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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 />f <br />2. Interest Rate 3% <br />i <br />3. Term 10 years <br />e <br />4. Forgiveness4 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 <br />occupancy by very low, low, and/or moderate income households. <br />6. Default: When the assisted housing has changed to a market rate prior <br />to 10 years. In that case, the entire original loan and accumulated <br />interest amount is due and payable. <br />7. Developer Selection Criteria: Non-profit organizations or for-profit <br />developers eligible to participate in the local housing assistance <br />program must submit a federal or state housing funding application to <br />the appropriate agency to qualify. Assistance will be provided to <br />projects which receive an award of funds from a federal or state <br />housing programs. Factors that may be considered in selecting the <br />sponsor/developer may include, but is not limited to: <br />a. Capacity and Capability to Carry -out Project <br />b. Scale of.Project/Utilization of Density Bonuses <br />c. Experience in Completing Similar Projects <br />d. Use of, Personnel from Wages and Workforce Development <br />Programs <br />e. Leveraging <br />f. Site Cori trol <br />g. Neighborhood Compatibility with Area Redevelopment Plan <br />h. Creation of Mixed Income Communities <br />i. Recapture Provisions <br />j. Incorporation of Partnerships with Local Employers, Institutions, <br />Hospitals and Schools <br />k. Incorporation of Transit -Oriented Design <br />I. Attractiveness of Design <br />m. Multistory Buildings Must Have Elevators and be ADA Compliant <br />n. Use of Green Building Techniques <br />Tenant Selection: Management of the development will select potential renters for <br />the SHIP assisted units on a first qualified, first served basis. All applicants for <br />residence in a SHIP assisted unit must meet income qualifications of the program as <br />21 <br />