HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Community and Economic Development
Single Family Disaster Relief Emergency Rehabilitation Program
Current Program Guidelines for Single
Family Emergency Rehabilitation
Proposed Guidelines for Hurricane
Irma Related Emergency Repair
Program Description
To assist low income residents with exterior
repairs for damages caused by a hurricane, i.e.
roof, windows, doors.
Same as current guidelines
Funding
CDBG
Same as current guidelines
Type of Assistance
Deferred payment 10-year loan used for repairs to
property; 3%raon-amortizing
Same as current guidelines
Minimum / Maximum
Subsidy
S1,000 / $15,000
$1,000 / $30,000
Affordability Period
10 years
Same as current guidelines
Security
Affordability period to be enforced by a second
mortgage on the property
Same as current guidelines
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.
Same as current guidelines
Maximum Value of
Property
Property must not exceed the tax assessed market
value of $300,000
Property must not exceed the tax assessed
market value of $400,000
1