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4. Forgiveness: The entire loan amount and interest accumulated will <br />be forgiven after 10 years of occupancy (only rehabilitation loans in <br />conjunction with CDBG funding will be forgiven in 5 years or upon <br />death of the homeowner, whichever comes first). <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 loan term, sale, transfer, or conveyance <br />of property; conversion to a rental property; loss of homestead <br />exemption status; failure to occupy the home as primary residence <br />or refinancing with cash out. If any of these occur, the outstanding <br />balance will be due and payable. <br />7. In cases where the qualifying homeowner(s) die(s) during the loan <br />term (for loans not used in conjunction with CDBG funds), the loan <br />may be assumed by a SHIP eligible heir who will occupy the home <br />as a primary residence. If the legal heir is not SHIP eligible or <br />chooses not to occupy the home, the outstanding balance of the <br />loan will be due and payable. <br />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 <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 <br />programs 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. <br />20 <br />