Laserfiche WebLink
Rehabilitation Loan Summary Page <br />Purpose• <br />Funding Source: <br />Eligible Persons: <br />To fund all or a portion of the cost <br />encountered in rehabilitating existing or <br />acquired owner -occupied housing units. <br />State Housing Initiatives Partnership <br />(SHIP) <br />► Very low income persons <br />► Low income persons <br />► Moderate income persons <br />Assistance: The county may provide up to $20,000 per <br />unit in rehabilitation loans consistent <br />with the county's minimum rehabilitation <br />loan "standards and requirements. The <br />applicant shall execute a loan agreement <br />with the county indicating that the <br />applicant will comply with the county's <br />Local Housing Assistance Program's <br />requirements. <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) MI <br />(81-120% of the county's median income) <br />Property <br />Qualification: Owner -Occupied <br />Debt Ratio: N/A <br />Loan Period: <br />Interest Rate: <br />Repayment Terms <br />35 <br />Deferred payment <br />loan <br />Zero (0) <br />Payment of the loan <br />amount occurs upon <br />resale of the unit <br />or if the assisted <br />unit is occupied by <br />someone other' than <br />the original loan <br />recipient. <br />