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2010-304
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2010-304
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Last modified
2/23/2016 1:19:24 PM
Creation date
10/1/2015 2:36:26 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/07/2010
Control Number
2010-304
Agenda Item Number
12.A.1
Entity Name
Neighborhood Stabilization Program
Florida Department of Community Affairs
Subject
Housing Assistance Plan Attachment B Guidelines and General Information
Alternate Name
NSP
Supplemental fields
SmeadsoftID
9896
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All applicants will be required to complete a pre- approval application and provide all <br /> requested back up documentation required to determine their program eligibility . When <br /> requested , the applicant shall provide any additional and updated information to <br /> document changes in household income and/or composition . <br /> Prior to the closing on each housing unit, the homeownership sub - recipient shall provide <br /> a list of qualified applicants for purchase of the resale housing units to the CATF and <br /> Indian River County Board of County Commissioners . The CATF and Board of County <br /> Commissioners will review the list of potential homebuyers to ensure a Conflict of <br /> Interest does not exist with anyone on the list . <br /> All program beneficiaries who will be purchasing housing units will be required to <br /> attend , at a minimum , 8 hours of approved credit counseling . The credit counseling shall <br /> be provided by a HUD certified organization prior to final approval of the beneficiary <br /> through the NSP Program . <br /> General Provisions <br /> There will be no acquisition or rehabilitation of mobile homes , modular homes or other <br /> forms of manufactured housing with NSP dollars under this program . <br /> All recipients of properties purchased under the local NSP program will be required to <br /> provide proof of insurance at closing and maintain homeowners insurance including , at a <br /> minimum , fire , liability, causality and , theft insurance . The owners of all properties <br /> purchased with NSP funding that are located in a flood zone must provide proof of flood <br /> insurance at closing and maintain flood insurance for the life of the mortgage . <br /> All required insurance policies must be maintained for the length of time that the <br /> mortgage with the local government is in effect . <br /> Developers will be allowed a developer ' s fee (maximum of 12 % of the line item activity <br /> budget) and Sub -recipients will be allowed the actual cost for : <br /> 1 . Marketing the property ; <br /> 2 . Finding and qualifying applicants for purchase or rental of the property <br /> 3 . Assisting prospective home buyers in obtaining fixed rate mortgages . <br /> 4 . Working with local government staff and the consultant to verify that all grant <br /> requirements are being adhered to . <br /> 5 . Providing for the maintenance of the property during the period of time that the <br /> property is owned by the sub-recipient or developer . <br /> 6 . Assisting the applicant with the home buying process . <br /> L REHABILITATION STANDARDS <br /> Neighborhood Stabilization Program fiends will be utilized to purchase foreclosed , <br /> abandoned , deed in lieu of foreclosure , blight properties and/or other financially <br /> 4 <br />
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