2018-128A - Laserfiche WebLink

Home Browse Search

K. Down Payment Assistance Activity - Construction Process Once an Applicant has been deemed eligible for the down payment assistance activity he/she shall close on the loan and proceed with the following steps: 1. The Contractor will apply for and obtain all building permit(s) in the Applicant's name for construction of the residence. Once the building permit is obtained the County will provide the HRS with a copy of the building permit and all subcontractors' permits for the project, a full set of Plans and Specifications for the unit the Applicant is receiving and a recorded "Notice of Commencement" for the dwelling. 2. A Pre -Construction conference will be held between the Applicants, the County and the HRS to review the project in detail. 3. Prior to closing, the County will provide evidence of executed loan agreements with all other agencies that are providing financing for the construction of the dwelling unit. 4. The following documents will be executed simultaneously: An Agreement between the County and the Applicant which allows the County to provide down payment assistance to the Applicant in the form of a zero interest DPL. The DPL will be used to buy down the cost of the primary mortgage and eligible down payment and closing cost. An Agreement executed between the Applicant and the County stating that the Applicant will live in and agree not to sell the relocation property for the duration of the DPL, is required. The DPL process is described in more detail in the Housing Finance section of this document. L. Down Payment Assistance Activity - Size Of Units Size of units shall be based upon the following criteria concerning the current permanent Applicant of the existing dwelling (per 24CFR:982.401) 1. No more than two (2) person of the same sex may occupy the same bedroom. 2. Two (2) persons of the opposite sex may not occupy the same bedroom (excluding husband and wife and very young children). 3. Only the husband, wife, dependent children (including those who are mentally and/or physically handicapped), and family members sixty-two (62) years of age or older and currently residing in the household will be counted in calculating family size and the minimum number of bedrooms and square footage allowance. M. Down Payment Assistance Activity - Down Payment Allowances The approved Applicant of a CDBG/DRI Down Payment Assistance Activity will be eligible for the following Disaster Recovery Initiative Program housing payment assistance maximum amounts, subject to Application review by the HRS and PA, and subject to financial need on a case by case basis to meet down payment needs and keep the primary mortgage reasonable and within current HUD guidelines for maximum monthly rent/mortgage cost for the household income of the Applicant: ss