HomeMy WebLinkAboutExhibit 1EXHIBIT "A"
City of Miami
Department of Community Development
Housing Program Summary
Manufactured.Home Downpayment Assistance
Program Policy
Program 'Description
Funding
Repayment
Requirer er is
Minimum' ! Maximum
Subsidy;t
RESOLUTION 10-0285
JULY 8, 2010
MANUFACTURED HOME DOWNPAYMENT:
ASSISTANCE PROGRAM POLICY —
HOMEOWNERSIIIP
Provide assistance to replace manufactured homesw:ithin
the City of Miami owned by low income residents whose
manufactured homes have been found;tobe in violatioft,O;
the City Code. The City of Miami will be provided down
payment, closing costs and/or second nortgage financial
assistance towards the purchase of a new.rnanufactuted
home.
Forgivable loan after the affordability period or 5 years. In
the case: or sale of the property during the affordability
period, the borrower will be required to repay the entire
loan.
//-100
$1,000 /: $14,999
1
yPROPOSED MANUFACTURED HOME
DOWNPAYMENT ASSISTANCE PROGRAM
POLICY — HOMEOWNERSIIIP
Same as'Resolution No. 10-0285
Same as Resolution No. 10-0285
(No Change)
Same as Resolution No. 10-0285
With the exception of :
Affordability period of 1.0 years.
Same as Resolution No. 10-0285
With the exception of :
Maximum subsidy up to $40,000
EXHIBIT "A"
City of Miami
Department of Community Development
Housing Program Summary
Manufactured Home Downpayment Assistance
Program Policy
Eligible Property
Affordability Period
Minimum Down Payment
Type ofAssistance
Maximum Purchase Price /
Value of Manufactured
:Home
Only manufactured homes defined as a structure that is built
in sections in a factory, possesses a permanent chassis and
manufactured in compliance with the Manufactured Home
Construction and Safety Standards "(MHCSS)" established
by HUD (24 CFR Part 3280) are eligible. The property
must also meet the following criteria:
1. Must be connected to permanent utility hookups.
2. The lease of the parcel to which the home wills be
affixed to must be no less than 10 years
3. The property must meet all local and state housing
quality standards or at a minimum a Housing
Quality Standards as set of in, Section 92.251 a .2
of the HOME regulation.
5 years
Affordability periodAbe enforced by a restrictive co:v#fait
that will run with the land as well�asa mortgage
"Down payment assistance and closing costs
$15,000
2
Same as Resolution No. 10-0285
Except that the minimum lease term of the
,parcel in the second criteria shall be 10 years
iny
stead of 5 ears to conform with the
�
proposed increase of the affordability period of
10 years:,
10 years
Same as Resolution No. 10-0285
(No Change)
Same as Resolution No. 10-0285
(No Change)
Same as Resolution No. 10-0285
(No Change)
$40,000
EXHIBIT " P"
City of Miami
Department of Community Development
Housing Program Summary
Manufactured Home
Program Policy - Developers
MANUFACTURED HOME PROGRAM POLICY -
DEVELOPERS
Program Description
Provide assistance to developers for the acquisition and
replacement of manufactured homes within the City of Miami to be
rented by low income residents whose manufactured homes have
been found to be in violation of the City„Code. The City of Miami
will be provided financial assistance for the acquisition of a
manufactured home to be rented to an ,eligible household.
Funding
Repayment
Requirements
Forgivable loan after the affordability period of 10 years. Inthe
case of sale of the property during the affordability period, the
borrower will be required to repay the entire loan.
Minimum / Maximum
Subsidy
Eligible Property
Affordability Period
Only manufactured homes defined as a •structure that is built in
sections in a factory, possesses a permanent chassis and
manufactured incompliance with the Manufactured Home
Construction and:Safety Standards "(MHCSS)" established by
HUD (24 CFR Part 3280) are gigible. The property must also meet
following, criteria:
MttS-t,beconnected to permanent utility hookups.
The lease °of the parcel to which the home will be affixed to
must be ro less than 5 years.
3. '.The property must meet all local and state housing quality
standards or at a minimum a Housing Quality Standards as
set of in Section 92.251(a)(2) of the HOME regulation.
10 years
Security
Affordability period to be enforced by a restrictive covenant that
will run with the land as well as a mortgage
Minimum Down Payment
N/A
Type of Assistance
Financial assistance for the acquisition and ins5:allation of the
• manufactured home
a& ((gob
EXHIBIT "B"
City of Miami
Department of Community Development
Housing Program Summary
Manufactured Home
Program Policy -Developers
Maximum Purchase Price /
Value of Manufactured
Home'
$40,000
Miscellaneous
Income of household for the rental tenant must be at or below 80%
of area median income as annually published HUD
2