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I <br />and moderate income homeowners with homestead exemptions for homes that <br />have insured values Inot exceeding $294,601 (SHIP program maximum). <br />Applications will be reviewed on first qualified, first served basis. <br />Eligible retrofit improvements work activities include the following: <br />i <br />1. Improving the strength of the roof deck attachment <br />2. Creating a secondary water barrier to prevent water intrusion <br />3. Improving the survivability of the roof covering <br />4. Bracing gable -ends in the roof framing <br />5. Reinforcing roof -to -wall connections <br />6. Upgrading exterior wall opening protections <br />7. Upgrading exterior doors <br />B. Purchase Assistance with Rehabilitation Loans Code 1 <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 an existing home. An <br />existing home must be in need of rehabilitation. <br />I <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: <br />e. Terms: <br />1. 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: 20 years for Purchase Assistance Portion and 10 Years <br />for Rehabilitation Portion. <br />1 <br />4. Forgiveness: The entire loan amount and interest accumulated will be <br />forgiven after 20 years of occupancy for the Purchase Assistance Portion <br />and 10 years of'occupancy for the Rehabilitation Portion. <br />5. Repayment: Not required as long as the loan is in good standing. <br />6. Default: The to Ian will be determined to be in default if any of the following <br />occurs during the loan term (20 years for Purchase Assistance Portion and <br />13 <br />Income Category Purchase Rehab Portion Max. Total <br />Assistance Portion <br />Very Low $20,000 $12,000 $32,000. <br />Low $15,000 $11,500 $26,506 <br />Moderate $10,000 $11,000 $21,000 <br />e. Terms: <br />1. 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: 20 years for Purchase Assistance Portion and 10 Years <br />for Rehabilitation Portion. <br />1 <br />4. Forgiveness: The entire loan amount and interest accumulated will be <br />forgiven after 20 years of occupancy for the Purchase Assistance Portion <br />and 10 years of'occupancy for the Rehabilitation Portion. <br />5. Repayment: Not required as long as the loan is in good standing. <br />6. Default: The to Ian will be determined to be in default if any of the following <br />occurs during the loan term (20 years for Purchase Assistance Portion and <br />13 <br />