Laserfiche WebLink
W. Total assets (cash or non-cash items that can be converted to cash) not including <br />IRA, Keogh, similar retirement savings accounts, and dedicated college saving <br />accounts of an eligible household applying for SHIP assistance shall not exceed <br />twenty thousand dollars ($20,000.00). <br />Section H. LHAP Strategies: <br />A. Owner Occupied Rehabilitation Loans Code 3 <br />a. Summary of Strategy: SHIP funds will be awarded to owner occupied households in <br />need of repairs to correct health and safety issues and code violations related to <br />electrical, plumbing, roofing, windows, and other structural items as well as <br />hurricane hardening activities. A detailed list of rehabilitation work activities <br />allowed or not allowed is included in the Indian River County Guidelines and <br />Procedures for Implementing Strategies of Local Housing Assistance Plan <br />document. <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: <br />Very Low and Low Income $50,000 <br />Very Low, Low, and Moderate Income $10,000 rehabilitation loan in conjunction <br />with PA loans <br />e. Terms <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred <br />payment 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 (5 years in conjunction with CDBG funding). <br />4. Forgiveness: The entire loan amount and interest accumulated will be <br />forgiven after 10 years of occupancy (only rehabilitation loans in <br />conjunction with CDBG funding will be forgiven in 5 years or upon death of <br />the homeowner, whichever comes first). <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 <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 non-CDBG related homeowner(s) die(s) <br />during the loan term, the loan may be assumed by a SHIP eligible heir who <br />will occupy the home as a primary residence. If the legal heir is not SHIP <br />- 7 - <br />F:\CommunityDevelopment\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />16 <br />