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B. Impact Fee/Capacity Charges Loan <br />a. Summary of the Strategy: <br />To assist eligible persons with the cost of impact fees and/or capacity <br />charges associated with new construction or connections of existing <br />housing units to the county water and/or sewer system. <br />b. Fiscal Years Covered: FY 2006-2007, FY 2007-2008, FY 2008-2009 <br />c. Income Categories to be served: <br />• <br />Very Low -Income Persons (between 31-50% of <br />median income) <br />Low -Income Persons (between 51-80% of <br />median income) <br />• Moderate -Income Persons (between 81-120% <br />of median income) <br />d. Maximum award: <br />The County provides loans for the actual amount of impact fees and <br />capacity charges, not to exceed $20,000.00 per unit for the cost of <br />impact fees and /or capacity charges. <br />e. Terms, Recapture, Default: <br />The applicant must execute a loan agreement with the county indicating <br />that the applicant will comply with the County's Local Housing <br />Assistance Plan's requirements. <br />Impact fee loans are deferred payment loans whereby repayment of the <br />entire loan amount occurs at the time that the eligible housing unit is <br />sold, refinanced with a cash out, or if the assisted owner occupied <br />unit is occupied by someone other than the original loan recipient. <br />There will be no interest rate for impact fee/capacity charges loans. <br />Recaptured funds will be deposited in the county's affordable housing <br />trust fund. <br />Eligible persons may repay the entire amount of the loan at any time. <br />f. Recipient Selection Criteria: <br />Applications will be reviewed based on a first come first review basis, <br />and applicants will be chosen per the following criteria <br />• Income Eligibility <br />• Employment Verification <br />• Asset Verification <br />• Homebuyer Status <br />• Credit Verification <br />g. Sponsor Selection Criteria: <br />Non-profit organizations or for-profit developers only when the impact <br />fee/capacity charges loan is a match for another housing program, such <br />as the CDBG Program, Home Investments Partnership (HOME), Low Income <br />Tax Credit Program (LITC), State Apartment Incentive Loan Program <br />(SAIL), Multi -Family Mortgage Revenue Bond Program, or other state and <br />federal housing programs. <br />Non-profit organizations or for-profit developers eligible to <br />7 <br />