DOCSLIB.ORG

Recapture Provision

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Recapture Provision Definitions Department of Community Recapture Provision First Time Home Buyer Development Homeownership HOME regulations state that the The applicant must not have owned a home as Opportunity Network homebuyer maintain the program as- their principal residence within a period of 3 sisted property as a principal residence years prior to applying for assistance. All ap- during the affordability period. This plicants are required to contribute a minimum First-Time Home residency requirement will be enforced of 1% of their own funds toward the purchase Buyer and evidenced by the recording of the price of an existing property; a minimum of down payment appropriate document. Funds must be 2% toward a new construction purchase and returned to the program if the following have 3 months of mortgage payments saved in assistance program conditions occur: an account. FTHB must secure a loan greater or equal to 90% LTV. The applicant must be the property is sold or transferred dur- 401 Broadway, Suite 300 ing the affordability period (Temporary eligible through the FTHB program to qualify subleasing of the property is not al- Gary, Indiana 46402 for any DPA programs. Ph-219.881.5075 lowed) a home buyer fails to provide proof an- Principal Residence nually of primary residence on assisted The home purchased must be the place where property as requested. the applicant lives and not a second home. An A recorded document with the City of Independent Home Inspection is required on Gary assuming a junior lien position property. will be used as the enforcement vehicle for this program. This lien shall be du- Recapture Provision ly recorded in the appropriate office of The owner who is subject to recapture is re- county government. quired to repay all or a portion of the direct subsidy provided from the net proceeds of the sale, during the affordability period. Recapture provisions shall be pro-rated based on HOME assis- Affordability Period tance per unit and the affordability period (up to 15 years) . Restrictions are for certain lengths of time, The table below is based on assistance under $15,000.00 for a 5 year affordability period.. depending upon the amount of assistance in- vested. The period of affordability will com- mence on the day activity is completed in the Sale After Year % of funds to Integrated Disbursement & Information Sys- be recovered tem (IDIS). 1 80% Under $15,000…….5 years 2 60% $15,000-40,000…...10 years Over $40,000……..15 years 3 40% 4 20% Sponsored by the: City of Gary 5 0% U.S. Department of Housing & Jerome A. Prince - Mayor Urban Development E. Nikole Rumph - Interim Director Equal Housing Opportunity Program Description Types of Assistance DPA Secure (20% Down Payment) Provides mortgage assistance to qualifying DPA (Down Payment Assistance) FTHB. Maximum 20% of the purchase price up Through the Homeownership Opportunity to $15,000 of an existing home based on the 80% to 70% of area Can receive up to strength of applicant’s recent credit history. Network, the goals of the First Time Home- median income... $4,000 .00 towards pur- buyer Program are to improve and revi- chase price . talize neighborhoods- restore function, char- 69% to 60% of area Can receive up to median income... $5,000.00 towards pur- acter and pride by providing homeowner- chase price. ship opportunities. This program makes 59% to 50% of area Can receive up to Calculating Eligibility median income… $6,000.00 towards pur- Assistance amounts are determined by HOME program funds available in the chase price. calculating, projecting and verifying an form of forgivable loans for down payment, applicant’s annual income based on the principal reduction, and closing costs asso- gross amount of all adult members of the New Construction household. These calculations will be ciated with the purchase of a home. Assis- based on anticipated income received tance will be made to eligible individuals New Construction located in the Target Areas of the during the coming twelve-month period. City of Gary will qualify for 10% of purchase price or Prior year tax returns and income and families on a first-come, first-serve and statements must be supplied to support $10,000.00 whichever is less toward down payment as- one-time basis purchasing a single-family additional eligibility requirements. sistance and closing cost. home in the City of Gary. Applicants must provide total household and financial infor- Target Areas mation prior to a formal approval for assis- The City of Gary has designated the following neighbor- Effective 7/1/2020 tance. The program will use 95% of the cur- hoods as target areas. Existing properties in these areas Maximum Income Levels for 2020 rent HOME Homeownership Value Limits can receive up to $7,500.00. for a single-family dwelling as a ceiling for # OF PERSONS INCOME Aetna University Park (Per Household) down payment processing. Midtown Emerson 1 $41,950.00 processing. Horace Mann/Downtown West 2 $47,950.00 Lead Based Paint Inspection 3 $53,950.00 All applicants must successfully com- plete the City of Gary Homeownership All properties built pre-1978 must have a visual inspec- 4 $59,900.00 Opportunity Network Homebuyer tion for defective surfaces. If lead is found no DPA Education Workshops during the funds can be used until lead is stabilized by a Certified 5 $64,700.00 process of applying for assistance. Lead Abatement Contractor at the expense of Home- **Certificates are accepted from other 6 $69,500.00 buyer/Seller before close of sale. HUD-certified and approved agencies The above income limits are subject to (dated within 12 calendar months of change at the discretion of the U.S. Depart- application) . ment of Housing and Urban Development. .
Load more

Recommended publications
  • City of Gary, Indiana Comprehensive Plan
    City of Gary, Indiana COMPREHENSIVE PLAN State of the City Report- DRAFT This report describes constraints and opportunities affecting land use and development in the City of Gary. It is a draft report for review and refinement by City staff. It contains the enclosed information and a series of graphic exhibits. The information will be expanded where needed and will form the basis for generating concepts, strategies, and solutions for improving the land-use mix and economic development opportunities for Gary. It will be revised and updated based on Staff feedback and incorporated into the City of Gary Comprehensive Plan final report. DRAFT FOR STAFF REVIEW Prepared for the City of Gary by: The Lakota Group S.B. Friedman & Co. RQAW Huff & Huff Blalock & Brown August 1, 2008 TABLE OF CONTENTS August 2008 DRAFT Table of Contents Page Section 1: Introduction…………………………………………….01 Planning Mission Planning Process Planning Organization Plan Purpose Section 2: The Community…………………..............................05 Community Context Governance Structure Community History Demographic Profile Land Use Setting Zoning Overview Section 3: Parks & Open Space………...............................31 Open Space and Natural Resources Parks Pools Lake County Parks Trails & Greenways Indiana Dunes National Lakeshore Programming & Volunteer Efforts Section 4: Transportation………………………………..…….….47 Roadway Network Bus Service Rail Water Air Section 5: Utility/Infrastructure …………………………….……63 Wastewater Treatment Water Electric Gas Other Utilities i Gary Comprehensive
    [Show full text]
  • Citywide Neighborhoods & Sub-Areas
    APPENDIX A: PAST REPORTS The following is a summary of existing plans, reports, and documents that were reviewed as part of the Comprehensive Plan process. Citywide Gary, Indiana Comprehensive Plan (1985) This plan provides an overall look at the existing conditions in Gary in 1985, describes the City’s goals and objectives, and provides land use and transportation plans for the City. Specifically, it provides a good baseline for conditions in the City 22 years ago and provides specific land use recommendations for each neighborhood. Neighborhoods & Sub-Areas Downtown Gary Retail and Office Market Assessment (2001) The report was prepared for the Gary Urban Enterprise Association (GUEA) by QED Consulting and Lupke & Associates. The plan identified several issues related to Downtown redevelopment, including: The need for a clearly designated lead agency to handle Downtown development; The need for increased residential development; The property tax rate is higher in Gary than in surrounding communities; Downtown levels of employment need to be maintained and strengthened; The presence of new regional retail competition. Downtown Gary Retail Revitalization Strategy (2006) Developed for the Gary, East Chicago, and Hammond Enterprise Zone by Community Design Economics, the Retail Revitalization Strategy sought to build upon recent residential and office development in the area and to provide recommendations for using the Enterprise Zone in improving the retail climate. The study found that a balanced strategy should be undertaken in promoting movement of local and independent retailers into many of the spaces while encouraging the growth and proliferation of small-scale, regional, and national franchises. Concerns were raised regarding the high level of public ownership of Downtown sites, the lack of 1 Gary Comprehensive Plan - 2008-2028 - Gary, Indiana APPENDIX A: PAST REPORTS parking in some locations, and the affect of suburban-style development on the character of the area.
    [Show full text]
  • Overview This Section Provides More Detailed Discussion of Six Specific Focus Areas Identified by the City, As Well As 12 Traditional Neighborhood Areas
    SECTION 10: FOCUS AREAS & NEIGHBORHOODS Overview This section provides more detailed discussion of six specific focus areas identified by the City, as well as 12 traditional neighborhood areas. The six focus areas are Lakefront Reclamation/Development, Westside Development, Downtown Business District, Stadium District, Miller/Glen Ryan/Aetna, and University Park. Based on the divisions made in the 1985 Comprehensive Plan, the 12 neighborhoods are Aetna, Ambridge-Horace Mann, Black Oak, Brunswick, Midtown, Downtown West, Emerson (Downtown East), Glen Park East/West, Miller, Pulaski, Tolleston, and Westside. Gary Focus Areas & Neighborhoods [Also see Figure 2.3] 134 Gary Comprehensive Plan – State of the City Report – Gary, Indiana SECTION 10: FOCUS AREAS & NEIGHBORHOODS Lakefront Focus Area The Lakefront Reclamation/Development District is located in the northwest corner of the City and is dominated by entertainment/recreation uses. Two casino boats, a hotel, and the City’s marina are located in this district. This area is also known as Buffington, which is the name of the harbor. The City has redevelopment plans for the area that include a Lakefront promenade; a retail district; residential blocks with five- to seven-story buildings (including some with first-floor commercial uses); natural areas that conserve dunes, buffer between adjacent industrial uses, and provide recreation corridors; park/open space; and support services such as schools, a library branch, and a day care. The casino operators control 240 acres of undeveloped land in the area, according to the Majestic Star Web site. This area has an attractively landscaped access road from the west and a new ramp that provides a direct link to the casino parking deck.
    [Show full text]
  • Appendix a Green Infrastructure Plan
    appendix A green infrastructure plan Gary Green Infrastructure Plan ACKNOWLEDGEMENTS The Gary Green Infrastructure Plan was funded through support from the Indiana Department of Natural Resources – Lake Michigan Coastal Program and the Gary Redevelopment Commission. The Gary Green Infrastructure Plan was prepared by Delta Institute for the City of Gary, in partnership with City staff, the Alliance for the Great Lakes, and Dynamo Metrics. 2 Gary Green Infrastructure Plan The project team would like to recognize the support and contributions made by various officials, partner organizations, and individuals in developing the Gary Green Infrastructure Plan: City of Gary Karen Freeman-Wilson Mayor Dayna Bennett Chief of Staff Gary Common Council Gary Redevelopment Commission Board Name Position Name Position Ronald Brewer President, At-Large Kenya Jones President Linda Barnes-Caldwell Vice President, Fifth District Eric Reaves Vice President Herbert Smith, Jr. Parliamentarian, At-Large Namon Flournoy Secretary Rebecca L. Wyatt First District Bill Joiner Commissioner Michael L. Protho Second District Pastor Marion Johnson Commissioner Mary Brown Third District Rosie Washington School Corporation Rep. Carolyn D. Rogers Fourth District Gilbert King, Jr. Commission Attorney LaVetta Sparks-Wade Sixth District Michael A. Brown At-Large City of Gary Departments Name Department Florzell Hawkins Buildings Bo Kemp Gary Economic Development Corporation Michael Citro Gary Economic Development Corporation David Wright Gary Public Transportation Corporation
    [Show full text]
  • Grantee: Gary, in Grant
    Grantee: Gary, IN Grant: B-08-MN-18-0005 July 1, 2020 thru September 30, 2020 Performance Report Grant Number: Obligation Date: Award Date: B-08-MN-18-0005 Grantee Name: Contract End Date: Review by HUD: Gary, IN Reviewed and Approved Grant Award Amount: Grant Status: QPR Contact: $3,836,758.00 Active Judith Samson LOCCS Authorized Amount: Estimated PI/RL Funds: $3,836,758.00 $230,105.86 Total Budget: $4,066,863.86 Disasters: Declaration Number NSP Narratives Areas of Greatest Need: RF CT FR Area of Greatest Need L/M FR SPR RF 10 102.02 23.7% Northern Horace Mann Area Yes 10 87.1% 23.1% 102.3 23.1% Ambridge Area Yes 10 87.1% 23.1% 9 109.00 22.0% Ambridge Area Yes 10 84.0% 22.3% 8 107.00 21.6% Downtown West Yes 10 80.0% 21.3% 7 114.00 21.3% Far-East Midtown & East Yes 10 78.9% 21.0% 115.00 20.0% Emerson & Aetna Yes 10 74.6% 20.0% 6 126.00 21.35% South Glen Park East Yes 10 80.0% 21.3% 127.00 20.3% South Glen park East Yes 10 75.9% 20.3% 123.00 20.9% North Glen Park East Yes 10 77.9% 20.8% 4 121.00 20.8% Midtown East Yes 10 79.3% 21.1% 3 106.00 20.6% Emerson Yes 10 77.8% 20.7% 2 122.00 20.3% Midtown East Yes 10 78.6% 20.9% 1 118.00 20.2% Midtown Yes 10 75.7% 20.2% Distribution and and Uses of Funds: Activity 1 – Administration - This activity represents 10% of the total NSP Grant = $383,675.80 and will be utilized for administrative purposes for implementation of the grant.
    [Show full text]
  • Gary Downtown-Emerson 2016
    Gary Downtown-Emerson 2016 A Community SWOT Analysis Assessing the Downtown-Emerson Area of Gary, Indiana SUMMARY OF THE INTERVIEW PROCESS & COMMUNITY STAKEHOLDER COMMENTS Report Immediately followed by... Saturday, June 11, 2016 10:00 AM — 1:00 PM F.A.I.T.H. BOARD MEMBERS Rev. Curtis Whittaker, Sr. ~ F.A.I.T.H.CDC, CEO Chris Dade ~ Board Chair Dorothy Fine ~ Board Vice President Patty Sprague ~ Board Secretary Delvert Cole ~ Board Treasurer Gordon Bife John D. Burch Mary Cossey Linnea Ferguson Elda Friedli Phyllis Haberkamp Monica Rozier Jefrey Smith Atty. Michael Tolbert Bob Zalazar Michael Cummings ~ SS. Monica & Luke Church ~ Advisory Board Rev. Larry Hankel~ Agape Ministries ~ Advisory Board Centennial United Methodist Church ~ Advisory Board Progressive Community Church ~ Advisory Board F.A.I.T.H. STEERING COMMITTEE & SUPPORTERS Rev. Curtis Whittaker ~ Steering Committee Chairman - F.A.I.T.H.CDC, CEO Patty Sprague ~ Steering Committee Liaison ~ F.A.I.T.H.CDC Board Secretary City of Gary Gary Chamber of Commerce InfoScope Mama Pearls The Railcats & USS Steelyard Whittaker & Company WLTH Radio ~ 1370 AM The YWCA of Gary Ken Barry Toni King Jená Bellezza Esther J. Lewis Lafayette Booker Brian Lyter Reneé Connelly Burgess Peoples Joan Crist Arleen Peterson Elda Friedli Dolores Scott Valerie Goode Aaliyah Stewart Teresa Guzman Tifany Tolbert Marvel Hankel Frances Whitehead Elnora Hawkins Carolyn Fears Williams Walter Jones Shirley Wilson David Kay Lawrence Wright David Kerr Atty. Rebecca Wyatt Pastor Brenda Jones Burch ~ Community Builder Elaine Castellanos ~ Co-Community Builder Phyllis Haberkamp ~ Interim Co-Community Builder ~ Emerson Resident Michael Lewers ~ Prevenient Co-Community Builder ~ Emerson Resident TABLE OF CONTENTS GRANT BACKGROUND pp.
    [Show full text]
  • October 1, 2011 Thru December 31, 2011 Performance Report B-08-MN-18-0005 Grant
    Grantee: Gary, IN Grant: B-08-MN-18-0005 October 1, 2011 thru December 31, 2011 Performance Report 1 Community Development Systems Disaster Recovery Grant Reporting System (DRGR) Grant Number: Obligation Date: Award Date: B-08-MN-18-0005 Grantee Name: Contract End Date: Review by HUD: Gary, IN 03/13/2013 Reviewed and Approved Grant Amount: Grant Status: QPR Contact: $3,836,758.00 Active Evelyn Aponte Estimated PI/RL Funds: $35,105.86 Total Budget: $3,871,863.86 Disasters: Declaration Number No Disasters Found Narratives Areas of Greatest Need: RF CT FR Area of Greatest Need L/M FR SPR RF 10 102.02 23.7% Northern Horace Mann Area Yes 10 87.1% 23.1% 102.3 23.1% Ambridge Area Yes 10 87.1% 23.1% 9 109.00 22.0% Ambridge Area Yes 10 84.0% 22.3% 8 107.00 21.6% Downtown West Yes 10 80.0% 21.3% 7 114.00 21.3% Far-East Midtown & East Yes 10 78.9% 21.0% 115.00 20.0% Emerson & Aetna Yes 10 74.6% 20.0% 6 126.00 21.35% South Glen Park East Yes 10 80.0% 21.3% 127.00 20.3% South Glen park East Yes 10 75.9% 20.3% 123.00 20.9% North Glen Park East Yes 10 77.9% 20.8% 4 121.00 20.8% Midtown East Yes 10 79.3% 21.1% 3 106.00 20.6% Emerson Yes 10 77.8% 20.7% 2 122.00 20.3% Midtown East Yes 10 78.6% 20.9% 1 118.00 20.2% Midtown Yes 10 75.7% 20.2% Distribution and and Uses of Funds: Activity 1 &ndash Administration - This activity represents 10% of the total NSP Grant = $383,675.80 and will be utilized for administrative purposes for implementation of the grant.
    [Show full text]
  • Salt & Light Guide
    7OV[VI`1VL`4H`ÄLSK Marquette Park Beach, Gary, IN Salt & Light: A Guide to Loving Northwest Indiana First Edition, 2011., All Rights Reserved Editors: Photographers: Jason Topp Jacque Miller, 1HJX\L4PSSLY7OV[VNYHWO`, Gary, IN 1VL`4H`ÄLSK Jen Topp, 1LU;VWW7OV[VNYHWO`, Cedar Lake, IN Jessica Isensee, >OP[L/HY]LZ[7OV[VNYHWO`, Portage, IN Book Designer: Stacy Layman, Shortyred Designs, Hobart, IN 1VL`4H`ÄLSK*YV^U7VPU[05 Kevin Smith, +V\SVZ7OV[VNYHWO`, Crown Point, IN Kirsten Dixon, 2PYZ[LU+P_VU7OV[VNYHWO`, Crown Point, IN Wendy Bunch, >LUK`)\UJO7OV[VNYHWO`, Crown Point, IN Copyright © 2011 by Bethel Church, 10202 Broadway, Crown Point, IN 46307 All Rights Reserved Printed and bound locally by Vision Integrated Graphics. ACKNOWLEDGEMENTS This guidebook would never have been envisioned if it wasn’t for the exceptional work of trailblazers like Heidi Unruh and Andy Rittenhouse. Their team started a movement of collaboration and volunteerism in Knoxville, TN through a simi- SHYZL[VMN\PKLIVVRZ;OL`OH]LZLLUV]LYJO\YJOLZWHY[ULY[VNL[OLY[VZLY]L[OLJVTTVUNVVK[OYV\NOHUVUWYVÄ[ organization called Compassion Coalition. Heidi and Andy also consulted with us for Salt & Light: A Guide to Loving 5VY[O^LZ[0UKPHUH;OLPYL_WLYPLUJLZ^LYLPU]HS\HISL[VZOHWPUN[OLÄUHSN\PKLIVVRMVY5VY[O^LZ[0UKPHUH>LHYL thankful for their visionary spirit and willingness to help. >LHYLMVYL]LYNYH[LM\S[V;YH]PZ=H\NOU^OVÄYZ[IYV\NO[[OL]PZPVUMYVT2UV_]PSSL[V5VY[O^LZ[0UKPHUH/LW\[ together the initial team of volunteers, cast the vision of what could be in Northwest Indiana, and provided much wis- dom on researching a community. He challenged our paradigms and encouraged us to dream.
    [Show full text]