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Purpose: <br />Impact Fee Loan Summary Page <br />To assist eligible persons with the cost of <br />impact fees and/or capacity charges associated <br />with new construction or connections of existing <br />housing units to the county water and/or sewer <br />system. <br />Funding Source: State Housing Initiatives Partnership (SHIP) <br />Eligible Persons: <br />Assistance: <br />Criteria: <br />•Very low income persons <br />•Low-income persons <br />•Moderate -income persons <br />The County provides up to $20,000 per unit loan <br />for the cost of impact fees and/or capacity <br />charges. The loan will be secured by a promissory <br />note and a mortgage in favor of Indian River <br />County. <br />Income Eligible Households: VLI (not to exceed <br />50% of the County's median income), LI (51-80% of <br />the County's median income), MI(81-120% of the <br />County's median income) <br />Property <br />Qualification: Owner -Occupied <br />Renter -occupied only as match <br />with another State or Federal <br />Housing Program <br />Debt Ratio: N/A <br />Loan Period: <br />Deferred payment loan <br />50 years for renter occupied <br />units <br />Interest Rate: Zero (0) <br />Repayment Terms: Repayment of the loan amount <br />occurs upon resale of .the <br />assisted unit, refinancing with <br />a cash out, or occupied by <br />someone other than the original <br />loan recipient. <br />9 <br />Renter occupied units must be <br />kept as affordable housing <br />units for at least 50 years; <br />otherwise the entire county <br />loan is due. <br />