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d. Maximum award: $25,000 per unit <br />$100,000 per project <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% <br />3. Term 10 years <br />4. Forgiveness: the entire loan amount and interest accumulated will be <br />forgiven after 10 years of compliance with federal and state housing <br />program requirements. <br />5. Repayment: Not required as long as the project is constructed and <br />meets the federal or state housing program requirements. <br />6. Default: When the assisted housing has changed to a market rate prior <br />to 10 years. In that case, the entire original loan and accumulated <br />interest amount is due and payable. <br />7. Recipient Selection Criteria: Non-profit organizations or for-profit <br />developers eligible to participate in the local housing assistance program <br />must submit a federal or state housing funding application to the <br />appropriate agency to qualify. Assistance will be provided to projects <br />which receive an award of funds from a federal or state housing <br />programs. Factors that may be considered in selecting the <br />sponsor/developer may include, but is not limited to: <br />a. Capacity and Capability to Carry -out Project <br />b. Scale of Project/Utilization of Density Bonuses <br />c. Experience in Completing Similar Projects <br />d. Use of Personnel from Wages and Workforce Development <br />Programs <br />e. Leveraging <br />f. Site Control <br />g. Neighborhood Compatibility with Area Redevelopment Plan <br />h. Creation of Mixed Income Communities <br />i. Recapture Provisions <br />j. Incorporation of Partnerships with Local Employers, Institutions, <br />Hospitals and Schools <br />k. Incorporation of Transit -Oriented Design <br />1. Attractiveness of Design <br />in. Multistory Buildings Must Have Elevators and be ADA Compliant <br />n. Use of Green Building Techniques <br />f. Additional Information: The compliance period for developments receiving SHIP <br />funds as a match for any federal and/or state funds will be consistent with applicable <br />- 15 - <br />F:\Community Deve1opment\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />24 <br />