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F. Rehabilitation Grants <br />a. Summary of the Strategy: <br />To fund all or a portion of the cost encountered in rehabilitating <br />existing owner -occupied housing units. <br />b. Fiscal Years Covered: <br />FY 2006-2007, FY 2007-2008, FY 2008-2009 <br />c. Income Categories to be served: <br />Very Low -Income Persons <br />Low -Income Persons only if it is a match <br />for another state or federal housing <br />program <br />d. Maximum award: <br />The maximum monetary award for a rehabilitation grant shall not <br />exceed: <br />$50,000.00 per single family or a condominium -housing unit. <br />e. Terms, Recapture, Default: <br />The repayment of funds awarded, as a rehabilitation grant is not <br />required, except in cases where the assisted housing unit is sold, <br />refinanced with a cash out, prior to termination of the unit's <br />affordable classification timeframe (10 years) or occupied by someone <br />other than the original grant recipient. In cases where the unit is <br />sold, refinanced with cash out, or occupied by someone else, the entire <br />original grants amount must be paid back at the time of resale or <br />refinancing of the unit. <br />There will be no interest rate for rehabilitation grants. <br />Recaptured funds will be deposited in the county's affordable housing <br />trust fund. <br />f. Recipient Selection Criteria: <br />Applications will be reviewed based on a first come first reviewed <br />basis, and applicants will be chosen per the following criteria: <br />• Income Eligibility <br />• Employment Verification <br />• Asset Verification <br />g. Other Rehabilitation Grant requirements: <br />The IRCLHAProgram anticipates providing rehabilitation grants to <br />eligible, very low income households, and limited low income households <br />to fund all or a portion of the cost of rehabilitation of existing <br />single-family or condominium owner occupied housing units. <br />Rehabilitation grants will not be awarded for rehabilitation work <br />previously completed. All rehabilitation work must be performed by <br />licensed contractors. <br />Rehabilitation grants may be awarded if needed rehabilitation work <br />activities include at least one of the following types of activities <br />which are essential to make 'a house safe for habitation and/or to <br />maintain the house's structural integrity. Rehabilitation grants may <br />be awarded for rehabilitation of existing units occupied by very low <br />income or low income households. Rehabilitation grants may not be. <br />awarded in combination with downpayment/closing cost loan assistance. <br />Rehabilitation grants will also be used in the event of a natural, <br />23 <br />