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Single Family Rehabilitation Program
This program provides funding for low- to
moderate- income homeowners for the
rehabilitation of their owner-occupied
properties to achieve decent, safe, and sanitary
conditions. Homeowners select their contractors
based on three (3) bids. The work is inspected
by Community Development inspectors and
contractors are paid for completed work
following the approval by the homeowner and City
inspector.
Program Objectives
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Prevent moderately declining neighborhoods in the City from further
deteriorating by providing assistance for rehabilitation.
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Provide safe and decent housing to residents in the City.
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Encourage interest in preservation in the broader neighborhood through
rehabilitation activities.
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Partner with contractors and the construction industry in providing access to
jobs by encouraging the hiring of neighborhood residents.
Snapshot of
the Single Family Rehabilitation Program
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Eligible Rehabilitations:
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All repairs necessary to bring the house to a decent, safe, and
sanitary condition. |
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Eligible Properties:
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All properties must be owner-occupied
Single Family Residence, Townhomes, Condominiums
(some restrictions apply).
Tax assessed market value may not be of more than $300,000.
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Eligible
Owners: |
Households with income less than or equal to, 80% of the area
median income adjusted for family size.
However, in the case of rehabilitation
funded with SHIP funds, the maximum
household income can be of 120% of the
area median income.
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Loan Terms: |
Maximum loan amount of $35,000
3% non-amortizing 10-year deferred loan. The entire principal and
accrued interest is forgiven at the end
of the loan term if the homeowner
continues to own and reside in the
property.
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Security:
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The loan will be secured by a second mortgage on the property. |
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Restrictions: |
Principal and all accrued interest will be due on sale or
transfer or property prior to loan
maturity.
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For more
information regarding the City of Miami’s Single Family Rehabilitation Program,
please call (305) 416-2080. |
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