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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 . Except as provided below , the amount of the Gap Financing Assistance may not exceed an amount equalto thirty - five percent ( 35 % ) of the sales price of the property . Whenever the county receives program income in an amount that reduces the county ' s low income set aside expenditures below the 25 % required by NSP regulations , the county may increase the maximum amount of Gap Financing Assistance for very low income households up to 50% of a property ' s sale price . Once the county ' s set aside expenditures exceed the minimum 25 % of the combined project grant amount and program income amount, the maximum Gap Financing amount for very low income households shall revert to 35 % of the sales price of a home . 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 ol. 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 14