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b. Employment Verification <br />Applicants seeking assistance from the IRCLHAProgram to purchase <br />eligible housing units shall be eligible persons meeting one of <br />the following employment criteria: <br />i Suitable documentation indicating current, continuous <br />employment for a minimum of one (1) year; or <br />ii. Suitable documentation indicating current employment <br />(within twelve (12) months of an application submittal) <br />as a seasonal farm worker, with a minimum of two (2) <br />consecutive years as a seasonal farm worker, whereby the <br />first period of seasonal employment shall have been for <br />the full duration of the season, and the second period <br />shall have been for a minimum of one-half (1/2) of the <br />current season, if the eligible person(s) may be <br />classified as a seasonal farm worker(s); or <br />iii. An eligible person(s) classified, as a person(s) with <br />special housing needs, excluding seasonal or migrant <br />farm workers, shall be exempt from any employment <br />requirement for participation in the IRCLHAProgram. <br />c. Asset Verification <br />Total assets (cash or non-cash items that can be converted to <br />cash) not including IRA, Keogh and similar retirement savings <br />accounts of eligible persons applying to purchase a housing unit <br />under, or occupy a housing unit assisted by, the IRCLHAProgram <br />shall not exceed twenty thousand dollars ($20,000.00). Assets to <br />be considered will be determined based on guidelines provided by <br />the Florida Housing Finance Corporation (a copy attached as <br />exhibit G). <br />d. Credit Verification <br />1. Credit Requirement for Downpayment/Closing Costs Loans <br />Eligible persons receiving assistance from the IRCLHAProgram shall <br />maintain a valid, satisfactory credit rating for a minimum of one (1) <br />year prior to receiving approval for any IRCLHAProgram application. <br />For applicants applying for both SHIP funds and a loan from a financial <br />institution, the applicable financial institution shall determine <br />whether each applicant's credit is satisfactory based upon the <br />applicable financial institution's credit standards. <br />If for any reason a financial institution does not review the <br />applicant's credit, county staff will assess each applicant's credit <br />based upon the information provided in a credit report from one of the <br />three national credit-reporting agencies. An applicant will be deemed <br />to have satisfactory credit if the applicable credit report shows that, <br />in the previous 12 months, the applicant had: <br />- No more than (4) 30 day late payments <br />- No more than (1) 60 day late payment <br />- No 90 day late payments <br />- No more than 2 collections <br />- No Collection or combination of collections more than <br />$500.00 <br />Judgment liens for medical expenses may be acceptable if a <br />repayment plan is established and payments have been made for <br />at least the previous 12 months. <br />33 <br />