2012-061 - Laserfiche WebLink

Home Browse Search

REVISED NSP3 Abbreviated Action Plan Indian —' River County '�-4 ❑ Eligible Use C: Land Banking ❑ Eligible Use D: Demolition ❑ Eligible Use E: Redevelopment Purchase and rehabilitation of homes and residential properties that have been abandoned or foreclosed upon, in order to sell such homes and properties (HERA Section 2301(c)(3)(13)). CDBG Activity or Activities Eligible under 24CFR570.201(a), (b), and (n): Acquisition and disposition of residential property and direct homeownership assistance; and 24CFR570.202: Eligible rehabilitation and preservation activities for homes and other residential properties. National Objective Low Moderate Middle Income Housing (LMMH) The County will select one or more nonprofit housing partners to use NSP3 funds to purchase, rehabilitate and re -sell foreclosed housing units to income qualified households (at or below 120% of AMI) within the identified target area. The housing units purchased will be vacant Real Estate Owned (REO) and other NSP elgible properties that do not trigger Uniform Relocation Act (URA) requirements. If the County selects a "developer" housing partner, that partner will be eligible to receive a reasonable developer's fee for service performed. That developer will take ownership of each housing unit and may provide a VY mortgage to each home purchaser using its own funds or require the purchaser to obtain a first mortgage from a financial institution. NSP funds may be used to provide a deferred payment, subordinated second mortgage covering downpayment, closing cost, and gap financing assistance. The second mortgage will have a zero percent (0%) interest rate. The exact terms will be negotiated between the County and the developer. Activity Description All properties receiving NSP funding will have a minimum affordability time period restriction on the deed and/or recorded mortgage on the property, as defined under the "Long -Term Affordability" definition of this Abbreviated Action Plan. The County will monitor the properties that are assisted with NSP funds during the affordability time period. NSP3 funds will be recaptured if the property is sold during the affordability time period. All homebuyers will be required to have a minimum of eight hours of homebuyer counseling from a HUD approved counseling agency. To the maximum extent feasible, the County will provide for hiring of employees that reside in the vicinity of NSP3 funded projects or contract with small businesses that are owned and operated by persons residing in the vicinity of NSP3 projects. The County will work with its NSP3 housing partner organizations to provide opportunities for local -x=7-2-12 Page 8