HomeMy WebLinkAboutSingle Family Replacement Program,d111141T,1,71X111171ri Or
'; Community
Development
Single Family Replacement Program
Prc)jram Purpose: resigned to address substandard and dilapidated housing units that the cost of repairs or poor housing
conditions cannot be addressed through the Single Family Rehabilitation Programs.
Amount of Assistance: Up to $150,000
Funding Source: SHIP
Tertr s: Maximum 3% deferred loan that will be repaid in thirty (30) years based on income levels/ secured by mortgage on the
property.
Recapture,/ befAult: If property is rented, leased or sold during the thirty (30) year period, then the loan and accrued interest
will become due and payable to the City of Miami at that time.
Selection.Criterja: Houses are selected based upon determinations made by Building and/or Code Enforcement Departments
that structures are unsafe; or in the process of inspection of a structure being considered for rehabilitation. Priority is given to elderly
homeowners living on fixed incomes.
Household income: Maximum 120% of area median income.
2006 Income Limits for Slnctle Farnily Replacement Program
Household
Size
% Area Median
Income
1
2
3
4
5
5
7
8
Maximuih
income
120%
$46,920
$53,640
$60,360
367,080
$72,480
$77,760
$83,160
588,560
AttOMPliShffients: Since 2002, the City has replaced about 13 homes.