Laserfiche WebLink
5 . HOMEOWNERSHIP ASSISTANCE <br /> Indian River County will utilize NSP funding to assist with closing cost assistance . All <br /> NSP funds utilized as closing cost assistance will be secured by a second mortgage on the <br /> residence . The second mortgage shall be in the form of a zero interest Deferred Payment <br /> Loan (DPL) . The DPL will remain in place for a fifteen ( 15 ) year term and will be due <br /> and payable at the transfer of ownership of the property, if the transfer of ownership <br /> occurs during the fifteen ( 15 ) year period. The Deferred Payment Loan will be recorded <br /> as a second mortgage on the property. <br /> There will be no principal reduction during the life of the Deferred Payment Loan . The <br /> full amount of the Deferred Payment will be due and payable at the transfer of ownership <br /> of the property. <br /> 6 . HOMEOWNERSHIP COUNSELING <br /> All prequalified applicants participating in the home ownership program will be required <br /> to attend a minimum of 8 hours of HUD certified homeownership counseling prior to <br /> purchasing a property and must provide documentation of completion of a <br /> homeownership counseling course prior to scheduling a property closing. The cost for <br /> the homeownership counseling course will be paid with NSP funding and must be <br /> scheduled through the local government , the sub .recipient or the developer. <br /> 7 . CONFLICT OF INTEREST <br /> Any member of the County Commission or CATF , any local government employee, any <br /> board member or employee of a sub -recipient or developer organization , any contract <br /> worker who is directly related to anyone working in the NSP Program , or relatives of any <br /> of these individuals , as defined by HUD and Florida Statutes, shall be ineligible for <br /> program participation unless he/she is granted a waiver by the local government and the <br /> Florida Department of Community Affairs . This prohibition against participation in the <br /> NSP shall continue for one year after an individual ' s relationship with the local <br /> government, sub .recipient, developer or contract worker has terminated . <br /> Only certain conflicts of interest are eligible for consideration of a waiver by the <br /> Department of Community Affairs . <br /> All conflicts will be addressed on a case by case basis to include consideration of <br /> possible waiver request . <br /> All individuals with voting or decision making responsibilities related to the local NSP <br /> Program will be required to review a list of all potential beneficiaries and fill out <br /> documentation listing all potential beneficiaries they are related to or have a possible <br /> conflict of interest with. An affidavit detailing any potential conflicts of interest will be <br /> completed by all persons involved in the program . <br /> 14 <br />