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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 />7. 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 and <br />Procedures for Implementing Strategies of Local Housing Assistance Plan <br />document. <br />F. New Construction (Federal or State Programs Matching Loans) 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 />- 14 - <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />23 <br />