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2. Provide proof of homeowner's insurance policy if it is available, any proof <br />whether or not the insurance will cover any part of the repair, and if applicable, <br />insurance award to be completed prior to SHIP award. <br />i. For additional information please see the Indian River County Guidelines and <br />Procedures for Implementing Strategies of Local Housing Assistance Plan <br />document. <br />D. Disaster Mitigation Loans Code 5 <br />a. Summary of Strategy: Funds will be awarded to applicants in need of home repairs <br />directly caused by a disaster that is declared by an Executive Order of the President or <br />Governor. Repairs will be prioritized as follows: <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 />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: $30,000 <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. <br />4. Forgiveness: The entire loan amount and interest accumulated will be <br />forgiven 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 <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 />- 12 - <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />21 <br />