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In cases where the qualifying homeowner(s) die(s) during the loan <br />term, the loan may be assumed by a SHIP eligible heir who will <br />occupy the home as a primary residence. If the legal heir is not <br />SHIP eligible or chooses not to occupy the home, the outstanding <br />balance of the loan will be due and payable. <br />8. If the home is foreclosed on by a superior mortgage holder, the <br />county will make an effort to recapture funds through the legal <br />process if it is determined that adequate funds may be available to <br />justify pursuing a 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. <br />g. Additional Information: Impact Fee Capacity Charge loans will be based on actual <br />amount of impact fees/capacity charges charged by the county. <br />h. For additional information please see the Indian River County Guidelines, <br />Procedures, and Strategies for the Local Housing Assistance Plan document. <br />F. New Construction (Federal or State Programs Matching Grants) Code 21 <br />a. Summary of the Strategy: To assist non-profit organizations, and for-profit <br />developers with matching funds needed to obtain federal or state housing programs <br />funding for development of rental affordable housing projects. <br />b. Fiscal Years Covered: 2018-2019, 2019-2020, and 2020-2021 <br />C. Income Categories to be served: Very low, low and moderate <br />d. Maximum award: $25,000 per unit <br />$100,000 per project <br />e. Terms: <br />1. Grant <br />2. Interest Rate 0% <br />Term: 30-50 years affordability consistent with the appropriate federal <br />and state funding programs requirements. <br />4. Forgiveness: the entire grant amount will be forgiven upon construction <br />of the project consistent with appropriate federal and State housing <br />program requirements. <br />Repayment: Not required as long as the project is constructed and <br />meets the federal or state housing program requirements. <br />-14- <br />FACommunity DevelopmenASHIMHAK2018-2021 LHAP <br />P13 5 <br />