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b. <br />c. <br />d. <br />e. <br />1. Immediate threats to health and life safety (such as sewage, damaged <br />windows, roofing) in cases where the home is still habitable. <br />2. Imminent residual damage to the home (such as damage caused by a leaking <br />roof) in cases where the home is still habitable. <br />3. Repairs necessary to make the home habitable. <br />4. Repairs to mitigate dangerous situations (such as exposed wires) <br />Fiscal Years Covered: 2018-2019, 2019-2020, and 2020-2021 <br />Income Categories to be served: Very -low, low, moderate <br />Maximum award: $30,000 <br />Terms: <br />1. Deferred Repayment Loan (DPL): Funds will be awarded as a forgivable <br />loan 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 <br />forgiven after 10 years of occupancy. <br />5. Repayment: Not required as long as the loan is in good standing. <br />and interest <br />accumulated will be <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 <br />property; conversion to a rental property; loss of homestead exemption <br />status; failure to occupy the home as primary residence or refinancing with <br />cash out. If any of these occur, the outstanding balance will be due and <br />payable. <br />In cases where the qualifying homeowner(s) die(s) during the loan term, the <br />loan may be assumed by a SHIP eligible heir who will occupy the home as a <br />primary residence. If the legal heir is not SHIP eligible or chooses not to <br />occupy the home, the outstanding balance of the loan will be due and <br />payable. <br />7. 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 <br />determined that adequate funds may be available to justify pursuing a <br />recapture. <br />f. Recipient Selection Criteria: Applicants will be assisted on a first -qualified, first- <br />served basis with the priorities for Special Needs income groups as described in <br />section I of this plan. <br />1. Proof of homeowner's insurance if available. <br />-12- <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP <br />