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e. Terms: <br />1. Deferred Repayment Loan (DPL): Funds will be awarded as a forgivable loan <br />secured by a recorded subordinate mortgage and note. <br />2. Interest Rate: 3% Simple Annual Interest <br />3. Years in Loan term: 10 years <br />4. Forgiveness: The entire loan amount and interest accumulated will be forgiven <br />after 10 years of occupancy. <br />5. Repayment: Not required as long as the loan is in good standing. <br />6. Default: The loan will be determined to be in default if any of the following <br />occurs during the 10 year loan term: sale, transfer, or conveyance of property; <br />conversion to a rental property; loss of homestead exemption status; or failure to <br />occupy the home as primary residence or refinancing with cash out. If any of <br />these occur, the outstanding balance will be due and payable. <br />In cases where the qualifying homeowner(s) die(s) during the loan term, the loan <br />may be assumed by a SHIP eligible heir who will occupy the home as a primary <br />residence. If the legal heir is not SHIP eligible or chooses not to occupy the <br />home, the outstanding balance of the loan will be due and payable. <br />If the home is foreclosed on by a superior mortgage holder, the county will <br />make an effort to recapture funds through the legal process if it is determined <br />that adequate funds may be available to justify pursuing a recapture. <br />f. Recipient Selection Criteria: Applicants will be selected on a first -qualified, first- <br />served basis with the priorities as described in Section I of this plan. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: An applicant requesting an emergency repair will be <br />required to: <br />1. Allow the health department inspector, building department inspector, or <br />rehabilitation specialist to access the home for an inspection to determine the <br />need for the repair. <br />2. Provide proof of homeowner's insurance policy if it is available, any proof <br />whether or not the insurance will cover any part of the repair, and if applicable, <br />insurance award to be completed prior to SHIP award. <br />i. For additional information please see the Indian River County Guidelines, <br />Procedures, and Strategies for the Local Housing Assistance Plan document. <br />D. Disaster Mitigation Loans <br />Code 5 <br />a. Summary of Strategy: Funds will be awarded to applicants in need of home repairs <br />directly caused by a disaster that is declared by an Executive Order of the President or <br />Governor. Repairs will be prioritized as follows: <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP <br />- 1 1 - <br />