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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />h. Additional Information: Funds for disaster mitigation will only be allocated from <br />unencumbered funds or additional funds awarded through Florida Housing Finance <br />Corporation for the disaster. <br />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. Impact Fee / Capacity Charge Loans Code 8 <br />a. Summary of the Strategy: To assist income eligible persons with the cost of impact <br />fees and/or water and sewer capacity charges for owner occupied housing units <br />anywhere in Indian River County. <br />b. Fiscal Years Covered: 2021-2022, 2022-2023, and 2023-2024 <br />C. Income Categories to be served: Very Low, low, moderate (in conjunction with PA <br />loan only) <br />d. Maximum award: $20,000 (current average actual cost range from $4,423 to <br />$10,993) <br />e. Terms: <br />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 (5 years in conjunction with CDBG <br />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 />- 16 - <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 />