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2003-012
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2003-012
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Last modified
9/2/2016 11:44:44 AM
Creation date
9/30/2015 6:15:15 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Contract
Approved Date
01/21/2003
Control Number
2003-012
Agenda Item Number
7.F.
Entity Name
Fred Fox Enterprises, Inc.
Subject
Housing Revitalization Community Development Block Grant
Project Number
03DB-1A-10-40-01-H12
Archived Roll/Disk#
3160
Supplemental fields
SmeadsoftID
2797
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applicant. As soon as a final ranking of the applications is made, that ranking and any cases of <br /> conflict of interest must be made known at a meeting of the Indian River County Board of <br /> County Commissioners. Before an applicant with a potential or real conflict is given final <br /> approval for participation, the Indian River County must notify the Department of Community <br /> Affairs (DCA) in writing. Prior to any rehabilitation, Indian River County must receive written <br /> notification of DCA's approval of the application, in accordance with 24 C.F.R. Section 570.489. <br /> If this process is not followed the local government and/or the applicant may be liable for <br /> returning the funds to the program. <br /> IV. HOUSING REHABILITATION FINANCING <br /> The Housing Rehabilitation Program provides financing to homeowners in the form of 100% <br /> Deferred Payment Loans, the amount of which shall include the accepted bid amount plus a <br /> contingency reserve. <br /> A. Deferred Payment Loans (DPL) <br /> Deferred Payment Loans are conditional grants, and are provided to homeowners who are unable <br /> or unlikely to obtain conventional financing due to their income limits. The Deferred Payment <br /> Loan (DPL) involves a security instrument (lien) requiring repayment of the loan only if the <br /> homeowner sells or transfers ownership of the rehabilitated home, ceases to use it as his/her <br /> primary residence within five years of the date of the DPL, or fails to maintain reasonable <br /> required standards of care and maintenance. During the five-year period, the principal is <br /> "forgiven" or subtracted from the principal balance in equal monthly amounts, so that at the end <br /> of the fifth year of owner occupancy (by at least one of the recipients if owned jointly), the loan <br /> is fully amortized. There is no interest charged during the five years. <br /> In the event that the sole owner dies or all owners die within the five-year loan period, repayment <br /> of the loan will not be required. <br /> If repayment of a DPL becomes due, the prorated principle balance will be due in full within <br /> thirty (30) days of the sale/transfer of ownership or the owner's cessation of primary residence at <br /> the property. If the owner is unable to make such payment, the Indian River County Board of <br /> County Commissioners may, at their discretion, allow repayment of the DPL over a term not to <br /> exceed ten (10) years, at a yield of not more than six percent(6%) interest per annum. <br /> Homeowners whose household incomes do not exceed the HUD Section 8 low-to-moderate <br /> income limit will receive a Deferred Payment Loan for 100% of the cost of rehabilitation. <br /> The Maximum DPL for an owner-occupied single family dwelling is $40,000. The owner- <br /> occupied units in a two to four unit dwelling may receive a DPL of up to $30,000 per unit. <br /> If rehabilitation costs require more than $40,000 and the owner is unable to finance the <br /> additional cost, the dwelling unit may be disqualified unless alternative funding is available. <br /> Grant application scoring indicates an average rehabilitation amount that is to be attained. Very <br /> high costs frequently adversely impact other units planned for rehabilitation, therefore the ability <br /> to maintain the necessary average must enter into the decision process. <br /> 6 <br />
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