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C . Downpavment /Closing Cost / Principal Reduction Loans a . Summary of the Strategy : To assist eligible persons with down payment and closing costs as well as principal reduction associated with the purchase of a home . b . Fiscal Years Covered FY 2006 - 2007 , FY 2007 - 2008 , FY 2008 - 2009 c . Income Categories to be served : • Very Low- Income Persons ( Not to exceed 50 % of median income ) • Low- Income Persons ( between 51 - 80 % of median income ) • Moderate - Income Persons ( between 81 - 120 % of median income ) d . Maximum award : 1 . Very Low- Income Person $ 50 , 000 . 00 2 . Low- Income Person $ 30 , 000 . 00 3 . Moderate - Income Person $ 20 , 000 . 00 e . Terms , Recapture , Default : Down payment / closing cost loans are deferred payment loans whereby repayment of the entire loan amount occurs at the time that the eligible housing unit is sold , refinanced with cash out , or occupied by someone other than the original loan recipient . There will be no interest rate for down payment / closing cost loans . Recaptured funds will be deposited in the county ' s affordable housing trust fund . Eligible persons may repay the entire amount of the loan at any time . f . Recipient Selection Criteria : Applications will be reviewed based on a first come first reviewed basis , and applicants will be chosen per the following criteria • Income Eligibility • Employment Verification • Asset Verification - • Homebuyer Status • credit Verification and / or approval from the financial institution that is granting the first mortgage • Approval of first mortgage by a financial institution • Attendance of County ' s Homebuyer ' s Educational Workshop g . Sponsor Selection Criteria : N/ A h . Additional Information : i . Geographic Area Down payment / closing cost loans may be made anywhere in the county , including all municipalities located within the county . 10