of
the unit the City will share in
the gain realized by the
borrower.
-e. -. 0tto-3-years — City
receivers 100% of the
City's pro rata share of
the gain generated.
b 3 — 20 years — On the
3rtl year, City receives
85% of the City'spro
rata share of the gain
generated and borrower
receives 15%.
c. Year 20 and above:
The borrower receives
100% of the gain,
The above oain sharing proposal will
terminate in foreclosure, however,
the city will require lenders to
provide us a right of first refusal to
purchase the loan at a negotiated
price.
3. Forgivable loan after the
affordability period of 30 years
Same as Resolution No. 06-0327
(No change)
Same as Resolution No. 06-0327 ,
(No change)
Security
Developer fee
Minimum Down Payment
Minimum Ratio of City Funds
to other Funds in the Project
Type of Assistance
Maximum Purchase
PriceNalue of Property
EXHIBIT "A"
City of Miami
Department of Community Development
Housing Program Summary
Homeownership policy- Buyer
Affordability period to be enforced by
a restrictive covenant that will run
with the land as well as a mortgage.
N/A
$500.00
N/A
Down payment assistance and
closing casts
$236,000.00
Same as Resolution No..06-0327
(No change)
Same as Resolution No. 06-0327
(No change)
Same as Resolution No. 06-0327
(No change)
Same as Resolution No. 06-0327
(No change)
Same as Resolution No. 06-0327
(No change)
Same as Resolution No. 06-0327
(No change)