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PUBLIC NOTICE
<br /> INDIAN RIVER COUNTY WILL BE
<br /> ACCEPTING APPLICATIONS FOR
<br /> PARTICIPATION IN THE COUNTY
<br /> LOCAL HOUSING ASSISTANCE
<br /> PROGRAM
<br /> - Notice is hereby given that, starting July 9, 2004, ire Board of
<br /> County Commissioners of Indian River County, Florae will be
<br /> accepting applications from households in the very low, low,
<br /> and moderate income categories and from non-prolit
<br /> organizations for the purchase or rehabilitation of affordable
<br /> housing units. Unless extendedby the county, the application
<br /> acceptance period will end on July 30, 2004, The County
<br /> estimates that It will receive $916,659.00 (including
<br /> administrative costs) for FY 2004.2005 from the Florida state
<br /> Housing Initiatives Partnership (SHIP) Program, which will be
<br /> made avallable through the Indian River Court Local
<br /> Housing Assistance Program for the following activities:
<br /> AVAILABLE LOCAL ASSISTANCE
<br /> Type of Assistance Available by income Category
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<br /> Assistance will be provided as deterred payment loans that need
<br /> not be paid back unfit the assisted unit is sold, refinanced with
<br /> "cash off" or if someone other than the original loan recipient
<br /> occupies the assisled umt. Limited assistance will be provided
<br /> as grants. The gram amount will he forgiven after 10-year
<br /> residency requirement.
<br /> Applicants participating in the Local Housing Assistance
<br /> Program must meet the following requirements:
<br /> 1 . Income Level: A household's total annual gross income level
<br /> must be classified as either very low, low, or moderate based on
<br /> the followlrig table.
<br /> Indian River County Maximum Income Levels and Income
<br /> Classification:
<br /> Household Very Low Law Moderate
<br /> ^-- Size Up to 50% of MI 51 -90% of MI 81-120% of MI
<br /> 1 Person 18.350 29,350 44,040
<br /> 2 Person 20,950 33,550 50.280
<br /> 3 Person. 23,600 37,750 56,640
<br /> 4 Person 26,200 41,900 62,880
<br /> s Person 28,300 45,250 67,920
<br /> 6 Person 30p00 48,650 72,960
<br /> 7 Person32.500 52,000 78,000
<br /> 8 Person 34,600 55,350 83,040
<br /> MI = Mod!an Male = M' iN. 00
<br /> 2. Employment At least am of the household members must
<br /> currently be employed (including having been continuously
<br /> _ employed for the pastyyear), be a seasonal farm worker, or be a
<br /> special needs person )eldedy, disabled, etc).
<br /> 3. Assets: A household's total assets -nap nit exceed
<br /> . 30,0uU.00.
<br /> 4. Credit Verification:An applicant shall have a satisfactory
<br /> credit rating for at least the previous one (1 ) year. -
<br /> 5. Homehuyer Status: No member of household shall have
<br /> owned a home for at least three (3) years before being approved
<br /> to receive down payment/closing cost assistance.
<br /> 6. Purchase Price Limitation: The ,,urchase price for new and
<br /> existing homes may not exceed 5154,896.00.
<br /> Prohibition of Mobile Homas
<br /> a funds may rtot ee MRAT bit as
<br /> mobile
<br /> homes.
<br /> O� Information and applications may be obtained from and
<br /> compbted application must be submitted to the Indian River
<br /> County Planning Division's housing off Ice located at 184025th
<br /> Street, Vero Beach, Florida, 32960, or call (772) 567-8000, ext.
<br /> 1454 or 1594.
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