1993-13 - Laserfiche WebLink

Home Browse Search

2. Low -Income Persons 3. Moderate -Income Persons c. Basic Award Terms i. Maximum Monetary Award The maximum monetary award for a downpayment/closing cost loan shall not exceed $4,000.00 for awards provided to eligible moderate - income persons or $6,000.00 for awards provided to eligible very low- or low-income persons. Downpayment/Closing cost loans shall be deferred payment loans whereby repayment of the loan amount and accrued interest occurs at the time the eligible housing unit is sold. Eligible persons may make payments in advance, without penalty, to be credited towards the outstanding loan and accrued interest; however, such advance repayment is not required. When the eligible housing unit is sold, the eligible person owning the unit shall be subject to the funds recapture provisions listed in Section III.D.8. of this Plan. Interest Rate The interest rate for all loans granted under the IRCLHAProgram Downpayment/Closing Cost Loan Strategy shall be a three percent (3%) annual percentage rate, compounded on an annual basis. iv. Affordable Classification Timeframe Eligible housing utilizing assistance from the IRCLHAProgram Downpayment/Closing Cost Loan Strategy shall be occupied by the qualified eligible persons owning the housing unit for the duration of the outstanding downpayment/closing cost loan. Upon sale of the eligible housing unit by the owner, repayment of the outstanding loan amount and accrued interest shall be required and the affordability timeframe requirement terminated. ii. Repayment Terms/Timeframe Downpayment/Closing cost loans shall be deferred payment loans whereby repayment of the loan amount and accrued interest occurs at the time the eligible housing unit is sold. Eligible persons may make payments in advance, without penalty, to be credited towards the outstanding loan and accrued interest; however, such advance repayment is not required. When the eligible housing unit is sold, the eligible person owning the unit shall be subject to the funds recapture provisions listed in Section III.D.8. of this Plan. Interest Rate The interest rate for all loans granted under the IRCLHAProgram Downpayment/Closing Cost Loan Strategy shall be a three percent (3%) annual percentage rate, compounded on an annual basis. iv. Affordable Classification Timeframe Eligible housing utilizing assistance from the IRCLHAProgram Downpayment/Closing Cost Loan Strategy shall be occupied by the qualified eligible persons owning the housing unit for the duration of the outstanding downpayment/closing cost loan. Upon sale of the eligible housing unit by the owner, repayment of the outstanding loan amount and accrued interest shall be required and the affordability timeframe requirement terminated.