Laserfiche WebLink
Program (HOME) , or other state or federal <br /> housing program. <br /> (b) Rehabilitation grants shall result in eligible <br /> housing for the following eligible persons : <br /> 1 . Very Low-Income Persons <br /> 2 . Low-Income Persons <br /> c. Basic Award Terms <br /> i . Maximum Monetary Award <br /> The maximum monetary award for a rehabilitation <br /> grant shall not exceed $20, 000 . 00 per each eligible <br /> single-family housing unit. Rehabilitation grants <br /> for multiple family structures shall be limited to <br /> a maximum monetary award of $100, 000 for 3 or more <br /> unit multi-family rental building owned and managed <br /> by a non-profit organization. <br /> ii . Repayment Terms/Timeframe <br /> The repayment of funds awarded as a rehabilitation <br /> grant is not required, except in cases where the <br /> assisted housing unit is sold prior to termination <br /> of the unit's affordable classification timeframe <br /> (10 years for owner-occupied units 15 years for <br /> rental units) . In cases where the unit is sold, <br /> the entire original grant amount must be paid back <br /> at the time of resale of the unit . <br /> iii . Interest Rate <br /> There will be no applicable interest rate for <br /> rehabilitation grants <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Rehabilitation Grant Strategy Program <br /> shall be occupied by the same qualified eligible <br /> household who received the assistance for a period <br /> of not less than ten years (10) years . Any multi- <br /> family rental building rehabilitated with SHIP <br /> funds provided pursuant to this strategy must be <br /> owned and managed by the same non-profit <br /> organization which receives the original assistance <br /> for 9) fifteen (15) years. For rental units, <br /> the Indian River County SHIP office will monitor <br /> rents and renters' income eligibility on an annual <br /> basis for the 15 year life of rental rehabilitation <br /> assistance grant period. <br /> 30 <br />