Title
CRA RESOLUTION NO. 24R-04-11: A RESOLUTION OF THE LAUDERHILL COMMUNITY REDEVELOPMENT AGENCY (CRA) APPROVING THE ESTABLISHMENT OF THE CRA DEFERRED SECOND MORTGAGE HOUSING ASSISTANCE PROGRAM; PROVIDING QUALIFICATIONS; TERMS AND CONDITIONS; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CRA EXECUTIVE DIRECTOR, SEAN HENDERSON).
Body
Request Action:
Approve CRA Deferred Second Mortgage Housing Assistance Program.
Need:
Approve the establishment of the CRA Second Mortgage Deferred Loan Program.
Summary Explanation/ Background:
Approve the establishment of the CRA Second Mortgage Deferred Loan Program. Authorizes deferred loan that is recorded in an amount that cannot exceed $40,000 to eligible persons. 0% interest for the first year, with increase to 3% per year annually thereafter. Max term of 15 years. Cannot receive any other city grant funding to be eligible. Applicants must contribute no less that 3% of the purchase price towards the down payment. Participants must not exceed a maximum gross household income of $250,000. Participants cannot be in possession of any liquid assets, cash, or cash equivalents exceeding 10% of the purchase price of the property. The applicants must produce bank statements for the past 6 months. The Grants and Finance departments must review and approve eligibility requirements and the board attorney will be responsible for approving conflict checks.
EXCEPTIONS TO PARTICIPATION
CRA Board, CRA Executive Director, CRA Deputy/Assistant Director, City Manager, Deputy City Manager, City
Clerk, Deputy City Clerk, City Attorney, Assistant City Attorney, Department Directors, Department
Deputy/Assistant Directors, Divisional Managers, or any individual responsible for drafting, approving, or
administering the program. The Finance Department in conjunction with the Grants Department must review
and approve eligibility requirements, and the board attorney will be responsible for approving conflict checks.
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