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SHIP subsidy requires 30 years of consecutive residency
Published November, 13th 2008.
By John Johnston
Managing Editor
Palm Beach County commissioners have approved a $60,000 State Housing Initiative Partnership (SHIP) subsidy loan to county employee Christopher Daeumler.
Sale price is $138,000, commissioners said, and the appraised value for the Lake park home is $153,000.
Commissioners said Daeumler has secured a first mortgage loan of $73,080 and is now eligible to receive $60,000 in SHIP subsidy assistance, secured by a mortgage and promissory note. No monthly repayment of the subsidy is required if the property remains owner-occupied by Daeumler for the next 30 years, commissioners said.
However, if the property is not continuously occupied by Daeumler for the next 30 consecutive years, commissioners said the entire $60,000 must be repaid to the county.
Now A Grant
Separately, commissioners have approved a mortgage and note modification agreement with Thelma Hudson. The agreement will adjust the terms of indebtedness created in connection with the county property rehabilitation program.
In 1999, Ms. Hudson was employed and qualified to receive $18,500 in financial assistance to rehabilitate her home at 1364 West 28th Street, Riviera Beach. A mortgage was then secured by two $9,250 promissory notes totaling $9,250 each. The terms of one promissory note were set as a conditional grant with no repayment required. The terms of the second promissory note were set as a repayable loan with monthly payments.
Commissioners said that $1,335.52 remains to be paid on the monthly payment note, but that “as an elderly homeowner, she is no longer able to make these payments with her fixed social security income and her pension.” Commissioners approved modification of the second note from a repayable loan to a conditional grant, requiring Hudson to remain in the home.
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