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<br />INDIAN. RIVER" COUNTY WILL BE ACCEPTING
<br />APPLICATIONS FOR PARTICIPATION IN THE
<br />COUNTY LOCAL HURRICANE HOUSING
<br />RECOVERY PROGRAM
<br />Notice is hereby given hat, starting August 3, 2005, the Board of County
<br />Commissioners of Iridian River County, Fionda will be accepting applications from
<br />households in the extremely low, very low, low, and moderate income categories
<br />and from non-profit organizations or for-profit developers for the purchase,
<br />rehabilitation, or production of affordable housing units consistent with the
<br />County's Hurricane Housing Recovery Plan. The County estimates that it will
<br />receive $14,563,228.00 (including administrative costs) for FY 2005-2006, FY
<br />2006-2007, and FY 2007-22008 from the Florida State Hurricane Housing Recovery
<br />localProgram, which. will tie" made available. through the Indian River Counocal Hurricane Housing; Recovery Program for the following activities: ty
<br />AVAILABLE "ll, ASctSTANCE
<br />Tye of Assistance Available b Income Category
<br />Type of Assistance Income Category Estimated Amount
<br />Impact Fee Grants ELI, VLI, LI $7001000.00
<br />im act Fee Loans FI i vi 1 11 nn,
<br />Reduction Loans: ELI VLI LI MI
<br />Land Acquisition Loans ELI, VLI, LI
<br />(through non-profit
<br />iviarcnmg Grant for FederalELI, 1: f LI, MI $6,000,000.00
<br />and State Housing Programs (through non-profit org,
<br />or developers)
<br />ELI = Elllremely tow Income; Al = Veep Low Income; LI = LOW Income; MI = Mollerale Income
<br />Most assistance will be provided as deferred payment loans. These loans do not
<br />need to be paid back until the assisted unit is sold, refinanced with a "cash out" or
<br />occupied by someone other than the original loan recipient. Some assistance will
<br />be provided as grants. For grants, the grant amount will be forgiven after meeting
<br />affordability time frame.
<br />Applications for the Local Hurricane Housing Recovery Program must meet the
<br />following 'requirements:
<br />0.00 15%30
<br />0 2/6
<br />households total annual gross income 0level �mt sit beoclassified sseitherr extremely
<br />low, very low, low, or moderate income based on the following table.
<br />NQ 0 2/6 Indian River County Maximum Income Levels
<br />and Income Classification:
<br />0.00 0 2/6 Household Extremely.,Low Very Low Low Moderate
<br />Size Up to 30% of MI Up to 50%of MI 51-80% of MI 81-120% of MI
<br />1 Person 1,200 18,650 29,850 44,760
<br />NQ - 2 Persons 12,800 21,300 34,100 51,120
<br />3 Persons 14,400 23;950 38,400 571480
<br />4 Persons 16,000 26,650 423650 63,960
<br />NQ 2/6 5 Persons 17,250 28,750 46;050 69,000
<br />6 Persons 185550 30,900 49,450 74,160
<br />7 Persons 19,850 33,000 52,850 79,200
<br />0.00 5% 30 2/6 8 Persons 21000 .35,150 56,300 84,360
<br />MI = Median Income = $53,25g:D0
<br />NQ 5%0 2/6 2. Maximum amount of rent to be charged to eligible households.
<br />0.00 5% 45 2/6 Indian River County Maximum Rents
<br />1.00 1 10% 1 30 1 2/6
<br />NQ I 5% I 30 1 2/61
<br />0.00 1 5% 1 30 1 2/6
<br />NQ 1 5% 1 30 1 2/6
<br />owner- occupied home with a 20% down payment
<br />ilication fees and should be checked.
<br />to not provided. N/A = Not Applicable.. Consumers with
<br />TLINE at 1-800-848-3792.
<br />Unit
<br />ELI
<br />VLI
<br />LI
<br />MI
<br />Efficiency
<br />280
<br />466'
<br />746
<br />11119
<br />1 Bedroom
<br />300
<br />499
<br />799
<br />1,198
<br />2 Bedrooms
<br />360
<br />598
<br />960
<br />1 437
<br />38edroc1110
<br />415
<br />692
<br />11108
<br />1,662
<br />4 Bedrooms
<br />463
<br />772
<br />1.236
<br />1 asa
<br />3. Homebuyer Status: No member of household shall have owned a home for at
<br />least three (3) years before being approved to receive down payment/closing cost
<br />assistance.
<br />4.Purchase Price Limitation: The purchase price for new and existing homes may
<br />not exceed .$189,682.00.
<br />Information and applications may be obtained from and completed application must be
<br />submitted to the Indian River County Planning Division's housing office located at 1840
<br />25th Street, Vero Beach, Florida, 32960, (772)226.1594 or (772)-226.1454
<br />J
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