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Single Family Replacement Program
The Single Family Replacement Housing Program is
designed to address substandard and dilapidated
housing units whose cost of repairs cannot be
addressed through the Single Family
Rehabilitation Program. It involves the
demolition and reconstruction of a new 3 bedroom
2 bath house on the same lot.
Program Objectives
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Prevent moderately declining neighborhoods in the City from further
deteriorating.
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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
Costs:
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All soft and hard costs relating to the construction of the new
home are eligible. In addition,
relocation, moving, and storage charges
can also be paid out of the loan
proceeds.
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Eligible Properties:
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Single Family owner-occupied properties with major structural
defects that cannot be rehabilitated.
The property must be free and clear of
all liens and mortgages, except City of
Miami municipal liens (if any), and
Properties with first mortgages will
qualify for replacement only if the
Department is able to secure additional
funding to pay off the first mortgage
and the homeowner can afford the monthly
payment associated with the new mortgage
or the first mortgage lender
subordinates to the City.
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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%; must be
able to afford current monthly
obligations; must be current in their
mortgage, insurance, and taxes.
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Loan Terms: |
Maximum loan amount of $150,000.
0% ~ 3% based on household income.
Term: 30 years.
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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. In the case of refinancing,
other rules apply.
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For more
information regarding the City of Miami’s Single Family Replacement Program,
please call (305) 416-2012.
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