SHIP Program

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SHIP Program

HOMEOWNERS

As funding permits, the City of Palm Bay has strategies that provide assistance to residents who own their home but are in need of assistance. These strategies include:

Owner-Occupied Housing Rehabilitation

Owner-occupied homes located within the City of Palm Bay may be eligible for rehabilitation assistance up to $40,000 to repair major household systems, upgrade energy efficiency, provide additional security and safety.


Criteria for eligibility includes:

  • Owner must have owned the home for at least one year prior to requesting assistance.
  • All property taxes and mortgage payments must be current.
  • Housing income may not exceed 80% of Area Median Income as defined by Florida Housing Finance Corporation, annually

    Fiscal Year 2018 Income Limits By Household Size

 *If the property has mortgage liens recorded against it which total more than the Property Appraiser's assessment of value, assistance will be restricted to no more than $15,000.

Assistance is in the form of a mortgage loan at zero percent (0%) interest rate, for a term of ten (10) years. Loan and lien will be forgiven at the end of the ten-year term.


Emergency Repair

SHIP funds are used to aid owner-occupied homeowners with repairs that alleviate emergency conditions which represent an immediate threat to health and safety.


Assistance is in the form of a mortgage loan at zero percent (0%) interest rate, for a term of five (5) years. Loan and lien will be forgiven at the end of the five-year term.


Special Needs Rehabilitation

 The City of Palm Bay will address the repair needs of owner-occupied households where at least one adult member of the household has special needs, particularly development disabilities. Those needing to make modifications, including technological enhancements and devices, which will allow the household member with Special Needs to remain independent in their own homes.


Assistance is in the form of a mortgage loan at zero percent (0%) interest rate, for a term of ten (10) years. Loan and lien will be forgiven at the end of the ten-year term.


Utility Hook Up Assistance

This Strategy provides loans to Extremely Low, Very Low, and Moderate-Income homeowners to assist with connection to public water and /or sewer systems. The funds may be used to connect to the systems, pay the connection fees and to abandon the private well and septic system.


Assistance is in the form of a mortgage loan at zero percent (0%) interest rate, for a term of five (5) years. Loan and lien will be forgiven at the end of the five-year term.


HOMEBUYERS
As funding permits, the City of Palm Bay has a strategy to provide assistance to households who are looking to purchase their own home but are in need of assistance.

Purchase Assistance

This Strategy awards loans to assist homebuyers with the purchase of the home by providing down payment and /or closing cost assistance to ensure affordable first mortgage loan payments.


Criteria for eligibility includes:

  • Applicant must not have owned a home within the previous 3 years
  • Housing income may not exceed 80% of Area Median Income as defined by Florida Housing Finance Corporation, annually
  • Applicant (and co-applicant) must attend a local homebuyer training and counseling class
  • Applicant must meet credit evaluation criteria required by the first mortgage lender
  • Applicant must provide a buyer contribution of $1,000.00

Assistance is in the form of a mortgage loan at zero percent (0%) interest rate, for a term of ten (10) years. Loan and lien will be forgiven at the end of the ten-year term.

Fiscal Year 2017-2019 SHIP Local Housing Assistance Plan

City of Palm Bay Application for Assistance

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