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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />4. Repairs to mitigate dangerous situations (such as exposed wires). <br />b. Fiscal Years Covered: 2021-2022, 2022-2023, and 2023-2024 <br />C. Income Categories to be served: Very -low, low, moderate <br />d. Maximum award: $30,000 <br />e. Terms: <br />I. 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 />In cases where the qualifying homeowner(s) die(s) during the loan term, the <br />loan may be assumed by a SHIP eligible heir who will occupy the home as a <br />primary residence. If the legal heir is not SHIP eligible or chooses not to <br />occupy the home, the outstanding balance of the loan will be due and <br />payable. <br />7. If the home is foreclosed on by a superior mortgage holder, the county will <br />make an effort to recapture funds through the legal process if it is <br />determined that adequate funds may be available to justify pursuing a <br />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 of this plan. <br />1. Proof of homeowner's insurance if available. <br />2. Must file for and use proceeds from insurance as first option. <br />3. Must file for FEMA, SBA and other assistance available prior to applying to <br />SHIP. <br />g. Sponsor/Developer Selection Criteria: N/A <br />- 15 - <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 />