Jefferson-parish-government.azureedge.net

Terrytown Housing Stock Enhancement

Toolbox

Last Updated: November 2020

Home Rehabilitation

Terrytown Housing Stock Enhancement Toolbox

Last Updated: November 2020

Program Name Funding Type Administrator

General Description

Existing

New Program

Homeowner Buyer Link

Provides a forgivable loan of up to $60,000 to address specific life, health, and safety

hazards from substandard conditions in homes that are owner-occupied for eligible low-

and moderate-income households. It must be the homeowner's primary residence and

the homeowner must have resided in the home for a minimum of one year. The

homeowner can rent the home if they so desire during the 3-year maintenance period.

The home cannot be sold during this period. If the home is sold, the homeowner must

Owner-Occupied HOME Grant Jefferson Parish pay a pro-rated amount back based on the amount of time left in the 3-year maintenance

Rehabilitation (Forgivable Community period. Eligibility: 1) Must be low- and moderate-income household; 2) Must be

X

Program

Loan)

Development homeowner's primary residence; 3) Property cannot have more than one owner living

outside of the home (unless permission from the co-owner that does not live in the home

is grants, and the co-owner's income is factored in to determine income eligibility. This

does not apply to a widowed spouse who owns ? of the home and has usufruct over the

other ? of the home). 4) Must NOT test positive for asbestos; and 5) Must meet property

feasibility test (e.g., Prohibited activities: shoring of homes, breaking of slabs, elevation,

additions, renovations, etc.)

Provides financial assistance to qualified low- and moderate-income homeowners for

demolition of substandard houses not suitable for rehabilitation, instead, constructs a

Replacement Housing Program

HOME Grant Jefferson Parish new single-family residence on the same site. Eligibility: 1) Must be low- and moderate-

(Forgivable Community income individual. 2) Must come into the program either via the OOR Program (and

Loan)

Development independent cost estimate shows the repairs to exceed the OOR cap) or via the home

X

being condemned by the Jefferson Parish Code Department, thus rendering the

residents homeless. This program is active only if funding is available.

CHOICERenovation is designed to allow a borrower seeking to finance a property

Freddie Mac's CHOICE

Renovation Mortgage

Loan

Participating Freddie Mac

Lender

purchase and renovation in a single loan or a current homeowner to looking to make home improvements and repairs. The total cost of the financed renovations must not exceed 75% of the "as completed" value of the property as determined by an appraiser. For example, if a property appraises for $200,000 after improvements, a

X

borrower could finance up to $150,000 worth of renovations.

FHA 203(k) Rehabilitation

Mortgage Insurance Program

FHA Limited 203(k) Rehabilitation Mortgage Loan Program

Loan Loan

The 203(k) program is FHA's primary program for the rehabilitation and repair of single-

family properties. The loan covers both the purchase and rehabilitation of a property.

The extent of the rehabilitation covered by the program may range from relatively

Approved FHA Lender

minor to virtual reconstruction. The program can finance the rehabilitation the residential portion of a non-residential uses and also cover the conversion of a property of any size to a one to four-unit structure. This program insures mortgages

covering the purchase or refinancing and rehabilitation of a home that is at least one

year old. The cost of the rehabilitation must be at least $5,000 and fall within the FHA

mortgage limit for the area.

FHA's Limited 203(k) program permits homebuyers and homeowners to finance up to

Approved FHA $35,000 into their mortgage to repair, improve, or upgrade their home. Homebuyers and

Lender homeowners can use funds for property repairs or improvements, such as those

identified by a home inspector or an FHA appraiser.

HomeStyle Renovation Mortgage

Loan

Approved HomeStyle Renovation

Lender

The HomeStyle Renovation is a conventional mortgage where borrows can finance improvements, renovations or repairs to a home at the time of purchase or as a refinance transaction. The program can finance up to 75% of the "as completed" appraised value of the property. For example, if a property appraises for $200,000 after improvements, a borrower could finance up to $150,000 worth of renovations.

The Home Energy Loan Program through the Louisiana Department of Natural Resources

(LDNR) is a low interest five-year loan a homeowner to improve the energy efficiency of

Home Energy Loan Program (HELP)

Loan

Approved Participating

Lender

their existing home. Qualifying loan improvement measures are provided on a "Prescriptive List of Improvements", from which the borrow selects approved items. The loan amount can be a maximum of $12,000. Up to half of that, or up to $6,000, is loaned

X

by LDNR at 2% interest rate, regardless of what the lenders' market interest rate may be

at the time of the loan.

Also known as the Section 504 Home Repair program, this provides loans to very-low-

USDA/ Rural Development Single Family Housing Repair Loans & Grants

Loan and Grant

USDA Rural income homeowners to repair, improve, or modernize their homes or provides grants to

Development Service Center

elderly very-low-income homeowners to remove health and safety hazards. The maximum loan is $20,000 and maximum grant amount is $7,500. The loan and grant can be combined for up to $27,500. Loans can be repaid over 20 years, the interest rate is

Office

fixed at 1%, and the grant must be repaid if the property is sold in less than 3 years. Only

X

those 62 years or older and unable to repay a repair loan are eligible for the grant.

. jeffparish.ne t/index.aspx ?page=151

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Page 1 of 3

Home Purchase and Down Payment Assistance

Terrytown Housing Stock Enhancement Toolbox

Last Updated: November 2020

Program Name Funding Type Administrator

General Description

Existing

New Program

Homeowner Buyer Link

First Time Homebuyer

Program

Assists first-time home buyers in purchasing "turn key" ready homes. The program

allows for assistance of up to $50,000 per client for those clients living in Jefferson

Parish, with the exception of the City of Kenner. City of Kenner residents can receive

HOME Grant Jefferson Parish up to $60,000. Although there is a maximum subsidy amount available, the average

(Forgivable Community level of assistance varies. A First-Time Homebuyer's Training Class and a Financial

Loan)

Development Fitness Class are required. If less than $15,000 of funds is awarded, at least 5 years of

homeownership and occupancy is required. If between $15,000 to $50,000 of funds

are awarded, at least 10 years of homeownership and occupancy is required. 1) Must

be low- and moderate-income household 2) Must be homeowner's primary residence.

Southern Mortgage Assistance Program (SMAP)

Competitive 30-year fixed rate, fully amortizing mortgage with 3% or 4% assistance

grant for down payment or closing costs. Calculated as a percentage of the loan

Jefferson Parish amount to qualifying home buyers for an FHA, VA or RHA loan. No repayment, no

Loan/ Grant

Finance Authority

recapture, and no second lien; no first-time homebuyer requirement or homebuyer education requirement. The maximum loan amount for an FHA mortgage loan is $331,760, the maximum VA mortgage loan is $510,400, and the maximum USDA RHS

(JPFA)

loan is $265,400. The borrower's annual income cannot exceed $80,960, or 115% of

HUD median income (Effective 4/1/2020). SMAP accepts a minimum credit score of

640.

Lagniappe Advantage Program (LAP)

Competitive 30-year fixed rate, fully amortizing mortgage with 0%, 3% or 4% assistance

Jefferson Parish grant for down payment or closing costs. Discounted mortgage rates. No repayment,

Loan/ Grant

Finance Authority

no recapture, and no second lien. No first-time homebuyer requirement but if a firsttime homebuyer, online homebuyer education is required. The maximum loan amount

(JPFA)

for LAP is $510,400. The borrower's annual income cannot exceed $56,320, or 80% of

annual median income (AMI). Minimum accepted credit score is 640.

Heroes to Homeowners

Grant

Jefferson Parish The Heroes to Homeowners program is a $2,500 grant provided by JPFA to all

Finance qualifying education professionals, first responders and healthcare professionals for

Authority down payment assistance for a home purchased in Jefferson Parish. Financing for a

(JPFA)

property purchased must be provided by JPFA.

Also known as the Section 502 Direct Loan Program, this program assists low- and very-

USDA/ Rural

low-income applicants obtain decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant's repayment ability. Payment

Development

Approved assistance is a type of subsidy that reduces the mortgage payment for a short time.

Single Family

Loan

Participating The amount of assistance is determined by the adjusted family income. No down

X

Housing Direct

Lender payment is required. Up to 33-year payback period ? 38-year payback period for very

Home Loans

low-income applicants who can't afford the 33-year loan term. Funds can be used to purchase, build, repair, or to purchase and prepare a site, including providing water

and sewage facilities.

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Single Family Housing

Loan

Guaranteed Loan

Program

Approved Participating

Lender

This no down payment, 100% financing program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase existing homes (which may include costs to rehabilitate, improve or relocate the dwelling) or build new. USDA provides a loan note guarantee to approved lenders, encouraging participation by minimizing their risk. This program is not restricted to first-time homebuyers. No set maximum purchase price (based solely on applicant repayment ability).

A home repairs program for emergencies that were beyond the control of homeowner.

Eligibility: 1) Must be low- and moderate-income individual, including elderly and

Emergency Home Repair

Jefferson Parish disabled homeowner. 2) Property cannot have more than one owner living outside of CDBG Grant Community the home (unless permission from the co-owner that does not live in the home is

Development granted, and the co-owner's income is factored in to determine income eligibility. This

X

does not apply to a widowed spouse who owns ? of the home and has usufruct over

the other ? of the home).

A home repairs program for remediating code violations to the exterior of the home

received by eligible low to moderate income (Remove elderly and disabled. As long as

Jefferson Joining Forces Program

Jefferson Parish the homeowner is LMI, he/she is eligible) elderly and disabled (Remove "elderly and

CDBG Grant

Community

disabled") homeowners. Referrals are made by the Department of Inspection and Code Enforcement if the homeowner meets criteria. Eligibility: 1) Income must not exceed

Development HUD income limits 2) Citation based on minor repairs needed 3) Lack of financial,

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physical, or other resources to correct cited violation 4) Limited to minor, exterior

repairs.



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Repairs on Wheels Program

CDBG Grant

Jefferson Parish A home repair program for limited repairs and handicap accessibility for eligible elderly

Community

and disabled homeowners. Eligibility is determined by the Volunteers of America of Southeast Louisiana (VOA-SELA) and is HUD-compliant: 1) Must be 55+ years old

Development and/or have a verifiable disability; 2) Must be income-qualified per HUD income limits.

X

. jeffparish.ne t/index.aspx ?page=151

Home Maintenance & Repairs

Aging in Place

Page 2 of 3

Hazard Mitigation Assistance

Terrytown Housing Stock Enhancement Toolbox

Last Updated: November 2020

Program Name Funding Type Administrator

General Description

Existing

New Program

Homeowner Buyer Link

The Flood Mitigation Assistance Grant Program (FMA) provides funding to States,

Territories, federally-recognized tribes and local communities for projects and planning

that reduces or eliminates long-term risk of flood damage to structures insured under

the National Flood Insurance Program (NFIP) and is competitive nationwide. The FMA

grant can be used to 1) Elevate the lowest floor of the home or 2) Reconstruct the

home. The total grant amount for elevating a home is based on the square footage,

Flood Mitigation

whereas, for the reconstruction of a home, there is a maximum of $150,000

Jefferson Parish (construction-portion only). The grant is based on the history of the flood insurance Floodplain claims on the home, not the occupancy status. While elevations can take anywhere

Assistance Grant FEMA Grant Management from three to six months, reconstruction of a home can take nine months to a year. If

X

Program (FMA)

and Hazard Mitigation

the application meets all of the grant criteria and Benefit Cost Analysis, the Parish department will then include the application with the grant proposal to the Governor's Office of Homeland Security and Emergency Preparedness (GOHSEP) who will then

submit to FEMA. It takes approximately a year or longer for FEMA's review process to

determine approval and award funding. FEMA cost share contributions can vary from

100 percent, 90 percent, or 75 percent. Homeowner must pay their share up front.

Eligibility: Homeowners and businesses are eligible to apply through Jefferson Parish

Floodplain Management and Hazard Mitigation office. Additional eligibility is based on

history of flood insurance claims on the property.

The Hazard Mitigation Grant Program (HMPG) assists in implementing long-term hazard

mitigation planning and projects following a Presidential major disaster declaration.

Examples of mitigation projects that can be funded through HMGP funding includes

Jefferson Parish acquisition and structure demolition/relocation; dry floodproofing or historic residential

Hazard Mitigation

Floodplain structures; elevation; mitigating flood and drought conditions; mitigation reconstruction;

Grant Program

FEMA Grant

Management

structural retrofitting of existing buildings; wind retrofit. Eligibility: Individuals, businesses and private nonprofits via local government, can apply for HMGP funding. Individuals must

X

(HMGP)

and Hazard apply through the appropriate sub applicant: Jefferson Parish Floodplain Management and

Mitigation Hazard Mitigation. FEMA provides up to 75 percent through the cost share requirements and

the applicant's 25 percent can come from a variety of sources: cash payment, donated

resources or construction labor, Increased Cost of Compliance (ICC) funds from a flood

insurance policy, or a loan.

The Restoration Tax Abatement (RTA) program provides an up-to 10-year abatement of

property taxes on renovations and improvements of existing commercial structures and

Restoration Tax Abatement (RTA)

Limited Property Tax Abatement

Louisiana Economic Development (LED)/JEDCO

owner-occupied residences located within eligible districts. Improvements must include exterior improvements. Eligible expenses include 1) building and materials 2) machinery and equipment (only that which becomes an integral part of the structure) 3) labor and engineering. Non-eligible expenses include acquisition cost of the structure or land and movable and personal property. As part of this study, Terrytown became an eligible district

X

for the Restoration Tax Abatement program. Property owners should confirm with JEDCO

whether their property is located in Terrytown's eligible district.



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Renovation Incentives

Multifamily Purchase & Renovations

New Construction and/or Lots

This program provides competitive financing for affordable multi-family rental housing

USDA/ Rural Development Multi-Family Housing Direct

Loan

Loan

for low-income, elderly, or disabled individuals and families in eligible rural areas.

Louisiana USDA Individuals, non-profit organizations, state and local government entities are eligible to

Rural

apply. Borrowers must have legal authority needed to construct, operate, and maintain

Development the proposed facilities and the services proposed. Funds may be used for construction,

Office

improvement, and purchase of multi-family rental housing for low-income families, the elderly and disabled individuals. Funds can also be used for buying and improving land

X

as well as to provide necessary infrastructure.

One-time close is available for new construction and refinance of renovations

Up to 90% Loan to Value (LTV)

Up to 90% LTV if property is already owned for renovation refinance

Gulf Coast Bank

Loan

Private Lender

Up to 80% LTV on lot loans Interest rate is locked at time of closing for permanent loan upon completion

X

All loans are subject to appraisal or cost to build, whichever is less

One-time float down rate upon completion

Owner occupied only. Builder or spec homes are considered commercial and not eligible

Construction Perm Loan Program, no second set of closing costs

90% LTV up to One Million Dollars

Loans up to Two Million available (call for details)

Regions Bank

Loan

Private Lender

Fixed-rate or adjustable loan programs Primary or second home financing both qualify

X

Rate lock on permanent loan at closing, prior to construction

All loans are subject to appraisal

Interest paid on funds as they are drawn during construction

80% LTV based on lot value and contract price and appraisal (the lower of the two)

Fifth District Savings Bank

Loan

12 months to construct. After 12 months it converts to permanent loan including taxes and

Private Lender insurances escrows

Based on 5 draws

X

Rate locked upon receipt of copy of contract with Louisiana licensed builder (no self-contracting)

Page 3 of 3

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