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Urban Development ( HUD ) closing statement for the property agreeable to both the buyer and the seller . ® An amount equal to the difference between the sales price of the property and the amount a mortgage lender selected by the buyer and approved by the County has committed to loan to the buyer for the purchase of the property through a thirty ( 30 ) year fixed rate conventional first mortgage utilizing the property being acquired as collateral . The amount of the Gap Financing Assistance may not exceed an amount equal to thirty percent ( 30 %) of the sales price of the property . 5 . HOMEOWNERSHIP ASSISTANCE Indian River County will utilize NSP funding to assist with closing cost assistance . All NSP funds utilized as closing cost assistance will be secured by a second mortgage on the residence . The second mortgage shall be in the form of a zero interest Deferred Payment Loan (DPL) . The DPL will remain in place for a fifteen ( 15 ) year term and will be due and payable at the transfer of ownership of the property , if the transfer of ownership occurs during the fifteen ( 15 ) year period . The Deferred Payment Loan will be recorded as a second mortgage on the property . There will be no principal reduction during the life of the Deferred Payment Loan . The full amount of the Deferred Payment will be due and payable at the transfer of ownership of the property . 6 . HOMEOWNERSHIP COUNSELING All prequalified applicants participating in the home ownership program will be required to attend a minimum of 8 hours of HUD certified homeownership counseling prior to purchasing a property and must provide documentation of completion of a homeownership counseling course prior to scheduling a property closing . The cost for the homeownership counseling course will be paid with NSP funding and must be scheduled through the local government , the sub -recipient or the developer . 7 . CONFLICT OF INTEREST Any member of the County Commission or CATF , any local government employee, any board member or employee of a sub -recipient or developer organization , any contract worker who is directly related to anyone working in the NSP Program, or relatives of any of these individuals , as defined by HUD and Florida Statutes , shall be ineligible for program participation unless he/she is granted a waiver by the local government and the Florida Department of Community Affairs . This prohibition against participation in the NSP shall continue for one year after an individual ' s relationship with the local government , sub-recipient, developer or contract worker has terminated . Only certain conflicts of interest are eligible for consideration of a waiver by the Department of Community Affairs . 13