Community Development
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PALM BEACH COUNTY Palm Beach County's Mortgage and Housing Assistance (MHA) division hereby announces the availability of $1,220,944 in State Housing Initiatives Partnership (SHIP) funds through the Robert E. Pinchuck Memorial Affordable Housing Trust Fund for Fiscal Year 2009-2010. These funds will be utilized in the following manner: $200,000-Utility Connection/Impact Fee Utility Connection/Impact Fee Financial Assistance is available for up to $10,000 for income eligible households whose income is at eighty percent (80%) or below area median income (AMI). Funding is provided for payment of impact fees and/or sewer and water connection system fees charged by local governments for new municipal improvements. Funding is secured by a thirty (30) year forgivable loan and a lien is placed on the assisted property for thirty (30) years. Foreclosure Prevention Financial Assistance is available for up to $10,000 for income eligible households whose income is at one-hundred twenty percent (120%) or below area median income (AMI). Funding is provided for payment of mortgage arrearages; principal, interest, taxes and insurance (PITI), late fees, escrow shortfalls, attorney fees, homeowners association fees (HOA), special assessments, and other delinquency costs. Funding is secured by a thirty (30) year forgivable loan and a lien is placed on the assisted property for thirty (30) years. Owner Occupied RehabilitationFinancial Assistance is available for up to $75,000 for the rehabilitation of an eligible dwelling to address, health, safety, and applicable building code requirements. Liens are based upon funding amounts for income eligible households whose income is at eighty percent (80%) or below area median income (AMI). Assistance in the amount of $5,000 or less will be an unsecured grant without a lien; assistance of $5,001 up to $20,000 will be secured by a lien for 10 years; assistance of $20,001 and up to the maximum award of $75,000 will be secured by a lien for thirty (30) years. Eligibility for the above described programs is determined by household income and family size; the dwelling must be the principal residence of the household being assisted. These restrictions apply to each of the above described programs. If the home is sold, title is transferred or conveyed to an ineligible buyer, or the home ceases to be the primary residence of the applicant during the term of the mortgage, the entire amount of the loan shall become immediately due and payable. Applications will be accepted on a continuous basis (first come, first qualified, first served) and all programs are subject to funding availability. All financial assistance will be in the form of a deferred payment loan, secured by a Mortgage and Promissory Note, except where otherwise noted. All program applicants must meet the income requirements, as well as the program criteria. PLEASE NOTE PALM BEACH COUNTY DOES NOT CHARGE ANY FEES TO ANY APPLICANT FOR ANY OF THE AFOREMENTIONED ASSISTANCE PROGRAMS. SHIP funding cannot be used to rehabilitate or repair mobile homes. For additional information on these and other Mortgage and Housing Assistance Programs, please contact: Palm Beach County CLICK HERE FOR APPLICATIONS AND DOCUMENTS Please note that all documents must be opened using Adobe Acrobat. If you do not have Adobe Acrobat Reader, please download it through this link: www.adobe.com |
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