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health and safety. When an applicant is assisted with emergency repairs, they, will <br />not lose their place on the queue list. However., the amount of funds expended for <br />the emergency repairs will be counted towards the maximum award if the applicant <br />receives subsequent assistance through the rehabilitation strategy. Funds may also be <br />awarded to pay insurance deductibles for any emergency repairs covered by the <br />homeowner's policy. <br />b. Fiscal Years Covered: 2018-2019, 2019-2020, and 2020-2021 <br />C. Income Categories to be served: Very -low, low, moderate <br />d. Maximum award: $20,000 <br />e. Terms: <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred payment <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 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 />- 11 - <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />20 <br />