HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Community and Economic Development
Single Family Rehabilitation Program
Current Program Guidelines for Single
Family Rehabilitation
Program Description
To assist low income residents with all the repairs
necessary to bring the house to a decent, safe and
sanitary condition. Eligible trade areas to include
plumbing, electrical, roofing and structural.
Funding
SHIP and CDBG
Proposed Guidelines
Same as current guidelines
Same as current guidelines
Type of Assistance
Deferred payment 10 year loan used for repairs to
property; 3% non -amortizing
Same as current guidelines
Minimum / Maximum
Subsidy
$1,000 / $35,000
$1,000 / $50,000
Affordability Period
Security
10 years
Affordability period to be enforced by a second
mortgage on the property
Repayment
Requirements
In the case of sale or transfer or if the property
ceases to be occupied as the primary
residence, the borrower will be required to
repay the original amount given as assistance
as well as any accrued interest.
Maximum Value of
Property
Property must not exceed the tax assessed market
value of $300,000
Same as current guidelines
Same as current guidelines
Same as current guidelines
Same as current guidelines
J"S /5-c25c794
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