HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Rehabilitation Program
Resolution 21-0494
December 9, 2021
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. 21-0494
(No Change)
Funding
SHIP and CDBG
Same as Resolution No. 21-0494
(No Change)
Type of Assistance
Deferred payment l0o year loan used for repairs to
property; 3% non -amortizing
Same as Resolution No. 21-0494
(No Change)
Minimum / Maximum
Subsidy
$1,000 / $70,000
$1,000 / $70,000 $100,000
Affordability Period
10 years
Same as Resolution No. 21-0494
(No Change)
Security
Affordability period to be enforced by a mortgage
on the property and requirement of homestead
exemption
Same as Resolution No. 21-0494
(No Change)
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 Resolution No. 21-0494
(No Change)
Maximum Value of
Property
SHIP : Not to exceed 90% of the median area
purchase price established by the U.S.
Treasury Depaitinent
CDBG: Property must not exceed the tax assessed
market value of $400,000
Same as Resolution No. 21-0494
(No Change)
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EXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Replacement Home Program
Resolution 21-0494
December 9, 2021
Single Family Replacement Home Program
Proposed Guidelines
Program Description
Designed to address substandard and dilapidated
housing units that the cost of repairs cannot be
addressed through the Single Family
Rehabilitation Program. It involves the demolition
and reconstruction of a new 3 bedroom 2 bath
house on the same lot.
Same as Resolution No. 21-0494
(No Change)
Funding
SHIP and CDBG
Same as Resolution No. 21-0494
(No Change)
Type of Assistance
Deferred payment 30 year loan used for
reconstruction of home; 0% non -amortizing
Same as Resolution No. 21-0494
(No Change)
Minimum / Maximum
Subsidy
$250,000
$250,000 to $300,000
Affordability Period
30 years
Same as Resolution No. 21-0494
(No Change)
Eligible Property
Single family owner occupied unit in the City of
Miami with major structural defects that cannot be
rehabilitated.
The property must be free and clear of all liens
and mortgages, except City of Miami municipal
liens.
Properties with first mortgages will qualify for
replacement only if the first mortgage lender
subordinates to the City.
Same as Resolution No. 21-0494
(No Change)
Security
Affordability period to be enforced by a mortgage
on the property and requirement of homestead
exemption
Same as Resolution No. 21-0494
(No Change)
Repayment
Requirements
1. 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.
Same as Resolution No. 21-0494
(No Change)
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EXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Sin le Family Reulacement Home Program
2. In the case of sale or transfer of the unit
the City will share in the gain realized by
the borrower.
Same as Resolution No. 21-0494
(No Change)
a.
0 to 10 years — City receives
100% of the City's of the
gain generated less land
value.
b.
10 — 20 years — City receives
50% of the gain generated
less land value .
c.
20 to 30 years — City receives
25% of the gain less land
value.
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