HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Rehabilitation Program
Resolution 19-0021
January 10, 2019
Single Family Rehabilitation
Proposed Guidelines
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.
Same as Resolution No. 19-0021
(No Change)
Funding
SHIP and CDBG
Same as Resolution No. 19-0021
(No Change)
Type of Assistance
Deferred payment 10 year loan used for repairs to
property; 3 /o non -amortizing
Same as Resolution No. 19-0021
(No Change)
Minimum / Maximum
Subsidy
$1,000 / $50 000
Same as Resolution No. 19-0021
(No Change)
Affordability Period
10 years
Same as Resolution No. 19-0021
(No Change)
Security
Affordability period to be enforced by a mortgage
on the property and requirement of homestead
exemption
Same as Resolution No. 19-0021
(No Change)
Repayment
Requirementsceases
In the case of sale or transfer or if the property
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 Resolution No. 19-0021
(No Change)
Maximum Value of
Property
Property must not exceed the tax assessed market
value of $300,000
SHIP; Not to exceed 90% of the median area
purchase price established by the U.S.
Treasury Department
CDBG: Property must not exceed the tax
assessed market value of $400,000
1