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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 . CONF'LIC 'T' OF INT'ERES'T 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 . All conflicts will be addressed on a case by case basis to include consideration of possible waiver request . All individuals with voting or decision making responsibilities related to the local NSP Program will be required to review a list of all potential beneficiaries and fill out documentation listing all potential beneficiaries they are related to or have a possible conflict of interest with . An affidavit detailing any potential conflicts of interest will be completed by all persons involved in the program . For a person with a potential conflict of interest to be eligible to participate in the program, the following steps must be taken : 1 . The applicant must declare on the application form that a conflict of interest may exist . 2 . The local government must decide whether to proceed with requesting a waiver for the potential participant despite the conflict of interest. 3 . If the person with whom the conflict of interest exists is a voting member 14