HomeMy WebLinkAboutExhibit ADISTRICT 1 SINGLE FAMILY CODE COMPLIANCE
ELDERLY LOAN ASSISTANCE PILOT PROGRAM
Program Description:
The District 1 Single Family Code Compliance Loan
is designed to assist City of Miami elderly homeoc%
violations.
Eligible Properties:
• Single family residence (one unit);
• Town homes;
• Duplex
• Property must be located he City of Miami within District 1 bo
ce Pilot Program (the Program)
ect outstanding code compliance
Type of assistance:
• Correction of code complian
the property.
trues p- lining to the physical structure, interior of
Maximum Tax Assessed Market Value:
• Promust not exceed the maxim
en emption.
€Owners
ouseholds wi
''ern_ption
assessment as required by the Senior
come in accordance with the requirements of the Senior Citizen
• • : 5 years of age minimum)
• 'F `r d ption
• _v' xemption
• � . fl""er for 5 years or grater
• eir current monthly debt obligations
• Must be current in their mortgage, insurance and taxes
El
Active
Active S
Live at assis
Ability to affor
'f-omeowner
omestea e
Ci
Source of Funding District 1 Anti -Poverty Initiative Funds
Loan Terms:
• Amount of Assistance — Up to $30,000/home
• 3% non -amortizing
• Deferred payment 10-year loan
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• Payment of principal and accrued interest will be forgiven at end of the loan term if
the homeowner continues to own and reside in the property.
• Principal amount shall be forgiven at a rate of 1/10 per year of the assisted owner
occupying the home
• Failure to occupy the home during the 10-year affordability period will result in the
repayment of the loan.
• Loss of Senior Citizens Exception
Underwriting Ratios:
• 60% Total debt to income ratio.
• CLTV of 150% (Combined Loan to Value ratio)
Security: The loan will be secured by a second mortgage lien on the property.
Restrictions: Applicant must reside in th led unit at all times. All principal and accrued
interest will be due on sale, transfer ofkproperty or if the unit ceases to be the main
residence of the applicant. In the case of are ancing, ity Manager or his/her designee
will determine the amount that has to be paid on " c _ cing.
Applications should be mailed to:
City of Miami
Single Family Pro Es • epartrnent of Housing & Co unity Development
14 NE 1 Ave., Se
Miami, FL 331
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