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Emeraency / Disaster Repair Grant Summary Page <br /> Purpose : To fund all or a portion of the cost encountered in <br /> repair of existing owner - occupied housing units <br /> damaged through a disaster . <br /> Funding Source : State Housing Initiatives Partnership ( SHIP ) <br /> Eligible Persons : Very Low- Income persons <br /> • Low - Income persons <br /> Assistance : The County may provide up to $ 15 , 000 . 00 per unit in <br /> emergency/ disaster repair grants . The applicant shall <br /> execute a grant agreement with the county indicating <br /> that applicant will comply with the county ' s Local <br /> Housing 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 /> will 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 /> 31 <br />