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d. Maximum award: Very Low: $20,000 <br />Low $15,000 <br />Moderate $10,000 <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 />8. Interest Rate: 3% Simple Annual Interest. <br />9. Years in Loan term: 20 years. <br />10. Forgiveness: The entire loan amount and interest accumulated will be <br />forgiven after 20 years of occupancy. <br />11. Repayment: Not required as long as the loan is in good standing. <br />12. Default: The loan will be determined to be in default if any of the following <br />occurs during the 20 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 />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 />Recipient Selection Criteria: Applicants will be ranked for assistance based on a <br />first -qualified, first-served basis with the priorities for Special Needs income groups <br />as described in section I of this plan. <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 />i. 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 />232 <br />