HomeMy WebLinkAboutSingle Family Rehab Programc^} n! ra'smr L.rr_mrf.ne.-,1 - f
If Community
Developrrient
Single Family Rehab Program
PrOStrata Purpose: Provide rehabilitation assistance to very low, low and moderate income residents who five in a single family
owner -occupied unit located within the City of Miami. The City will provide assistance to an eligible homeowner to complete needed
repairs such as roofing, plumbing, structural, and electrical work to meet the decent, safe, and sanitary standard conditions after
rehabilitation.
Amount of Assistance: Up to $35,000
Funding Source: SHIP/CMG/HOME/ANT
Terms: 10 year affordability period/ secured by mortgage on the property. The loan is a maximum 3% deferred forgivable loan.
Recapture!. Default: If property receiving assistance is rented or sold, repayment of the full principal balance and accrued
interest of the loan is required_
Selection Criteria: participation in the program is through an open application process as required by state regulations. Once
applications are received, the loans are processed and inspections of the units are performed in order to determine eligibility. Priority
is given to elderly homeowners living on fixed incomes.
H+iusehold income:
AHT Funding- maximum 150% of area median income.
SHIP Funding - raximutn 120% of area median income.
CDt3GIHOML Funding — maximum 80% Of area Median income.
2006 Income Limits for Srhgle Farliily Rehab Progra
Household
Size
% Area lilediaeS
tiicc'he ..
1
2
3
4
5
7
8
Maxienueii
Inc011ie
150%
658,650
$67,050
$75,450
$63,850
$90,660
697,160
1103,956
$110,700
1loine eh Inc
Irrcor�i
120%
$46,926
$53,640
$66,360
$67,060
$72,486
677;766
:$63,160
188,500
Maximum
Incoe
dbx
$31.306
$35,750
$40,250
*44,700
$48,300
$51,856
655,456
659,060
Maximum Property Value: Cannot exceed $236,000 (SHIP/CMG/HOME) or $300,000 (AHT)
ACCbmpliShmelhtS: Since 2002, the City has rehabilitated about 100 homes.