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inherits the assisted housing unit is qualified as SHIP income eligible (very low, low, or moderate income) the mortgage and promissory note may transfer to that child (beneficiary) and no payment is due at the time. c. Subordination of SHIP Mortgage Associated With Refinancing of the First Mortgage No existing ship mortgage will be subordinated to a refinanced first mortgage unless the following requirements are met: Requirements for a Refinanced Mortgage Maximum Maximum Interest Maximum First Maximum Points Term Rate Allowed Mortgage Amount Allowed Allowed Allowed 30 Years Must be a fixed Not to exceed the For downpayment rate loan, and original first and closing cost interest rate mortgage amount. Any. loans up to 1 must be lower available equity up point allowed than the to the original existing first mortgage amount may For other loans mortgage be used for closing or grants up to 2 interest rate. costs associated with points allowed the refinancing. No cash out to applicant 7. IRCLHAProgram Compliance Monitoring All housing units shall be monitored for compliance with the requirements of the IRCLHAProgram and Strategies as follows: a. Compliance Review Activities All housing units. assisted by the IRCLHAProgram shall be subject to the following monitoring activities to determine compliance with the requirements of IRCLHAProgram and Strategies as appropriate: i. Property Tax Payment Verification For owner financed units, compliance., verification with this requirement shall be ' conducted on an annual basis. For units receiving principal financing from a financial institution, payment of property taxes will be made through an escrow account. ii. Homeowner/Property Owner Insurance Verification For owner financed units, compliance 59