HomeTown Heroes – Plus
Down Payment Assistance Program
through Participating Bond Program Lenders
Information Statement

Note: Funds for “HomeTown Heroes Plus” are not available again until about October 2008. For additional information, please contact us at (727) 464-8210.

This program is made available through the Pinellas County Board of County Commissioners. The purpose of the HOMETOWN HEROES-PLUS program is to help expand homeownership opportunities for essential employees. It is available to all income eligible full-time employees of selected military service, public service, and health organizations who purchase homes in any of the eligible areas listed below. The program provides financial assistance in the form of interest free, second mortgage loans with repayment deferred for five years.

ELIGIBLE PROPERTIES
Single-family detached houses, townhouses, villas, cooperatives, and condominiums are eligible types of housing. The home must serve as the applicant's primary residence; vacation homes and second homes are not eligible.

Properties may be located in unincorporated Pinellas County or within the boundaries of one of the cities listed below.

Properties located inside the city limits of Clearwater, Largo, St. Petersburg, and Belleair Shore are not eligible for this program

The purchase price for the property cannot exceed $240,158. This program does not displace existing renters; sellers must certify that a renter did not occupy the property at the time of contract signing.

ELIGIBLE APPLICANTS
Applicants must be full time employees of one of the following job classifications:

• Pinellas County School System
• hospital workers
• police personnel
• fire personnel
• emergency medical service personnel
• paramedics
• 911 dispatchers
• assisted living facilities employees
• pharmacy technicians
• active duty and reserve military personnel
• retirees of these job classifications

The chart shows the maximum gross household income for program eligibility. Eligibility is determined by household size Household income includes all income from all household members including employment income, interest income, social security, dividends, pensions, alimony, and child support.

LOAN AMOUNT AND TERMS
The maximum loan amount is $25,000. Repayment is deferred for five years. Beginning in year six, the loan is repaid at 0% interest, amortized over a maximum of twenty years. However, all loans will be amortized so that the monthly payment will be at least $25.00. Loan funds can be used to pay closing costs equivalent to three percent (3%) of the purchase price.

In general, the first mortgage lender’s documentation shall be sufficient, however, no assistance will be provided if the mortgage commitment carries excessive fees, adjustable rates, balloon payments, or interest rates that are higher than FHA rates for similar loans.

The County's loan amount combined with the first mortgage amount cannot exceed 107% of the value of the property. Outstanding balances are usually due and payable if the borrower sells, rents, leases or otherwise vacates the residence.

LOAN ADMINISTRATION
Inquiries can be sent to the Community Development Department at 600 Cleveland Street, Suite 800, Clearwater, FL 33755.

Review criteria and processing guidelines are determined and approved by Pinellas County Community Development. It is not practical to list all possible requirements and terms in this abbreviated format. Interested persons who need more information about the program should call the telephone number below.

Our goal is to offer the residents of Pinellas County the highest quality service possible. We are always interested in any comments about the quality of our services or suggestions for ways to improve them.

Term Sheet