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Impact Fee Loan Summary Page <br /> Purpose : To assist eligible persons with the cost of <br /> impact fees and / or capacity charges associated <br /> with new construction or connections of existing <br /> housing units to the county water and / or sewer <br /> system . <br /> Funding Source : State Housing Initiatives Partnership ( SHIP ) <br /> Eligible Persons : • Very low income persons <br /> • Low- income persons <br /> • Moderate - income persons <br /> Assistance : The County provides up to $ 20 , 000 per unit loan <br /> for the cost of impact fees and / or capacity <br /> charges . The loan will be secured by a promissory <br /> note and a mortgage in favor of Indian River <br /> County . <br /> Criteria : Income Eligible Households : VLI ( not to exceed <br /> 50 % of the County ' s median income ) , LI ( 51 - 80 % of <br /> the County ' s median income ) , MI ( 81 - 120 % of the <br /> County ' s median income ) <br /> Property <br /> Qualification : Owner- Occupied <br /> Debt Ratio : N /A <br /> Loan Period : Deferred payment loan <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : Applicant must sign the Count ' s <br /> promissory note and mortgage <br /> document . Repayment of the loan <br /> amount occurs upon resale of <br /> the assisted unit , refinancing <br /> with cash out , or occupied by <br /> someone other than the original <br /> loan recipient . <br /> 9 <br />