HomeMy WebLinkAboutProgram GuidelinesIncome Limits:
Snapshot of Single Family Rehabilitation
Program Guidelines
Current year's income limits may be downloaded from:
www.miamigov.com/communitydevelopment
City of Wool :Deport -new of
Community
Developrneft
2010 - Income Limits
Household
Size
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2
3
4
5
6
7
8
80% of Median
Income
$39,400
$45,000
$50,650
$56,250 .
$60,750
$65,250
$69,750
$74,250
Eligible
Properties:
Eligible Repairs:
Eligible
Owners:
Maximum Tax
Assessed Market
Value:
Loan Terms:
Underwriting
Ratios:
Security:
Other
Restrictions:
• Single Family Residences (one unit);
• Townhomes;
• Condominiums;
• Property must be located in the City of Miami;
All repairs necessary to bring the house to a decent, safe and sanitary condition. The following
are the eligible trade areas: Plumbing, Electrical, Roofing and Structural. In accordance to the City of
Miami Single-family Programs Policy & Procedures Manual, the single-family rehabilitation program
does not finance additions to existing buildings or projects that require a change to the Certificate of
Occupancy.
• Household income less than or equal to 80% of the area median income adjusted for family
size.
• Must be able to afford a monthly payment based on income and debt;
Property must not exceed the maximum tax assessed market value of $300,000 for the home to
qualify.
• Amount of Assistance: Up to $35,000.
• 3% non -amortizing;
• Deferred payment 10-year loan;
• Payment of principal and accrued interest will be forgiven at end of the loan term if the
homeowner continues to own and reside in the property.
60% total debt to income ratio. 150% combined loan to value ratio.
The loan will be secured by a second mortgage on the property.
Applicant must reside in rehabilitated unit at all times. All principal and accrued interest will
be due at sale, transfer of property or if the unit ceases to be the main residence of the
applicant. In the case of refinancing, the City Manager or his/her designee will determine the
amount that has to be paid on such refinancing.
Applications should be mailed to:
Single Family Programs
Department of Community Development
444 SW 2nd Avenue, 2nd Floor
Miami, FL 33130
Revised on 5128/10 (SG)
SINGLE FAMILY REPLACEMENT HOME
Program Description:
The Single Family Replacement Housing Program is designed to address substandard and
dilapidated housing units that the cost of repairs cannot be addressed through the Single
Family Rehabilitation Programs. It involves the demolition and reconstruction of a new 3
bedroom 2 bath house on the same lot.
Source of Funding: SHIP
Maximum Assistance: $150,000
Eligible Costs: All soft and hard costs relating to the construction of the new home is
eligible. In addition, relocation, moving and storage charges can also be paid out of the loan
proceeds.
Eligible Properties:
• Single family owner -occupied units in the City of Miami with major structural defects
that cannot be rehabilitated.
• Must be free and clear of all liens and mortgages, except City of Miami municipal
liens.
• Properties with first mortgages, will qualify for replacement only if the Department is
able to secure additional funding to pay off the first mortgage and the homeowner can
afford the monthly payment associated with the new mortgage or the first mortgage
lender subordinates to the City.
Eligible Owners
• Households with income Tess or equal to 80% of median income adjusted for family
size.
• Preference is given to elderly homeowners
• Ability to afford their current monthly debt obligations
• Must be current in their mortgage, insurance and taxes. However, one year insurance
and taxes can be paid from the loan proceeds.
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Loan Terms:
Maximum Loan: $150,000
Interest Rate: 0 — 3% based on household income
Terms: 30 years.
Underwriting Ratios:
60% Total debt to income ratio.
CLTV of 150% (Combined Loan to Value ratio) if applicant has a first mortgage
Security: The loan will be secured by a first mortgage lien the property.
Restrictions: Principal and all accrued interest will be due on sale or transfer of the property
prior to loan maturity. In the case of a refinancing, the City Manager or his designee will
determine the amount that has to be paid on such refinancing.
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