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Appendix "A" 1. Florida Homebuyer Opportunity program a. Summary of the Strategy: This strategy is designed in response to the legislative proviso requiring SHIP local governments to expend 2009-2010 funds to ensure that residents of the state derive the maximum possible economic benefit form the federal first time homebuyer tax credit created through The American Recovery and Reinvestment Act of 2009 by providing subordinate down payment assistance loans to first time homebuyers for owner occupied primary residences that can be repaid by the income tax refund the homebuyer in entitled to under the First Time Homebuyer Credit. The state program shall be called the "Florida Homebuyer Opportunity Program." b. Fiscal Years Covered: FY 2009-2010 until expiration of the Florida Homebuyer Opportunity Program Tax Credit. c. Income Categories to be served: ➢ up to $75,000 for single taxpayers D $150,000 for joint filers. There is no requirement to reserve 30 percent of the funds for awards to very -low-income persons or 30 percent of the funds for awards to low-income persons; and there is no requirement to expend 754 of funds for construction, rehabilitation or emergency repair. d. Maximum award: The principal balance of the loans provided shall not exceed 104 of the purchase price or $8,000 whichever is less. e. Terms, Recapture, Default: If the county receives repayment from the homebuyer within 18 months after the closing date of the loan the county shall waive all interest charges. If a homebuyer fails to fully repay the loan within 18 months, there will be a 34 interest rate for VLI and LI households, and 54 interest rate for households in other income categories. The FHOp loan must be paid in 10 years. All funds repaid to the county shall be considered "program income" as defined in s.420.9071(24) £. Recipient Selection Criteria: • The maximum income limit - shall be Adjusted Gross income of $75,000 for single taxpayer households or $150,000 for joint - filing taxpayer households which is equal to that permitted by the American Recovery and Reinvestment Act of 2009 • Homebuyer Status - 1°t Time Homebuyer who is eligible to apply for the First -Time Homebuyer Tax Credit as defined by the American Recovery Act of 2009. 49 F:\Community Development\Users\SHIP\FHOP\BCC-FHOPPIan2009.doc