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St. Lucie County HOME ConsortiuM <br />Explanation of Strategies and Funding <br />The following strategies all represent minimum goals the Consortium seeks to <br />achieve. They in no way prohibit the Consortium from exceeding those minimum <br />goals. The dollar allocations may be adjusted up or down based on availability in <br />funds or changes In circumstances during the five-year planning period. <br />Down Payment and Closing Cost Assistance: <br />It Is the purpose of this strategy to increase the number of affordable, owner - <br />occupied homes In the St. Lucie County HOME Consortium through assistance with <br />the purchase of new and existing homes. This assistance is made available to very <br />low and low income applicants. Applications for home -ownership will be reviewed <br />and ranked by the Housing Division staff or approprUte SHIP office of each <br />jurisdiction. Applications will be ranked according,%to. categorles such as Income, <br />credit worthiness, feasibility, and affordability: The St. Lucie County HOME <br />Consortium will award assistance in the form of_<deferred payment loans to cover <br />down payment/closing costs for eligible households. <br />Rehabilitation: <br />The purpose of this strategy is to assist with the repairs to owner:occupied homes In <br />the St. Lucie County HOME Consortium. This, will allow the units to remain in the <br />residential housing stock. The program provides funds;to owner -occupants through <br />repair or replacement/reconstriiction assistance, .eliminating housing related code <br />violations, correcting safety and unitary issues. <br />SHIP funds, received by each of the three counties in the Consortium may be spent <br />on any of these priorities based on. a given County's LHAP for the Plan years <br />represented by this document. The LHAPs are incorporated into the Consolidated <br />Plan by reference. <br />Findings <br />A review of the most recent market analysis shows several problem areas in <br />affordable 'housing which .need to be addressed. The data shows the need for <br />affordable homeownership :financing opportunities in all countywide markets, with <br />the .need concentrated among-'lower-Incomis households and minority households. A <br />potentl;al solution Includes offering down payment/closing cost assistance to <br />purchase affordable housing units. <br />Data also showed significant numbers of housing units were experiencing over- <br />crowded conditions, lacking 'central heating, lacking complete kitchens, and lacking <br />complete plumbing. Potential solutions include rehabilitation and/or replacement of <br />owner -occupied units., <br />Special Needs <br />The St. Lude County HOME Consortium Intends to include the special needs <br />populations In those clients assisted. <br />Homelessness <br />The St. Lucie County HOME Consortium Is not providing funding from these <br />resources. Currently, Treasure Coast Homeless Services Council, Inc. offers funding <br />through the Continuum of Care program. <br />Five Year Con"lldeted Plan 2012-2017 <br />P234 <br />