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HomeMy WebLinkAboutProgram SummaryCity of Miami Department of Community Development Housing Program Summary MULTIFAMILY NEW CONSTRUCTION - RENTAL Current Policy (effective 10/01/2004) I Proposed Policy (Effective 10/01/2005 Project Description Affordable new construction rental opportunities in condominium/toumhome style developments Funding HOME, SHIP, CDBG No Change Repayment Requirements Forgivable Loan converted to second mortgages for the buyers once project is completed. In the case of a Developer default (incomplete project) full payment of construction loan and accrued default interest of 6%. completed. The construction loan will be converted to a permanent mortaaae on the property once oroiect is completed. In the case of a Developer default (incomplete project) full payment of construction loan and accrued default interest of 20%. payment schedule MI pe based accordina to the Droiect's cash now. Minimum/Maximum Subsidy $1,000 per unit to HUD Maximum subsidy cap based on bedroom size (up to $85,225 for a 4 bedroom unit) No Change Affordability Period 20 years 30 years Developer Fee Up to 25% of the allowable 16% of total project costs based on percentage of project completion No Change Service Fee 1 % of City Loan due and payable as administration fee 30 days after funding approval. No Change Minimum ratio of City funds to other funds in the project 1:5 No Change Type of Assistance Construction hard costs, pre -development cost and other soft costs Priority Priority and preference for projects in Neighborhood Development Zones or Model Blocks Clientele 80% and below of Area Median Income Selection Process Request for Applications and or Proposals. Selections based on rankings and merits of the application City of Miami Department of Community Development Housing Program Summary MULTIFAMILY NEW CONSTRUCTION - RENTAL Current Policy (effective 10/01/2004) j Proposed PolicyjEffective 10/01/201 • Project Description Affordable new construction rental opportunities In condominium/townhome style developments Funding HOME, SHIP, CDBG No Change Repayment Requirements orgivable Loan converted to second m • gages for the buyers once project is com • eted. In the case of a Developer defau incomplete project) full payment of cons ctlon loan and accrued default interest of • ' • . Forgivable Loan convert to second mortgages for the buy • = once project is completed. In the se of a Developer default (incompl = = project) full payment of constructlo 4 = n and accrued default interest of 2 • . Minimum/Maximum Subsidy $1,000 per uni o HUD Maximum subsidy cap based on be• •om size (up to $85,225 fora 4 be • •• • m unit) No Change Affordability Period 20 year 30 years Developer Fee Up to 25% of the allowable 6% of to = project costs based on perce =ge • project completion No Change Service Fee 1 % of City Loan due and pay : e administration fee 30 days = er fun • , • approval. No Change Minimum ratio of City funds to other funds In the project :5 No Change Type of Assistance Constructio and costs, pre -development cost and ottly soft costs Priority Priority a preference for projects in Neighborhood Dev opment Zones or Model Blocks Clientele 80% a • below of Area Median Income Selection Process Req • . st for Applications and or Proposals. Selections basedl�n rankings and merits of the City of Miami Department of Community Development Housing Program Summary MULTIFAMILY NEW CONSTRUCTION - HOMEOWNERSHIP Current Policy (effective 10/01/2004) I Proposed Policy (Effective 10/01/2005 Project Description Affordable new construction homeownership opportunities on both scattered sites and condominium/town home style developments Funding SHIP, HOME, CDBG No Change Repayment Requirements Forgivable Loan converted to second mortgages for the buyers once project is completed. In the case of a Developer default (incomplete project) full payment of construction loan and accrued default interest of 6%. cerpleted The loan will be transferred to the buyer as a second mortaaae once protect is completed. In the case of a Developer default (incomplete project) full payment of construction loan and accrued default interest of 20%. -Minimum/Maximum Subsidy —$t000 per Unit to -HUD Maximum subsidy cap based on bedroom size (up to $85,225 for a 4 bedroom unit)____ • No Change Affordability Period 20 Years 30 Years Developer Fee Up To16% of total project costs. Disbursements based on percentage of nmiect cmmnIPtinn No Change Service Fee 1 % of City Loan due and payable as good faith commitment fee for for -profit developers, 30 days after funding approval to be reimbursed once the project is complete. No Change Minimum ratio of City funds to other funds in the project 12 No Change Type of Assistance Priority Clientele Selection Process Construction hard costs, pre -development cost and other soft costs Priority and preference for projects In Neighborhood Development Zones or Model Blocks 80% and below of Area Median Income Request for Applications and or Proposals. Selections based on rankings and merits of the application City of Miami Department of Community Development Housing Program Summary MULTIFAMILY NEW CONSTRUCTION • HOMEOWNERSHIP Current Policy (effective 10/01/2004) I Proposed Policy (Effective 10/0112005 Project Descript • • Affordable new construction homeownership opportunities on both scattered sites and condominium/town home style developments Funding SHIP, HOME, CDBG No Change Repayment Requirements • rgivable Loan converted to second m• •,ages for the buyers once project Is com • ted. In the case of a Developer default • complete project) full payment of constructi• . loan and accrued default interest of 8 Forgivable Loan converted to - : -,• nd mortgages for the buyers on - project is completed. In the case of - i eveloper default (incomplete proj = ) full payment of construction loan an ccrued default interest of 20%. Minimum/Maximum Subsidy $1,000 per unit to • UD Maximum subsidy cap based on bedro • • size (up to $85,225 for a 4 bedroom unit) No Change Affordability Period 20 Years 30 Years Developer Fee Uplol6% of total project cos Disbursements based on perce •e of nrnlect cmmnletlan_ No Change Service Fee 1% of City Loan due end payable as g• faith commitment fee for for -profit developers, 30 days after funding a • royal to be reimbursed once the proje complete. No Change Minimum ratio of City funds to other funds in the project 1:2 No Change Type of Assistance Priority Clientele Selection Process Construction hard %• sts, pre -development cost and other soft co Priority and • - rence for projects In Neighborhood Development Zo s or Model Blocks 80% and be of Area Median Income Request • r Applications and or Proposals. Selections based on rankings a • merits of the application SoBSrITv-"ED Department of Community Development Housing Program Summary SINGLE FAMILY REHABILITATION Current Policy (effective 10/01/2004) Proposed Policy (Effective 10/01/2005 Project Description To provide home improvement and rehabilitation assistance to homeowners throughout the City in order to maintain the housing stock by assisting with deferred maintenance, emergency repairs, removal of code violations an replacement of unsafe structures, Funding HOME, SHIP, CDBG No Change Repayment Requirements Forgivable after 10 years 0f owner occupied or if not met, repayment in full. Forgivable after 15 years of owner occupied or If not met, repayment in full. Minimum/Maximum Subsidy $1,000 / $30,000 per home $1,000 / $35,000 per home Affordability Period 10 Years 15 Years Developer Fey NIA N/A Service Charge N/A N/A Minimum ratio of City funds to other funds in the project NIA N/A Type of Assistance Construction rehab costs - paid directly to contractor with homeowners signing off on all payment requests No Change Maximum Purchase PriceNalue of Property New Homes: $199,117; Existing Homes: $173,701 New Homes and Existing homes: $236,000 Priority Clientele Selection Process Priority and preference for properties In Neighborhood Development Zones or Model Blocks 80% and below of Area Median Income, priority in the rehab program for elderly homeowners Request for Applications advertised in local newspapers and processed on first -come first served basis. City of MIam1 Department of Community Development Housing Program Summary SINGLE FAMILY HOMEOWNERSHIP Current Policy (effective 10/01/2004) Proposed Policy (Effective 10/01/2006 Project Description To assist low Income homebuyers in the purchase of a home by providing down payment, dosing costs and/or second mortgage finandal assistance for the purchase of a newly constructed or existing residential property within the City. Funding HOME, SHIP, CDBG No Change Repayment Requirements Forgivable until affordability period of 20 years Is mat or if not met, repayment In full Non -forgivable loan for an affordability period of 30 years. Full principal repayment of loan upon transfer of property, non -occupancy or et term of loan. Minimum/Maximum Subsidy $1,000 per unit to HUD Maximum subsidy cap based on bedroom size (up to $85,225 for a 4 bedroom unit) No Change Affordability Period 20 Years 30 Years Developer Fee N/A N/A Service Charge N/A N/A Minimum ratio of City funds to other funds in the project NIA N/A Type of Assistance Down payment assistance and dosing costa No Change Maximum Purchase PriceNalue of Property New Homes; $199,117; Existing Homes: $173,701 New Homes and Existing homes: $238,000 Priority Clientele Selection Process Priority and preference for properties in Neighborhood Development Zones or Model Blocks 80% end below of Area Median Income, priority in the rehab program for elderly homeowners Request for Applications advertised In local newspapers and processed on first -come first served basis.