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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: Applicants must secure a first mortgage from a lender. <br />Applicants for purchase assistance loans must also provide a pre -qualification letter <br />from a lender. <br />For additional information please see the Indian River County Guidelines and <br />Procedures for Implementing Strategies of the Local Housing Assistance Plan. <br />No existing SHIP mortgage will be subordinated to a refinanced first mortgage <br />unless the following requirements are met: <br />Requirements for a Refinanced First Mort a e <br />Maximum <br />Maximum Interest Rate <br />Maximum First Mortgage <br />Maximum Points Allowed <br />Term <br />Allowed <br />Amount Allowed <br />Allowed <br />30 Years <br />Must be a fixed rate loan, <br />Not to exceed the original first <br />For purchase assistance <br />and interest rate must be <br />mortgage amount. Any available <br />loans up to 1 point allowed <br />lower than the existing <br />equity up to the original mortgage <br />first mortgage interest <br />amount may be used for closing <br />For other loans up to 2 <br />rate. <br />costs associated with the <br />points allowed <br />refinancing. <br />No cash out to a licant <br />C. Purchase Assistance without Rehabilitation Loans I Code 2 <br />a. Summary of Strategy: SHIP funds will be awarded for downpayment and closing <br />costs as well as principal reduction to households to purchase a newly constructed <br />home. A newly constructed home must have received a certificate of occupancy <br />within the last twelve months. <br />Prospective homebuyers must qualify as a First Time Homebuyer under the HUD <br />definition: An individual who has had no ownership in a principal residence during <br />the 3 -year period ending on the date of purchase of the property. This includes a <br />spouse (if either meets the above test, they are considered first-time homebuyers). A <br />single parent who has only owned with a former spouse while married. An <br />individual who is a displaced homemaker and has only owned with a spouse. An <br />individual who has only owned a principal residence not permanently affixed to a <br />permanent foundation in accordance with applicable regulations. An individual who <br />has only owned a property that was not in compliance with state, local or model <br />building codes and which cannot be brought into compliance for less than the cost <br />of constructing a permanent structure. <br />b. Fiscal Years Covered: 2021-2022, 2022-2023, and 2023-2024 <br />C. Income Categories to be served: Very -low, low and moderate <br />- 11 - <br />F:\Community Development\SHIP\LHAP\2021-2024 LHAP\2020 LHAP Revisions\BCC Item - LHAP\2 - <br />2021-2024 LHAP - 12-1-20 BCC Meeting.doc <br />