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4. Limitations on maximum CDBG rehab costs - $80,000.00. <br />5. All properties must have an inspection. <br />6. All properties must have clear title pursuant to HUD definitions. <br />7. Properties must be appropriately zoned. <br />8. Not located in flood zones. <br />9. Life estates are permitted under this program. <br />10. Property must be owned and not rented or leased. <br />11. All properties must be located in the unincorporated limits of the County. <br />J. CDBG, DRI rehab and demo/replacement activity financing <br />The type of financing assistance which will be available to eligible Applicant <br />homeowners is known as a Deferred PaymentLoan(DPL). A description of this <br />program is outlined in the CDBG Operational Procedures Section, as well as <br />other places throughout this document�We�have pro summary information <br />as follows: Oo <br />1. Terms of Assistance: <br />A zero (0) percent interest, deferred pay <br />note. The loan is forgivable -in its entire) <br />is $80,000. Additional information is defi <br />Payment Loans. \ \� <br />There will be a yearly write-down of tlieJoi <br />year. The writefdown-Willbe directtly co`rel <br />The mortgage and note shall provide�for p <br />if the home'is sold, title is transferred or cc <br />Nl <br />primary residence f, thei�Appli�t hoe; <br />t loan"secured by a mortgage and <br />he end of the term.Maximum DPL <br />under Cost Feasibilityand Deferred <br />,after the end of each applicable full <br />sd'to the amount of the mortgage. <br />•ratedrepayment, which shall be due <br />(eyed; or the home ceases to be the <br />er during the affordability period. <br />To'provide a Ddferr'ed Paymient Loan (DPL) to be utilized as down payment <br />assistae for VLl antl�LMl (gpX <br />�to 80% AM[) Applicants who have been approved <br />to purchase dwelling unit under_the County CDBG/DRI program. The purpose of <br />the program is to provide gap financing to enable very low and low income <br />households purchase affordable standard residential. Priority will be given to a <br />household that lost primary housing residence due to a federally declared <br />disaster or has been unable to obtain decent, safe, standard affordable housing <br />in the area as a result of federally declared disaster. <br />3. Down Payment Assistance Activity- Eligibility <br />a. Applicants' income must fall within the HUD Section 8 income limit <br />guidelines as published by HUD and/or the State of Florida for the region. <br />b. No member of the governing body, member of the CATF, employee of the <br />County, or relatives of any of these as defined by HUD and Florida <br />Statutes, shall be eligible for program participation unless they are granted <br />117 <br />