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R • Rehabilitation Loans <br /> a . Summary of the Strategy : <br /> To fund all or a portion of the cost encountered in rehabilitating <br /> existing owner - occupied housing units or rehabilitation of acquired <br /> owner occupied housing units in conjunction with downpayment / closing <br /> costs loans . <br /> b . Fiscal Years Covered : <br /> FY 2006 - 2007 , FY 2007 - 2008 , FY 2008 - 2009 <br /> c . Income Categories to be served : <br /> • Very Low- Income Persons ( Not to exceed 50 % of <br /> median income ) <br /> Low- Income Persons ( between 51 - 80 % of median <br /> income ) <br /> • Moderate - Income Persons ( between 81 - 120 % of <br /> median income ) <br /> d . Maximum award : <br /> The maximum monetary award for a rehabilitation loan shall not <br /> exceed : <br /> $ 50 , 000 . 00 per single family or a condominium- housing unit . <br /> e . Terms , Recapture , Default : <br /> Rehabilitation loans are deferred payment loans whereby repayment of <br /> the entire loan amount occurs at the time the eligible housing unit is <br /> sold , refinanced with a cash out , or occupied by someone other than the <br /> original recipient . There will be no interest rate for rehabilitation <br /> loans . Recaptured funds will be deposited in the county ' s affordable <br /> housing trust fund . <br /> The loan recipient may repay the entire amount of the loan at any <br /> time . <br /> f . Recipient Selection Criteria : <br /> Applications will be reviewed based on a first come first reviewed <br /> basis , and applicants will be chosen per the following criteria <br /> • Income Eligibility <br /> • Employment Verification <br /> • Asset Verification <br /> • Credit Verification <br /> g . Other Rehabilitation Loan requirements : <br /> The IRCLHAProgram anticipates providing no interest loans to eligible <br /> households to fund all or a portion of the cost encountered in <br /> rehabilitating of existing or rehabilitating acquired housing units <br /> eligible for occupancy by eligible persons . Rehabilitation loans shall <br /> be provided consistent with the requirements of the county ' s minimum <br /> standards for rehabilitation of residential properties . Rehabilitation <br /> loans will not be awarded for rehabilitation work completed prior to <br /> the county loan approval . All rehabilitation work must be performed by <br /> licensed contractors . <br /> Rehabilitation loans may be awarded only for rehabilitation work <br /> activities that are identified in the county ' s designated inspector <br /> work write- up and include only items that are in poor condition and <br /> 16 <br />