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Rehabilitation Loan Summary Page <br /> Purpose : To fund all or a portion of the cost encountered in <br /> rehabilitating existing or acquired owner - occupied <br /> housing units . <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 may provide up to $ 50 , 000 . 00 per unit in <br /> rehabilitation loans consistent with the County ' s <br /> minimum rehabilitation loan standards and requirements . <br /> The applicant shall execute a loan agreement with the <br /> County indicating that the applicant will comply with <br /> the County ' s Local Housing Assistance Program ' s <br /> requirements . <br /> Criteria : Income Eligible Households : VLI ( not to exceed 50 % of <br /> the County ' s median income ) , LI ( 51 - 80 % of the County ' s <br /> median income ) MI ( 81 - 120 % of the County ' s median <br /> 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 <br /> County ' s promissory note and <br /> mortgage document . No repayment <br /> is required except in cases <br /> where the assisted unit is <br /> sold , refinancing with a cash <br /> out , or occupied by someone <br /> other than the original loan <br /> recipient . - <br /> 20 <br />