HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Rehabilitation Program
Resolution 23-0330
July 27, 2023
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. 23-0330
(No Change)
Funding
SHIP and CDBG
Same as Resolution No. 23-0330
(No Change)
Type of Assistance
Deferred payment l0o year loan used for repairs to
property; 3% non -amortizing
Same as Resolution No. 23-0330
(No Change)
Minimum / Maximum
Subsidy
$1,000 / $100,000
$1,000 / $100,000
Affordability Period
10 years
Same as Resolution No. 23-0330
(No Change)
Security
Affordability period to be enforced by a mortgage
on the property and requirement of homestead
exemption
Same as Resolution No. 23-0330
(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.
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.
If the original Borrower is deceased,
repayment of the loan assistance shall not
be required. The obligation shall be
deemed satisfied upon verification of the
Borrower's death, and the City shall
release any encumbrance securing the loan
upon receipt of a death certificate or other
proof of death acceptable to the City.
Maximum Value of
Property
SHIP : Not to exceed 90% of the median area
purchase price established by the U.S.
Treasury Department
Same as Resolution No. 23-0330
(No Change)
1
EXHIBIT "A"
City of Miami
Department of Housing and Community Development
Housing Program Summary
Single Family Rehabilitation Program
CDBG: Property must not exceed the tax assessed
market value of $400,000
2