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n 435 , .
<br /> x111 40375
<br /> F0om
<br /> PUBLIC NOTICE
<br /> N RIVER" COUN'�Y WILL BE ACCEPTING
<br /> JI ICATIONS FOR PARTICIPATION IN THE
<br /> AUNTY LOCAL HURRICANE HOUSING
<br /> RECOVERY PROGRAM
<br /> reby given that, starting August 3 , 2005 , the Board of County
<br /> ers of Iridian River County, Florida will be accepting applications from
<br /> n the extremely low, very low, low, and moderate income categories
<br /> • ` Cash out , n-profit organizations or for-profit dgevelopers for the purchase,
<br /> • Stated Income ntyr'ricane Housng RecoverrtlPlan . hThe County estimatesnthatitt twill
<br /> • All Credit Loans receive $14, 563 , 228 . 00 (including administrative costs) for FY 2005-2006 , FY
<br /> • Bankru tC 2006-2007 ; and FY 2007-2008 from the Florida State Hurricane Housing Recovery
<br /> P y (HHR) Program , which. will tie" made available . through the Indian River County
<br /> Local Hurricane Housing, Recovery Program for the following activities :
<br /> AVAILABLE LOCAL ANa ANCE
<br /> Tye of Assistance Available by Income Cate ory
<br /> „� Type of Assistance Income Category Estimated Amount
<br /> ALWAYS THE BEST Impact Fee Grants ELI , VLI, LI
<br /> a $700,000.00
<br /> RATE FIRST WITH Im act Fee Loans ELI , VLI , u , MI $4001000:00
<br /> OUR DIRECt RetiabilitationorRe lacement Loans EL'I , VLI LI , MI $7782743 .00
<br /> Rehabilitation or Re lacement Grants ELI , VLI LI $31500, 000 .00
<br /> Pown WHOLESALE RATES ! ReductionLoansaosin CosUPrinci al
<br /> ELI VLI LI MI $500 000.00
<br /> Land Acquisition Loans ELI , VLI , LI
<br /> 589 = 0097 $500,000. 00
<br /> (through non-profit
<br /> Apply online iAM organizations only)
<br /> figs 24/7 Matching Grant for Federal ELI , VLf , LI , MI $6, 000 ,000. 00
<br /> www. manningfinancial. com
<br /> and State Housing Programs (through non-profit org .
<br /> �g� or developers )
<br /> M
<br /> i ter Ell = Bitreme(y tow Income; Al = Veey Low Income; III = (mW lecome; MI = Mmlerale Income
<br /> Most assistance will be provided as deferred ant 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 /> ONE-YEAR ADJUSTABLE affordability time frame .
<br /> Applications for the Local Hurricane Housing Recovery Program must meet the
<br /> POINTS % DN. LOCK CAP following 'requirements :
<br /> - 1 —_Income—Level for=a=household -eligible=to—eeeupy=assisted—units:=A=
<br /> D 0 . 00 5 % 30 2/6 household 's total annual gross income level must be classified as either extremely
<br /> low, very low, low, or moderate income based on the following table .
<br /> NQ 5 % 30 2/6 Indian River County Maximum Income Levels
<br /> and Income Classification :
<br /> 5 0 . 00 5 % 30 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 11200 18 , 650 29 , 850 441760
<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 42 , 650 63 , 960
<br /> NQ 5 /0 30 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 0 . 00 5 % 30 2/6 8 Persons 21' 800 50 33 , 000 52 , 850 79, 200
<br /> .35 , 150 56, 300 84,360
<br /> MI = Median Income = $53; 250 : 00
<br /> NQ 5 % 10 2/6 2 : Maximum amount of rent to be charged to eligible households .
<br /> o Indian River County Maximum Rents
<br /> 0 0 . 00 5 % 45 2/6
<br /> I Unit ELI VLI LI Ml
<br /> q 100 10% 30 2/6 Efficiency 280 486 746 11119
<br /> 1 Bedroom 300 499 799 11198
<br /> C N 5 % 30 2/6 2 Bedrooms 360 598 sso 1 a37
<br /> Q 3 Bedrooms 415 692
<br /> 11108 1 ,662
<br /> 4 Bedrooms 463 772 1 ;236' 11854
<br /> art 0 . 00 5 % 30 2/6 3 . Homebuyer Status : No member of household shall have owned a home for at
<br /> least three ( 3) years before being approved to receive down payment/closing cost
<br /> NQ 5 % 30 2/6 assistance .
<br /> owner- occupied home with a 20% downpayment 4 . Purchase Price Limitation : The purchase price for new and existing homes may
<br /> not exceed .$ 189,682. 00.
<br /> ilication fees and should be checked.
<br /> to not provided. N/A = Not Applicable. . Consumers with information and applications may be obtained from and completeA application
<br /> must be
<br /> TLINE at 1 -800-848-3792. 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
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