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1986 - 05-19-86 Regular Meeting
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1986 - 05-19-86 Regular Meeting
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Admin-Clerk
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Minutes
Committee
Board of Commissioners
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3. The renter-occupied property must be in the <br />target area. <br />• 4. Rental property owners must sign an agreement that <br />they will either freeze the rent on CDBG rehabilitated <br />property or be certified for Section 8 rental assistance. <br />5. To be eligible to receive 100°x, rehabilitation grants <br />under this CDBG program, the owner of the property and <br />the occupant of the dwelling must have a low-to-moderate <br />income as shown in the following table: <br />Section 8 Income Limits (Eff. 3-1-84) <br />1985 Median Family Income is $23,150. <br />Number in Family Income <br />1 S12,950. <br />2 14,800. <br />3 16,650. <br />4 18,500. <br />5 19,650. <br />6 20,800. <br />7 21,950. <br />8+ 23,150. <br />Revised schedules of income limits will be inserted in lieu <br />• of the above as issued by the Division of Community Assistance, <br />Natural Resources and Community Development (NRCD) and/or the <br />U.S. Department of Housing and Urban Development. <br />DEED COVENANT <br />A lien will be established in favor of Lee County. The owner <br />of the rehabilitated property must agree that the property will <br />not be sold, conveyed, leased or disposed of for a period of five <br />(5) years. If the owner does sell, convey, lease or dispose of <br />the rehabilited property within the specified time period, the <br />owner shall repay the County a pro-rated amount based on the <br />following schedule: <br />1st year 100L <br />2nd year 800 <br />3rd year 60% <br />4th year 400 <br />5th vear 200 <br />The property may be sold during the 5-vear lien period for <br />the following conditions: <br />"for the reason of the owner's health, <br />• his/her mental health, or inheritance." <br />At the end of five (5) years the lien will terminate. <br />
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