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No cash out to applicant <br />X. Partial Loan Payment <br />The county's Loan Review Committee (LRC) will review all requests for <br />partial loan payments on a case-by-case basis. However, the county will not <br />accept any partial loan payment less than 35% of the original loan, unless it is <br />proven that it is in the best interest of the county to accept a partial loan <br />payment of less than 35%.. <br />D. Owner Occupied Emerggngv Rehabilitation Loans (Code #6) <br />a. Summary of the Strategy: <br />To fund all or a portion of the cost encountered for emergency repair of existing owner - <br />occupied housing units to prevent further damage to the unit or to make it habitable with <br />temporary repairs. This strategy shall be used in cases where the health department, a <br />jurisdiction's building official, or SHIP administrator utilizing a SHIP inspector's <br />inspection results determine that a structure or other items such as a septic tank is in such <br />condition that it threatens the occupant's health or safety. <br />b. Fiscal Years Covered: FY 2021-2022, FY 2022-2023, and FY 2023-2024 <br />c. Income Categories to be Served: <br />Very Low -Income Persons (not to exceed 50% of median income) <br />Low -Income Persons (51 to 80% of the county's median income) <br />Moderate -Income Persons (81-120% of median income) <br />d. Maximum Award: <br />The maximum monetary award for an emergency repair loan shall not exceed: <br />Up to $25,000 per single family or a condominium -housing unit. <br />e. Terms, Recapture, Default: <br />Emergency rehabilitation loans are deferred payment 10 year loans secured by a mortgage <br />and note (5 years in conjunction with CDBG funding). The repayment of funds awarded <br />as an emergency rehabilitation loan is not required, except in cases where the assisted <br />housing unit is sold, refinanced with a cash out prior to termination of the unit's affordable <br />classification timeframe (10 years without CDBG funding, 5 years with CDBG funding), <br />or occupied by someone other than the original loan recipient. In cases where the unit is <br />sold, refinanced with a cash out, or occupied by someone else, the entire original loan <br />amount and accumulated interest must be paid back. There will be a 3% simple interest <br />rate for emergency rehabilitation loans. After 10 years without CDBG funds, or 5 years <br />with CDBG funds, the original loan amount and accumulated interest will be forgiven. <br />55 <br />