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-tea noAAw � �; <br />• ASSISTANCE <br />MAX. ASST. <br />STRATEGIES: <br />AMOUNTS: <br />. DOWNPAV111ENTI <br />t!PTOSIc.000 <br />CLOSING COST LOAN <br />• REHAB. LOAN <br />IT TO 520.000 <br />• REHAB. GRANT <br />IT TO S20.000 <br />• IMPACT PEE LOAN <br />t;P TO S7_50 <br />• IMPACT FEE GRANT <br />UP TO S7.500 <br />• COMBINATION <br />COMBINED <br />LOANS <br />MAXIAWNI <br />stiollitim <br />1. At least 30% of funds must be utilized by <br />very low income (VLI) households <br />2. At least 30% of funds must be utilized by low <br />Income (LI) households <br />3. At least 65% of funds must be utilized for <br />homeownership <br />4. At least 75% of funds most be utilized for <br />construction, rehabilitation and emergency repair <br />3. No more than 10% of funds can be utilized for <br />administration costs <br />6. Must meet deadlines for Encumbrance and <br />Expenditure of funds <br />INDIAN RIVER COUNTY LOCAL HOUSING <br />rrw•llh•Ine Criteria: <br />1. Income LA <br />- <br />Household gross amaaal Income for all household <br />members 18 years and older must meets income <br />Haft at the time of application <br />2. EmDlovmeDt <br />Continuously employed to the put year <br />3. Abet; <br />Not to aid 610,000.00 <br />4. credit Vedf go—e • <br />Sadsfacmry credit radag for at least the previous year <br />i Homebwver Status• <br />Not owning a home for a least three (3) years before <br />being approved for the county baa <br />MAY 239 2000 <br />-41- <br />CHARACTERISTIC OF <br />SHIP LOANS <br />1. Deferred Payment Lou <br />Repayment of the loan amount and accrued applicable <br />interest Is deferred until the home Is sold. There Is no <br />memdly pay—nL <br />L Low Interest Loan <br />0% Interest rate for very -low or low Income households <br />3% interest rate for moderate Income households <br />3. Subordinate Mortgage <br />The county's mortgage is subordinated to the tint mortgage <br />from the bank. <br />At closing the applicant signs both the county's promissory <br />note and subordinate mortgage document. <br />RECOMMENDATIONS <br />-APPROVE SET ASIDE OF $ 200,000.00 <br />FOR HFH FOR FY 2000-2001 <br />-APPROVE SET ASIDE OF $100.000.00 <br />PER FY FOR HLTF FOR FY 2001-2002 <br />AND FY 2002-2003 (TOTAL S 200,000) <br />AS MATCH FOR A HUD APPLICATION <br />600K Lu r'I�GE 4 <br />U <br />