1999-131 - Laserfiche WebLink

Home Browse Search

iv. Rental Rate Verification 1� Compliance verification with this requirement shall be conducted on a once -a -year basis as a minimum; however, this compliance verification activity may be conducted on a more frequent or staggered basis. b. Non-compliance Notification The owners of housing units found not in compliance with the required IRCLHAProgram and Strategy requirements shall be notified that the unit has been found "not in compliance" and if the non- compliance status is not corrected within thirty (30) working days, the housing unit may be subject to foreclosure under the subordinate mortgage compliance agreement at the discretion of the Hoard of County Commissioners based upon the recommendation of the IRCLHAProgram Loan Review Committee. For housing units found to be chronic or repeat non-compliance units, the IRCLHAProgram shall have the authority to foreclose upon the housing units and take possession of the units from the owner. Chronic or repeat non-compliance shall be considered more than two (2) non-compliance findings in one year, or more than three (3) non- compliance findings in two (2) years. 8. Assisted Housing Unit Resale The resale of housing units assisted by the IRCLHAProgram will require coordination with Indian River County, and satisfaction of the mortgage or subordinated mortgage held by Indian River County. The resale of renter- and owner -occupied housing units assisted by the IRCLHAProgram shall be subject to repayment of the full loan amount and applicable accrued interest. The payment of the principal loan amount and applicable accrued interest shall be consistent with provisions identified for each assistance strategy. The amount of funds calculated by application of the repayment provision shall be paid by the selling household and redeposited into the Indian River County Local Housing Assistance Trust Fund for redistribution by the IRCLHAProgram. However, the initial transfer of 46