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RESOLUTION
No. 75 » 59
Tro _..
WHEREAS, Resolution No. 73-80, which was passed on June 17, 1973,
adopted the Capital Improvement Budget of the City of Clearwater, Florida, for
the fiscal year commencing October 1, 1973, and ending September 30,
r' 1974; and
it WHEREAS, included in said Capital Improvement Budget was $260, 000
p
. tJ
?•L' allocated for Innovative Housing Programs (Budget Code Number 5102 -
F
s Federal Revenue Sharing Fund); and
?t
WHEREAS, on April 8, 1974, this Commission approved the establish-
R"
'?YF
ment of a Rehabilitation Loan Program and allocated $50, 000 of these funds
zj to that program; and
ill
P
zy.; rogram w
WHEREAS, said allocation for the Rehabilitation Loan
f be used to benefit those income groups of the City of Clearwater most in
need thereof and said Fund is created to help alleviate blight and slum
' areas; and
r WHEREAS, the City of Clearwater Housing and Redevelopment Office
r ?-a
cj has proposed fundamental guidelines for the implementation of the Rehabilitation
Loan Program; and
?. WHEREAS, said guidelines substantially conform to those regulations
suggested by the United States Department of Housing and Urban Development;
r
and
WHEREAS, said guidelines (which are annexed hereto) are in the best
interests and welfare of the citizens of Clearwator; and
WHEREAS, the Legal Department and City Manager concur in the
approval of the proposed guidelines;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
Re so. X75-59
4-21.75
' F : h°...?:'F? ? =r..,,.. ?. , ..'ai?'4r;? ???' d.Y'?,'f?_c?iS.v'?,Ji 4?v??•:3J'?r?a?.:.:.'4i"r,?? i; '.i??:!i.r' ?'31wi44::
1. That the City of Clearwater Housing and Redevelopment Office
is hereby authorized and empowered to take whatever actions are necessary
to implement the Rehabilitation Loan, Program,
2. That the proposed guidelines for the implementation of the
Rehabilitation Loan Program are hereby approved.
3. That this Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this 21st day of April, A. D. 1975.
Attest:
G ?
C Clerk
Mayo rwCommis er
'E
i ? 1•
t I.
... 17t= 9 4-21-75'
t
r'
GUIDELINES
REHABILITATION LOAN PROGRAM
After considerable staff discussion and consultation, the Housing & Redevelopment
Scti '., office of the City of Clearwater recommends the following fundamental guidelines for
the implementation of the new Rehabilitation Loan Program (RLP) to be financed out
t'3?iF of general revenue sharing funds and such other funds as may be made available.
,a 1. Eligibility requirements
,r2?;ga a. An RLP loan may be made only with respect to a property located within:
The incorporated area of the City of Clearwater, Florida.
b. The property must be in need of rehabilitation in order to meet Code
wF standards and other pertinent regulations for police power enforcement
action which are applicable to residential property located within the
s 5 City of Clearwater.
{c. The applicant must be an indi'idua7 or family who owns and occupies a one
or two dwelling residential pioperty or is a purchaser occupant of such a
4 property under a land sales contract.
d. The applicant's income must be within certain limits as shown on Exhibit A.
2. Limitation of Amount of Loan
F r :e
The maximum RLP loan shall be the least of amounts determined through the appli-
cation of the three following limitations:
a. $8,000;
b. The actual cost of rehabilitation plus cost of refinancing, if eligible;
c. That amount which when added to any outstanding indebtedness secured by
the property creates a total outstanding indebtedness which does not exceed
75% of the sum of the as is value of the property plus the estimated rehabili-
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.. c
Cost Includable in a RLP
;'s ;: ? :? '•"'' a. An RLP loan may include the actual cost of rehabilitation and related expenses
necessary to make the property conform to the applicable Code standards and
regulations aforementioned.
a'rZb. When applicable, an RLP loan may also include additional funds for the t`K
refinancing of all or a portion of the existing indebtedness secured by the
}':???.?. • property in order to reduce the applicant's monthly payments for principal, ;-{? ?•
interest, taxes and insurance to an amount which is equal to 20% of his
monthly income.
c. In those cases where refinancing is applicable, the actual cost of rehabilitation
to be financed with loan funds shall be equal to at least 25% of the total loan.
d, An RLP loan may include an amount for certain general property improvements
not to exceed 20% of the cost of those repairs required to meet applicable
rehabilitation standards.
4. Terms and Conditions
a, An RLP loan shall bear interest at the rate of'six percent (6F;) per annum
on the principal outstanding at any time.
b. The repayment terms for an RLP may vary up to a maximum of 20 years or
three-fourths of the remaining economic life whichever is less, depending
on the applicant's income. The terms shall be set so as to produce monthly
payments for principal, interest at 6%, taxes and insurance which, when
added to existing payments for principal and interest on any outstanding
indebtedness secured by the property, are equal to 20% of the applicant's
monthly income.
c. Any RLP loan shall be secured by a fully recorded mortgage or similar security
instrument. A subordinate lien is acceptable if it provides adequate security.,
5,`.;_" W-ReBO. 075.59 1E-21-75 .
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d. Any mortgage used as security for an RLP loan may not be transferred or
assigned to another person without prior approval by the City.
?.•,:;.;,w.•?;,,_••,:,?, The loan will be processed by the City of Clearwater Housing and Redevelopment
office staff. The staff will request credit reports and income and assets verifi-
cation and where necessary, will obtain appraisals to determine the value and
economic life of the property.
6. Loan Approval
All ALP loan applications shall be reviewed and approved or disapproved by a loan
committee consisting of the Housing & Redevelopment Coordinator, the Director of
Rehabilitation and the Finance Director, or his designee.
7. Loan Servicing
All Ri.P loans will be serviced by a private firm specializing in account servicing.
The cost of loan servicing shall be deducted from the interest paid:
B. Special Assistance for the Elderly and 4andica22ed Persons
a. For the purposes of this program the following definitions shall apply.
1. Elderly person - any person 62 years of'age or over.
2. Handicapped person - any person having a physical impairment which is
expected to be of long continued and indefinite duration, substantially
impedes his ability to live independently, and is of such nature that
such ability could be improved by more suitable housing conditions.
b. An elderly or handicapped applicant, as defined above, who cannot reasonably
afford all or part of the required payment for an RLP loan may receive an
"advance" to cover all or part of the required repairs or improvements.
c. The amount of such an "advance" shall not exceed $5,000 and shall be limited
to that portion of the loan for which the elderly or handicapped homeowner
is otherwise eligible, which the homeowner cannot afford with 20% of his income.
: See example it Exhibit B.
W-Re 6ol.' 075-59 4-21»75
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d. An RLP loan advance shall bear no interest charges.and shall be repaid at ,
such time as the property is sold or otherwise transferred to another person,
except the surviving spouse.
e. A separate lien for the amount of the RLP loan advance shall be placed on
the property in favor of the City of Clearwater.
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EXHIBIT A
INCOME LIMITS
FOR REHABILITATION LOAN PROGRAM LOANS
Proposed Limits
Public for
Family Size Housing Rehabilitation Loan Program
1 - person $5,250 $7,875 T
2 - persons 5,875 8,825
3 - persons 6,250 9 075
4 - persons 6,625 91950
5 - persons 6,875 12,025
6 - persons 7,125 12,475
7 - persons 7,375 12,900
8 - persons 7,500 13,125
9 - persons 7,625 13,350
10+- persons 7,750 13,575
Footnotes:
1. 1.5 times public housing continued occupancy income limits for families consisting
, of 4 persons or less.
2. For families consisting of 5 or more persons, 1.75 times public housing continued
occupancy limits.
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1
EXHIBIT B
Calculation of Advance for Elderly and Handicapped Homeowners
Total Loan (Coat of Rehabilitation) $3,500 @ 6% for 20 years
Principal and Interest $25.OB per month' '
Plus: Taxes & Insurance
Total PITI '$40.08
Family Income to Afford Total PITT $200.40 per month
Actual Family Income of $160.00
Supports PITI of 32.00 Less: Taxes & Insurance 15.00
Amount available for principal & interest $ 17.00
Supporte Loan of $2,300 @ 6% for 20 years.
Under the above assumptions, an eligible elderly or handicapped homeowner would
be entitled to a loan of $2,300 and an "Advance" of $1,200 to finance the required
rehabilitation.
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