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Rehabilitation Grant Summary Page <br />Purpose: To fund all or a portion of the cost encountered in <br />rehabilitating existing owner -occupied housing units. <br />Funding Source: State Housing Initiatives Partnership (SHIP) <br />Eligible Persons: • Very Low -Income persons <br />• Low -Income persons if it is a match for another <br />State or Federal Housing Grant <br />Assistance: <br />Criteria: <br />The County may provide up to $50,000 per unit in <br />rehabilitation grants. The applicant shall execute a <br />grant agreement with the county indicating that <br />applicant will comply with the county's Local Housing <br />Assistance Program's requirements. <br />Income Eligible Households: VLI (not to exceed 50% of <br />the county's median income), LI (51 to 80% of the <br />county's median income) <br />Property <br />Qualification: <br />Debt Ratio: <br />Loan Period: <br />Interest Rate: <br />Repayment Terms: <br />26 <br />Owner -Occupied <br />N/A <br />10 years <br />Zero (0) <br />No payment is required except <br />in cases where the assisted <br />unit is sold prior to 10 years, <br />refinanced with a cash out, or <br />occupied by someone other than <br />the original grant recipient. <br />