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8-20-2010 EDC Meeting Item 6A — Housing Assistance Concepts Page 2 of 3 Tier 1: Low -Income Homeowners: (at or below 50% AMI) Limit for a family of four under $41,950 annual income. The loan is totally forgiven if the homeowner remains in the home for at least 10 years. Tier 2: Moderate Income Homeowners: (between 50% and 80% of AMI) Limit up to $64,000 annual income for a household of four. The loan is deferred, without interest or payments, repaid in full at time of transfer or sale of the property. Code Enforcement Option This concept would assist income -eligible homeowners (owner -occupied) who have received one or more code violation notices from the City. The idea of this program is to make money available to homeowners to make the necessary repairs to bring their home into compliance. The deferred loan amount is up to $5,000. Eligible repairs may include the following: ® Exterior painting ® Rafters, soffit and fascia repair ® Window glass and screens ® Railings and stairs ® Landing and porches Ineligible repairs include: m Repairs to mobile homes o Driveways, sidewalks and paved areas; and ® Removal of inoperable vehicles Client Eligibility To receive repair work, the applicant must demonstrate ownership of the unit and it must be his or her primary residence. Total household Income cannot exceed 80% of the area median income, adjusted for family size, as defined by the United States Department of Housing and Urban Development. Applicants must demonstrate proof of Income. Department of Housing and Urban Development (HUD) Income Guidelines (as of May 2010) (Family Size - Max Gross Income) ® 1 Person - $35,700 ® 2 Persons - $40,800 ® 3 Persons - $45,900 ® 4 Persons -$50,950 0 5 Persons - $55,050 ® 6 Persons - $59,150 ® 7 Persons - $63,200 ® 8 Persons - $67,300