☒ Consent Agenda ☐Quasi-Judicial Public Hearing
☐ Regular Business 9:00 am
☐ Public Hearing Other
DEPARTMENT: Social Services
SUBMITTED BY: Lauri Benson
PRESENTED BY: Lauri Benson
TITLE & DESCRIPTION:
title
Local Housing Assistance Plan/Technical Revision
body
REQUESTED MOTION:
To approve the agenda item as presented.
SUMMARY:
Currently Owner Occupied Rehabilitation max award is $65,000, Purchase assistance max award is $40,000 and Demolition/Reconstruction max award is $165,000.
Technical changes to the LHAP include the following for each category. Owner Occupied Rehabilitation max award $70,000, half of the award forgivable after 10 years. Purchase Assistance with and without Rehab max award 30% of the purchase price not to exceed $70,000 and the purchase price can not exceed $350,000, half of the award amount will be forgiven after 10 years. Demolition/Reconstruction category, max award $200,000 with 50% of the award forgiven after 10 years. All categories qualify for a mortgage extension as long as they still income qualify.
BACKGROUND:
The local housing assistance plan is reviewed and updated every three years. During the three year period of the approved plan there are times when revisions need to be made. These revisions are turned into Florida Finance Cooperation as a way of tracking that SHIP funds are expended appropriately.
FUNDS:
Budget Amount: N/A
Actual Agenda Item: N/A
Cost: N/A
Account Number: N/A
Explanation: N/A