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8. If the home is foreclosed on by a superior mortgage holder, the <br />county will make an effort to recapture funds through the legal <br />process if it is determined that adequate funds may be available to <br />justify pursuing a 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. <br />g. Additional Information: Impact Fee Capacity Charge loans will be based on actual <br />amount of impact fees/capacity charges charged by the county. <br />h. For additional information please see the Indian River County Guidelines and <br />Procedures for Implementing Strategies of the Local Housing Assistance Plan. <br />G. New Construction (Federal or State Programs Matching Loans) Code 21 ::1 <br />a. Summary of the Strategy: To assist non-profit organizations, and for-profit <br />developers with matching funds needed to obtain federal or state housing programs <br />funding for development of rental affordable housing projects. <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 />d. Maximum award: $25,000 per unit, and $100,000 per project. These amounts <br />may be administratively lowered by SHIP staff with Loan Review Committee <br />approval if limited SHIP funds are available (due to a larger waiting/que list than <br />funds available) and/or if a lower award amount will achieve the same point <br />outcome for federal or state housing programs funding for development of rental <br />affordable housing projects. <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% <br />3. Term 10 years <br />4. Forgiveness: the entire loan amount and interest accumulated will be <br />forgiven after 10 years of compliance with federal and state housing <br />program requirements. <br />5. Repayment: Not required as long as the project is constructed and <br />meets the federal or state housing program requirements for occupancy <br />by very low, low, and/or moderate income households. <br />237 <br />