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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 />j. No existing SHIP mortgage will be subordinated to a refinanced first mortgage <br />unless the following requirements are met: <br />Requirements for a Refinanced First Mortgage <br />Maximum <br />Maximum Interest Rate <br />Maximum First Mortgage <br />Maximum Points Allowed <br />Term <br />Allowed <br />Amount Allowed <br />Allowed <br />30 Years <br />Must be a fixed rate loan, <br />Not to exceed the original first <br />For purchase assistance <br />and interest rate must be <br />mortgage amount. Any available <br />loans up to 1 point allowed <br />lower than the existing <br />equity up to the original <br />first mortgage interest <br />mortgage amount may be used <br />For other loans up to 2 <br />rate. <br />for closing costs associated with <br />points allowed <br />the refinancing. <br />No cash out to applicant <br />D. Emergency Repair Loans I Code 6 1 <br />a. Summary of Strategy: Funds will be awarded to applicants in need of rehabilitation <br />of their home related to a dire situation that needs to be mitigated immediately. <br />This includes: damaged roofing that is leaking, damaged windows causing exposure <br />to the elements, or electrical or plumbing, including septic tank problems, that <br />could cause damage (fire) to the home or is an immediate health hazard to the <br />occupants. This strategy, may be used in cases where the health department, a <br />jurisdiction's building official, or SHIP administrator utilizing a SHIP inspector's <br />inspection report(s) determined that a home is in such a condition that it <br />jeopardizes the occupant's health and safety. <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: $25,000 <br />e. Terms: <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred payment <br />loan secured by a recorded subordinate mortgage and note. <br />2. Interest Rate: 3% Simple Annual Interest. <br />16 <br />