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Page 1 117 - Code Enforcement Grants may helpf pay for concentrated code enforcement administration, etc. and for the provision and repair of necessary streets, sidewalks, street lighting, etc. Area must be built up, predominately residential and with code violations in 20% of the buildings. .. Grants and Loans may be made through LPA's or private non-profit agencies as designated by the LPAo �Page 2 115 - Rehabilitation G~ants Up to $3,000 to low-income owner occupants. For repair and improvement of owner-occupied homes to bring them up to housing code standards. . May not exceed actual cost of repairs and improvements if home owners income is $3,000 or less or --Jf annual income - is over -$3,000, and cost of repairs and improvements cannot be financed under 312 that can be amortized so that entire housing expense does not exceed 25% of his income. 115 grants and 312 loans may be handled through local Urban Renewal agencies or thru a private non-profit group designated as tin agency. (p. 24; also seep. 49, Urban Coalition SummaryJ Only available in Urban Renewal, Code Enforcement, Neighborhood Development Program, Certified and Fair Act areas. �Page 3 312 - Direct Rehabilitation Loans 3% direct loans. Applicable to low and moderate income owners of residential and business property: In U.R., Code Enforcement, NDP and Certified areaso May be used also to bring structures up to Code or Urban Renewal ---Xequirements. 115' grants and 312 loans may be handled through local Urban Renewal Agencies or through a private non-profit group designated I as an agency (Po 24 Urban Coalition Summary). Only available in approved Urban Renewal, Code Enforcement, Neighborhood Development Program, Certified and Fair Act areas. Workable Program is required. �Page 4 235 - Home Ownership and Cooperative Housing Program Assists in constructiori and rehabilitation of sales or cooperative housing (single or multi-family)~ Assistance similar to 236. Can lower interest rate to buyer as low as 1%. Open to private developers who are not limited profit sponsors (unlike 236, RS, 221 .d (3), ~21 (h)). Mortgage nearly 100%. $200 down payment (may be used against closing cost). Buyer must pay 20% of his incomeo Upper income b~ackets same as 236. (Generly will benefit people of higher income than 236, because higher credit rating required of purchasers than renters.) May insure risky 236 projects? No Workable Program required. �Page 5 . .236 - Rental and Cooperative Housing Program Similar in purpose to 221 d (3) and may suppl ant it 0 Rental or cooperative, limited profit and non-profit. Sponsor may get FHA insured mortgage financing as low as 1% interest, but not below 1%. - 40 .year mortgage. Tenants required to pay 25% of family income. Upper limits of elligible tenants not as high as 221 d (3) (Lower income families given preferance) • .-Assistance is much less than principal and interest cost of Public Housing. In between Public Housing and 221 d (3). · Rental payments adjusted periodically (Tenants may continue to live in project, paying full rent). Tenants may purchase units under Section 235. No . Workable Program required. No local approval required. �Page 6 237 - Home Ownership for Previously Bad Risks �Page 7 207 - Low-income Housing Demonstration Program Prohibits high-rise elevator projects for families with cbildreno Grants and Loans to public or private non-profit organizations to develop and demonstrate new or improved means of providing housing for low-income familieso �Page 8 Neighborhood Development Program Planned and carried out on basis of yearly increments. - 11ay cover act~vities in several contig uous or non-contig uous areas. May reserve funds estimated to be needed for succeeding · year. - - - - .Broad- plan -spec-ifying .major.-1.and ._use~ density and public facilities proposed. Rehabilitation activites could proceed along with public - - ··- - -improvements; - vri. tb--detanea -· plann"ing- arid scheduling of subsequent activites proceeding simultaneotisly with actual development in the area. Workable Program is requiredo �Page 9 Low Rent Public Housing Atlanta 3 1 200-5,200 Programs: I. May buy existing housing. 2. May buy new housing (Turnkey). 3. May lease new or existing housing. -4-~ - - .. - . ··- May combine with Private Developer Non-profit, Cooperative, limited profit or profit. 5. May sell Public Housing units to tenants in Public Housing Projects, purchased for lease or leased units? 6. May build Public Housing projects. _ _Workable Program required except lease program (Leasing Program requires approval of local governing body of the community.) �·--- Page 10 Rent Supplement May rent new or rehabilitated uni t s . 40 year supplement to Sponsor (FHA commitment)o Built under 221 d (3) - Market interest rate . Small Portion Below Market interest rate Small portion for 202 Elderly Rent Supplement is difference between actual rent and 25% of I ---tenants -income. I Cannot be more than 70% of actual rent. Can remain, if pays rent (25% of income.)i I Workable Program is required, or local official approval by community in which project is locatedo ---·· - - �Page 11 221 d (3) - Below Market Interest Rate Rental and Cooperative Housing Construction and rehabllitation of moderate income hous i ng . Rental -or cooperative. Limited Profit - Developer permitted to earn 6% return on equity. May increase to 12% after taxes. Non-Profit - Builder - Seller. Private developer may ____build.,...ancL selL to _non-pro_f_i _ts_ or __coop_era tives. 40 year mortgage. 3% interest. ·--~Assistance amounts to -about 4%. Upper limits tied by formula to Public Housing limits. Generally first rental limited to $5,000 - small families $9,500 - large families Can be sold to elligible tenants under Section 235. �- -- . -- __ .J _ _ _ Page 12 221 (h) and 235 (j) - Rehabilitation for Sales Program 3% interest (financed .same way as 221 d (3) non-profit) • . ·· - 235 (j) converts 221 (h) to new assistance methodo Interest may be as low as 1%o Main difference is income limits and method of financing. · Mortgage assistance is difference between 20% of home ownership's - -- --- -i-ncome and- mortgage - payments _ (including .pr-incipal ,- interest, taxes and insurance), but not below 1% interest. Under 235 (j) existing houses not needing rehabilitation may ---"b·e - purcbased' by -"tlle nori-prcffi t · and resold. Must be viable neighborhoods (both programs). No Workable Program required. �Page 13 202 - Senior Citizens Housing _Program 3% interest. 100% loans. 50 year terms. Individuals or heads of households 62 years or over are elligibleo For people whose incomes are too high for Public Housing and too low for private housing market. Nonprofits or cooperatives may sponsor. Constructed or rehabilitated. Som~ Rent Supplement available. �- - - -- - - Page 14 204 - Grants to Housing Authorities to Improve Services to Tenants �Othe r Page 15 Seed Money Loans Provides for 80% interest free loans to nonprofits and cooperativ~s for seed money Normally repaid when project is permanently financed. Remainder may be cancelledo National Homeowners Foundation:-; May make grants and loans to public e nd private organizationso National - Housing -Partnerships Partnership may provide up to 25% of the initial equity investment. Objective. Opens up the ppssibility of locally organized broadly based profit motivated development groups receiving technical assistance and financial investment from this source. Model Cites Workable Progr am not required. Urban Renewal Demoli t ion Gran ts Hist or ic Prese••ation New Communities �