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<br /> PUBLIC NOTICE
<br /> INDIAN RIVER COUNTY WILL BE
<br /> ACCEPTING APPLICATIONS FOR
<br /> PARTICIPATION IN THE COUNTY LOCAL
<br /> HOUSING ASSISTANCE PROGRAM
<br /> Notice is hereby given 11tat, starting June 29, 2001 , the Board of County Commissioners of
<br /> Indian River County, Ronda will be accepting applications from households in the very low,
<br /> ,A low, and moderate income categories and from non-profit organizations for the purchase or
<br /> CS' rehabilitation of affordable housing units, Unless extended by the county, the application
<br /> 1,�0 qQ4 140` acceptance period will end on July 31 , 2001 . The County estimates that it will receive
<br /> as $937,342.00 (including administrative costs) for FY 2001 -2002 from the Rorida State
<br /> Housing Initiative Partnership (SHIP) Program which will be made available through the
<br /> Indian River County Local Housing Assistance Program for the following activities:
<br /> 3 688
<br /> AVAILABLE LQCALASSISTANCE
<br /> 1481 1568 1655 1742
<br /> Type of Assistance Available by Income Category
<br /> • , <.,,„ Type of Assistance Income Group Estimated Amount
<br /> Impact Fee Loans or Grants VLI , LI $215,000.00
<br /> Rehabilitation Loans or Grants 2601000.00
<br /> 1576 1669 1761 1854 a. Owner occupied VLI , LI , MI
<br /> b. Renter occupied (not more VLI , LI
<br /> than 15% of total funds) (residents
<br /> � • _ • , ,; DownppaymerrUClosing 5338, 608.00
<br /> CosUPrincipai Reduction Loans
<br /> 1674 1772 . 1871 1969 a. purchase of an existing
<br /> home without rehabilitation
<br /> 17'34 `182b° 1 '17 2029 (not more than 15% of total funds) VLI
<br /> b. purchase of new home
<br /> (less than one year old) VLI , LI , MI
<br /> 1775 1880 1984 2088 c. construction of new home VLI , LI , MI
<br /> II purchase of an existing home
<br /> 1827 1934 2042 2149 being rehabilitated in the last 12 months VLI , LI , MI
<br /> e. combined purchase and
<br /> 1879 1990 2100 2211 rehabilitation of an existing home VLI , LI , MI
<br /> I. Combined Construction and
<br /> 1932 2046 - 2160 2273 Impact Fee Loans VU, LI
<br /> Land Acquisition Loans VLI , LI (through non 5301000.00
<br /> 1986 2103 2220 2336 profit organizations only)
<br /> VLI = Very Low Income, U = Low Income, MI = Moderate Income
<br /> 2040 2160 22802400 Assistance will be provided as deferred payment loans tat hneed not be paid back until the assisted unit is
<br /> sold. Limited assistance will be provided as grants. The grant amount will be forgiven after 10 year
<br /> residency requirement.
<br /> Applicants participating in the Local Housing Assistance Program must meet the following requirements:
<br /> 1 . Income Level: A household's total annual gross income level must be be classified as either very low,
<br /> fp low, or moderate based on the following table.
<br /> ,,S's` �0` �O` dJ` Indian River County Maximum Income Levels
<br /> �4 �1 iR% 41, and Income Classification (FY 2001 -2002)
<br /> Household Very Low Low Moderate
<br /> Size up to 50% of MI 51 -80% of MI 81 -120% of MI
<br /> � 019 , 11ti?41 ,*i9
<br /> 1 person 160950 27,100 407680
<br /> 1075 1138 1201 1264 2 person 199350 31 ,000 46,440
<br /> S person 216800 34,850 52,320
<br /> 1' jigz 4 person 241,200 38,700 58,080
<br /> 5person 26,150 41 ,800 62,760
<br /> 6 person 28,050 44,900 671320
<br /> 7 person 30,000 48,000 721000
<br /> 1189 1259 1328 1A 6person 311950 51 ,100 76,680 .
<br /> M1 = Median Income = $48,400
<br /> 2. Employment Al least one of the household members must currently be employed (including havingg been
<br /> continuousc employed for the past year), be a seasonal farmworker, or be a special needs person (elderty,
<br /> disabled. etc.)
<br /> 1307 13$4 1461 1 1538 3. Assets: A household's ental assets shall not exceed $10,000.00.
<br /> w 4. Credit Verification: An applicant shall have a satisfactory credit rating for at least the previous one (Q1) ear.
<br /> owned 5. Homebuyer Status: No member of household shall have a home for at feast three (3) years before
<br /> mt w - being to�receive downpaymsing entfdocost assistance.
<br /> 61 Prk~ tilmflaalion . Purchase prim for homes and rental rates for rental housing may not be higher
<br /> 1430 1514 15", 1682 than ffmfts ae1 by the t ocat Housing Assistance Program.
<br /> Maxhnum purchase pricefor existing homes: $98,,523.00
<br /> Maximum purchase price for new homes: $106, 365.00
<br /> "1 • < Maximum rental by income category and by number of bedrooms:
<br /> 1555 1 1738 1829 Income
<br /> UMBER OF BEDROOMS IN UNIT
<br /> 1 .,
<br /> Category IAF 1 2 1 3 1 4
<br /> � (very
<br /> rrrrr
<br /> me $428 $545 $629 1
<br /> 1684 1783 1882 1981 U (Low income) $677 s5726 $871 $1 ,006 $11,122
<br /> 1a7 ffi J!� fJQtllsa
<br /> ;t Fuids may not be used to M*, rehatxftitata, a purchase mobile homes.
<br /> � �, 47t1� - Information and may be obtar W from the Indlen River Planning Division's housing
<br /> lip 1he office located at 1 0 25th Street, Vero Beach, Florida, 32960, or can 0)567-8000, ext. 1454.
<br /> � 7/ o I
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