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<br />V . SUNDAY, JUNE 4, 2006. SCRIPPS TREASURE COAST NEWSPAPERS
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<br />ACH, FLORIDA 1
<br />IT I
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<br />PUBLIC NOTICE
<br />INDIAN RIVER COUNTY WILL BE
<br />ACCEPTING APPLICATIONS FOR
<br />PARTICIPATION IN THE COUNTY
<br />LOCAL HOUSING ASSISTANCE PROGRAM
<br />Notice is hereby given that; starting July 7, 2006, the Board of County
<br />Commissioners of Indian River County, Florida wilt be accepting
<br />applications from households in the very low, low, and moderate income
<br />categories for the purchase or rehabilitation of affordable housing units.
<br />Unless extended by the county, the application acceptance period will
<br />end on July 31, 2006. The County estimates that it will receive
<br />$1,200,623.00 (including administrative costs) for FY 2006-2007 from
<br />the Florida State Housing Initiatives Partnership (SHIP) Program, which
<br />will be made available through the Indian River County Local Housing
<br />Assistance Program for the following activities:
<br />AVAILABLE LOCAL ASSISTANCE
<br />Type of Assistance Available by Income Category
<br />Type of Assistance IncEeCategory
<br />Estimated Amour t
<br />Impact Fee Grants VLI10,000.00
<br />Impact Fee Loans VLF
<br />Rehabilitation Loans VLI, LI, MI$270,561.00
<br />Rehabilitation Grants VLI $100,000.00
<br />Down Payment/Closing $500,000.00
<br />Cost/Principal Reduction
<br />Loans for:
<br />a. Purchase of an existing home without
<br />rehabilitation (not more
<br />than 15% of total funds) VLI
<br />b. Purchase of new home
<br />(less than one year old) VLI, LI, MI
<br />C. Construction of new home VLI, LI, MI
<br />d. Purchase of an existing home
<br />being rehabilitated in the last
<br />12 months VLI, LI, MI
<br />e. Combined purchase and
<br />rehabilitation of an existing home VLI, LI, MI
<br />f. Combined Construction
<br />and Impact Fee Loans VLI, LI, MI
<br />VLI = Very Low Income, Ll =Low Income; Ml- _-Moderate Income—
<br />Assistance will be provided as deferred payment loans that do not need
<br />to be paid back until the assisted unit is sold, refinanced with "cash
<br />assisted unsomeone
<br />t Limitedtassistancehwill belprov d d as lgrants to very low-
<br />income households only. The grant amount will be forgiven after 10
<br />year residency requirement.
<br />Applicantsparticipating in the Local Housing Assistance Program must
<br />meet the following requirements:
<br />1. Income Level: A household's total annual gross income levelmust be
<br />classified as either very low, low, or moderate based on the following table.
<br />Indian River County Maximum Income Levels and Income Classification:
<br />Household
<br />Size
<br />T -Person
<br />2 Persons
<br />3 Persons
<br />4 Persons
<br />5 Persons
<br />6 Persons
<br />7 Persons
<br />8 Persons
<br />12.
<br />I = Median Income =w�55,550.00
<br />)yment: At least one of the household members must currently be
<br />)ted (including having been continuously employyed for the past
<br />be a seasonal farm worker for two seasons, or be a special needs
<br />n (elderly, disabled, etc).
<br />�. Hoods: A household's total assets shall not exceed $20,000,00.
<br />4. Credit Verification: An applicant shall havea satisfactory credit rating.
<br />5. Homebuyer Status: No member of household shall have owned a home
<br />for at least three
<br />(3) years before being approved to receive down
<br />6. Purchase Pr cue Limitation:cos
<br />SThe purchase price for a home may not
<br />New Home: $249,584.00 Existing Home: $298,448.00
<br />PROHIBITION OF MOBILE HMS
<br />Funds may not be used to repair, rehabilitate, or purchase mobile homes.
<br />Information and applications may be obtained from and completed
<br />application must be submitted to the Indian River County Planning
<br />Division's housing office located at 1840 25th. Street, Vero Beach, Florida,
<br />32960, or call (7 9 ) 226-1870 or (772) 226-1594.
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