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Impact Fee Loan Summary Page <br />Purpose: To assist eligible persons with the cost <br />of impact fees and/or capacity charges <br />associated with new construction or <br />connections of existing housing units to <br />the county water and/or sewer system. <br />Funding Source:o State Housing Initiatives Partnership <br />(SHIP) <br />Eligible Persons: ► Very low income persons and <br />► Low income persons <br />► Moderate income persons <br />Assistance: The county provides up to $7,500 per unit <br />'loan for the cost of impact fees and/or <br />capacity charges. The loan will be <br />secured by a promissory note and a <br />mortgage in favor of Indian River County. <br />Criteria: Income Eligible Households: VLI (up to <br />50% of the county's median income), LI <br />(51-800 of the county's median income), <br />MI(81-120% of the county's median income) <br />Property <br />Qualification: Owner -Occupied <br />Debt Ratio: N/A; <br />Loan Period: Deferred payment loan <br />Interest Rate: Zero (0) <br />Repayment Terms: Repayment of the <br />loan amount occurs <br />upon resale of the <br />unit or if the <br />assisted unit is <br />occupied by someone <br />other than the <br />original loan <br />recipient. <br />