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F. Impact Fee/Capacity Charge Loans (Code #8) <br />a. Summary of the Strategy: <br />To assist income eligible persons with the cost of impact fees and/or water and sewer <br />capacity charges for owner occupied housing units anywhere in Indian River County. <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 (between 51-80% of median income). <br />Moderate -Income Persons (between 81-120% of median income) in conjunction with <br />down payment/closing cost loans only. <br />d. Maximum Award: <br />The county provides loans for the actual amount of impact fees and capacity charges, not <br />to exceed $20,000 per unit for the cost of impact fees and/or capacity charges. <br />e. Terms, Recapture, Default: <br />Impact fee/capacity charge loans are deferred payment 10 year loans (5 years in <br />conjunction with CDBG funding) secured by a mortgage and note whereby repayment of <br />the entire loan and accumulated interest will be forgiven after 10 years of occupancy (5 <br />years with CDBG funding). There will be 3% simple annual interest rate for impact <br />fee/capacity charge loans. <br />The repayment of funds awarded as an impact fee/capacity charges loan is not required, <br />except in cases whereby the eligible housing unit is sold, occupied by someone other than <br />the original loan recipient prior to termination of the unit's affordable classification <br />timeframe, or refinanced with cash out prior to termination of the affordability timeframe. <br />In these cases, repayment of the entire original loan amount and accumulated interest is <br />required. <br />Program income funds will be deposited in the county's affordable housing trust fund. <br />In the event of the death of the homeowner, an income eligible heir may assume the county <br />SHIP loan as long as the home is utilized as household's homesteaded property <br />(rehabilitation loans in conjunction with CDBG funding will be forgiven upon death of <br />homeowner). <br />SHIP Deferred Payment Loans (DPL), in conjunction with CDBG funded projects, will <br />be forgiven in 5 years or upon death of the homeowner, whichever comes first. <br />61 <br />