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Purpose: <br />Rehabilitation Loan Summary Page <br />To fund all or a portion of the cost encountered in <br />rehabilitating existing or acquired owner -occupied <br />housing units. <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 may provide up to $50,000 per unit in <br />rehabilitation loans consistent with the County's <br />minimum rehabilitation loan standards and requirements. <br />The applicant shall execute a loan agreement with the <br />County indicating that the applicant will comply with <br />the County's Local Housing Assistance Program's <br />requirements. <br />Income Eligible Households: VLI (not to exceed 50% of <br />the County's median income), LI (51-80% of the County's <br />median income) MI (81-120% of the County's median <br />income) <br />Property <br />Qualification: <br />Debt Ratio: <br />Loan Period: <br />Interest Rate: <br />Repayment Terms: <br />20 <br />Owner -Occupied <br />N/A <br />Deferred payment loan <br />Zero (0) <br />No repayment is required except <br />in cases where the assisted <br />unit is sold, refinancing with <br />a cash out, or occupied by <br />someone other than the original <br />loan recipient. <br />