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2. Must file for and use proceeds from insurance as first option. <br />Must file for FEMA, SBA and other assistance available prior to applying to <br />SHIP. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: Funds for disaster mitigation will only be allocated from <br />unencumbered funds or additional funds awarded through Florida Housing Finance <br />Corporation for the disaster. <br />i. For additional information please see the Indian River County Guidelines, <br />Procedures, and Strategies for the Local Housing Assistance Plan document. <br />E. Impact Fee / Capacity Charge Loans Code 8 <br />a. Summary of the Strategy: To assist income eligible persons with the cost of impact <br />fees and/or water and sewer capacity charges for owner occupied housing units <br />anywhere in Indian River County. <br />b. Fiscal Years Covered: 2018-2019, 2019-2020, and 2020-2021 <br />Income Categories to be served: Very Low, low, <br />moderate (in conjunction with PA loan only). <br />d. Maximum award: $20,000 <br />e. Terms: <br />1. Deferred Repayment Loan (DRP); Funds will be awarded as a <br />forgivable loan secured by a recorded subordinate mortgage and <br />note. <br />2. Interest Rate: 3% Simple Annual Interest <br />3. Years in loan term: 10 years <br />5 years in conjunction with CDBG funding <br />4. Forgiveness: The entire loan amount and interest accumulated will <br />be forgiven after 10 years of occupancy (5 years if in conjunction <br />with CDBG funding). <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 <br />following occurs during the 10 year loan term, sale, transfer, or <br />conveyance of property; conversion to a rental property; loss of <br />homestead exemption status; failure to occupy the home as primary <br />residence or refinancing with cash out. If any of these occur, the <br />outstanding balance will be due and payable. <br />-13 FACommunity Development\SHIP\LHAP\2018-2021 LHAP <br />P134 <br />