HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. Each year it allocates approximately $2 billion among the States and hundreds of localities nationwide. The program was designed to reinforce several important values and principles of community development:
- HOME's flexibility empowers people and communities to design and implement strategies tailored to their own needs and priorities.
- HOME's emphasis on consolidated planning expands and strengthens partnerships among all levels of government and the private sector in the development of affordable housing.
- HOME's technical assistance activities and set-aside for qualified community-based nonprofit housing groups builds the capacity of these partners.
- HOME's requirement that participating jurisdictions (PJs) match 25 cents of every dollar in program funds mobilizes community resources in support of affordable housing.
HOME Strategies Synopsis
City of Lauderhill uses HOME funds to provide home purchase, rehabilitation, and/or new construction financing assistance to eligible homeowners and new homebuyers.
Minor Home Repair/Weatherization Program
The City of Lauderhill provide minor home repair/ weatherization assistance of up to $20,000 to qualified homeowners under the Program, with incomes in the 50% and 80 % range of income based on the current Fiscal Year income limits established by HUD and adjusted for family size. Minor home repairs and/or Weatherization include:
- Replacement of windows, doors, shutters to bring up to Code compliance
- Replacement of air conditioning units
- Installation of smoke detectors
- Replacement/repair of plumbing, as it pertains to health and safety issues
- Replacement/repair of electrical, as it pertains to health and safety issues
Purchase Assistance Program
The City provides purchase assistance of ten (10%) percent or $20,000, whichever is less, to qualified homebuyers with incomes in 50% to 80% range of the Fort Lauderdale/Broward County Metropolitan Statistical Area (MSA). Purchase assistance includes:
- Closing costs
- Down payment assistance
These funds allow the City to construct home for qualified homebuyers with incomes in the 50% and 80% range of income based on the current income limits adjusted for family size. The eligible costs include all administrative fees and construction costs.
Maximum Award: Up to $20,000 with the following recapture provisions.
- All properties will be secured by a subordinate mortgage
- Ten (10) year, deferred payment loan with a ten-percent (10%) forgiven yearly with 0% interest.
- The City will agree to subordinate under the following conditions:
- The refinancing of the new loan must have equity equal to or greater than the amount of the financial assistance provided by the City of Lauderhill and no cash out; and
- Clients agree to pay a $200 Subordination fee.
- No payments are required until the property is sold; transferred; or is no longer the primary residence of the homebuyer, within ten years from the date financial assistance was provided by the City of Lauderhill. Payments are pro-rated and applicants required to make payments will do so at 0% interest.
Purchase Price Limits
The sales price or value of new or existing eligible housing units may not exceed 90% of the average area purchase price in the statistical area in Lauderhill. The sales price of new and existing units, which can be lower but not exceed 90% of the median area purchase price established by the Local HFA Numbers (Broward County) of $386,202.