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Rehabilitation Grant Summary Page <br /> Purpose : To fund all or a portion of the cost encountered in <br /> rehabilitating existing owner - occupied housing units . <br /> Funding Source : State Housing Initiatives Partnership ( SHIP ) <br /> Eligible Persons : Very Low- Income persons <br /> • Low- Income persons if it is a match for another <br /> State or Federal Housing Grant <br /> Assistance : The County may provide up to $ 50 , 000 . 00 per unit in <br /> rehabilitation grants . The applicant shall execute a <br /> grant agreement with the county indicating that <br /> applicant will comply with the county ' s Local Housing <br /> Assistance Program ' s requirements . <br /> Criteria : Income Eligible Households : VLI ( not to exceed 50 % of <br /> the county ' s median income ) , LI ( 51 to 80 % of the <br /> county ' s median income ) <br /> Property <br /> Qualification : Owner- Occupied <br /> Debt Ratio : N /A <br /> Loan / Grant Period : 10 years . After 10 years the <br /> loan will turn into a grant and <br /> be forgiven . <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : Applicant must sign the <br /> County ' s promissory note and <br /> mortgage document . Mortgage <br /> document will be satisfied <br /> after termination of 10 -year <br /> affordability timeframe . No <br /> payment is required except in <br /> cases where the assisted unit <br /> is sold prior to 10 years , <br /> refinanced with cash out , or <br /> occupied by someone other than <br /> the original grant recipient . <br /> 27 <br />