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PUBLIC NOTICE
<br /> INDIAN RIVER COUNTY WILL BE
<br /> ACCEPTING APPLICATIONS FOR
<br /> PARTICIPATION IN THE COUNTY
<br /> LOCAL HOUSING ASSISTANCE
<br /> PROGRAM
<br /> Notice is hereby given that, starting July 9 , 2004 , the Board of
<br /> County Commissioners of Indian River County, Florida will be
<br /> accepting applications from households in the very low, low,
<br /> and moderate income categories and from non-profit
<br /> organizations for the purchase or rehabilitation of affordable
<br /> housing units. Unless extended by the county, the application
<br /> acceptance period will end on. July 30 , 2004. The County
<br /> estimates that it will receive $916,659.00 (including
<br /> administrative costs) for FY 2004-2005 from the Florida State
<br /> Housing Initiatives Partnership (SHIP) Program, which will be
<br /> made available through the Indian River County Local
<br /> Housing Assistance Program for the following activities:
<br /> AVAILABLE LOCAL ASSISTANCE
<br /> Type of Assistance Available by Income Category
<br /> Type d N"W= Inrpne CMepwy ° /nrleunt
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<br /> fleIle0Mb11en GerlY VU $100.000.00
<br /> DW PftWMWVAWj 0WW4elrkd gep,eym . {660,OW.0p
<br /> lam ler.
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<br /> ayp,g I,p,pe VU, U, MI
<br /> 1.
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<br /> trdAegirsrl larg . • VLL U 1 nen. {IeA00A0
<br /> _ Folk e10e"
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<br /> VLIj'%Jery L&fricon e; L1, tow Income: MI = Moderate Income
<br /> Assistance will be provided as deferred payment loans that need
<br /> not be paid back until the assisted unit is sold, refinanced with
<br /> "rash odt"'or if someone other than the original loan recipient
<br /> occupies the assisted unit. Limited assistance will be provided
<br /> as grants. The grant amount will be forgiven after 10-year
<br /> residency requirement.
<br /> Applicants participating in the Local Housing Assistance
<br /> Program must meet the following requirements:
<br /> 1 . Income Level: A household's total annual gross income level
<br /> must be classified as either very low, low, or moderate based on
<br /> the following table.
<br /> Indian River County Maximum Income Levels and Income
<br /> Classification:
<br /> Household Very Low Low Moderate
<br /> Size Up to 500/6 of MI 51 -80% of MI 81 -120% of MI
<br /> 1 Person 18,350 299350 44,040
<br /> 2 Person 20,950 33,550 50,280
<br /> 3 Person 23,600 37,750 569640
<br /> 4 Person 26,200 419900 62,880
<br /> 5 Person 28,300 45,250 67,920
<br /> 6 Person 30,400 48,650 72,960
<br /> 7 Person' 32,500 52,000 78,000
<br /> 8 Person 34,600 55,350 83,040
<br /> MI = W13dian Inconne _ 1*Z,4w• ."0
<br /> 2. Employment: At least one of the household members must
<br /> currently be employed (including having been continuously
<br /> employed for the past year) , be a seasonal farm worker, or be a
<br /> special needs person (elderly, disabled, etc) .
<br /> 3 . Assets: A household's total assets naP n^` exceed
<br /> 31 i1,0u�.0ii.
<br /> 4. Credit Verification: An applicant shall have a satisfactory
<br /> credit rating for at least the previous one (1 ) year.
<br /> 5. Homebuyer Status: No member of household shall have
<br /> owned a home for at least three (3) years before being approved
<br /> to receive down payment/closing cost assistance.
<br /> 6. Purchase Price Limitation: The purchase price for new and
<br /> existing homes may not exceed $154 ,896.00.
<br /> Prohibition of Mobile Homes
<br /> Funds may not be used to repair, rehabilitate, or purchase mobile
<br /> homes.
<br /> Information and applications may be obtained from and
<br /> completed application must be submitted to the Indian River
<br /> County Planning Division's housing office located at 1840 25th
<br /> Street, Vero Beach, Florida, 32960, or call (772 ) 567-8000, W.
<br /> 1454 or 1594.
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