|
THE MCDOWELL COUNTY COMMUNITY IMPROVEMENT ASSESSMENT DISTRICT (CIAD) FINANCING PLAN
An Affordable Financing Plan to Flood Proof Your Home or Relocate Within West Virginia In an effort to make sure that all eligible landowner's that wish to participate in the flood control project can do so, arrangements have been made with The West Virginia Housing Development Fund to provide forgiveness or low interest funding for your assessment certificate at varying interest rates based on total household incomeFinancing Provided By: ![[wvhdf]](images/wvhdf.jpg)
Purpose The purpose of this program is to assist qualified property owners participating in the United States Army Corps of Engineers (USACE) Section 202 McDowell County Non-Structural Project. This program provides an affordable way for property owners to pay the assessments levied by the McDowell County Community Improvement Assesment District Board (CIAD).The West Virginia Housing Development Fund The West Virginia Housing Development Fund is an agency of the State of West Virginia established to increase the supply of residential housing for persons and families of low and moderate income, and to provide construction and permanent mortgage financing to public and private sponsors of such housing. To date, the Housing Development Fund has sold over $ 2.6 billion in tax-exempt bonds to finance over 35,000 homes and 17,000 rental units, and has assisted a total of 75,000 housing units since it began operation in 1968. The West Virginia Housing Development Fund is an Equal Housing Opportunity Lender. McDowell County Community Improvement Assessment District (CIAD) Program Floodproofing - Owner Remains in the home: The
West Virginia Housing Development Fund may purchase the assessments levied by the McDowell County CIAD which is determined after floodproofing of the home is completed. This is accomplished by an amendment of the Assessment Certificates as described later in this page.Acquisition/Relocation - Owner Moves to Another Home: To acquire a replacement property in West Virginia, McDowell County Redevelopment Authority (MCRA) may lend an owner the amount needed to pay off the assessments levied by the McDowell County CIAD, which are secured by a first lien Deed of Trust on the replacement property. The borrower is responsible for paying all associated closing costs. The Household Income Schedule
presents the interest rates based on income for funding.No funding is available if the property owner is relocating to another state. The West Virginia Housing Development Fund cannot, by law, finance property located outside of West Virginia. Assessments on property acquired by the United States Army Corps of Engineers acquisition will be paid in full from proceeds at the closing of the sale. Depreciating Funding Depreciting funding for assessment certificates is available to residential owners whose household income is at or below $12,240 (See Household Income Schedule). Funding is evidenced by a recorded Assessment Certificate and an Assessment Certificate and Lien Modification Agreement for a ten (10) year term. Depriciating funding for acquisitions must be secured by a first lien Deed of Trust on the borrower's occupied residential relocation real property located in West Virginia. Depreciating funding is forgiven at a rate of 1/10th per year for ten (10) years, as long as the borrower owns and uses the property as his/her principal residence. Any unforgiven balance is due on the sale or transfer of the property at any time during the 10-year period. Standard Funding Standard funding is available to residential property owners whose household income exceeds $12,240. Standard Funding is available for a term of ten (10) years. Interest rates start at 4% and increase incrementally to a maximum of 12% (See Household Income Schedule). Standard funding for floodproofing is evidenced by an amended Assessment Certificate and is secured by an Assessment Certificate and Lien Modification Agreement. An acquistion is evidenced by a Note and is secured by a first lien Deed of Trust on the residential relocation real property. Commercial, Business or Governmental Property Owners - Acquisition Only Commercial, business or governmental property owners are eligible only for standard loans at an annual interest rate of 12% for a term of ten (10) years. A note secured by a first lien, Deed of Trust on all real property purchased for relocation in West Virginia is required for securityHousehold Income Schedule - Rates and Terms If your total household income is $12,240 or less, your assessment credit will be a 0% Interest Rate Depreciating Funding with a 10 year term.If your total household income is $12,240 to $18,360, your assessment credit will be a 4% Interest Rate Standard Funding with a 10-year term.If your total household income is $18,360 to $30,600, your assessment credit will be an 8% Interest Rate Standard Funding with a 10-year term.If your total household income exceeds $30,600, your assessment credit will be a 12% Interest Rate Standard Funding with a 10-year term. Required Documents In order to qualify, all property owners are required to mke available a copy of their Deed of Trust, property tax ticket, and the latest income tax return. Note: Terms for residential owners are based on the borrower's income, compared to the federally established median income for the county and family size.
These figures are adjusted annually. Current median fmily incomes for this financing program and terms provided are subject to change. Program financing is not assumable. There is no penalty for prepayment.Application for Funding For an application for the funding described, contact:Violet Lester, Executive Director
McDowell County Redevelopment Authority
P.O. Box 1508
90 Wyoming Street, Suite 205
Welch, WV 24801
Phone: (304) 436-3421
 Information on Assessment Certificates For more information on Assessment Certificates, contact:Judy Heath, Executive Director
Community Improvement Assessment District
90 Wyoming Street, Suite 111
Welch, WV 24801
Phone:
(304) 436-8558. Loans for Replacement Housing If you need help with loans for replacement housing, or have any questions about housing credit in general, contact:Kathy Rose
SAFE, Inc.
P.O. Box 234
Welch, WV 24801
Phone: (304) 436-8117 NEXT
|
