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ii. Housing Unit Classification; <br />All housing units shall be owner -occupied; and <br />iii. Impact fee/capacity charge loans may be given in combination with purchase <br />assistance or rehabilitation loans. <br />G. New Construction Federal or State Programs Matching Loans (Code #21) <br />a. Summary of the Strategy: <br />To assist non-profit organizations, and for-profit developers with matching funds <br />needed to obtain federal or state housing programs funding for development of rental <br />affordable housing projects. <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 to 120% of median income) <br />d. Maximum Award: <br />The maximum monetary award will be up to $100,000 for each LIHTC project or it is <br />capped at a maximum of $25,000 per unit. These amounts may be administratively <br />lowered by SHIP staff with Loan Review Committee approval if limited SHIP funds <br />are available (due to a larger waiting/que list than funds available) and/or if a lower <br />award amount will achieve the same point outcome for federal or state housing <br />programs funding for development of rental affordable housing projects. <br />Terms, Recapture, Default: <br />The federal and state programs matching loans are Deferred Payment Loans (DPL). <br />The county will sign agreements with developers for performance of the loan. This <br />DPL is secured by a recorded subordinate mortgage and note. The entire loan amount <br />and interest accumulated will be 'forgiven after 10 years of compliance with federal <br />and State housing program requirements. The compliance period for developments <br />receiving SHIP funds as a match for any state and/or federal funds will be consistent <br />with applicable state and federal fund requirements for 10 years of affordability. <br />Monitoring of these developments will be done through the appropriate state or federal <br />programs. The repayment of funds awarded as a matching loan is not required as long <br />as the project is constructed and meets the federal or state housing program <br />requirements, except in cases where the assisted housing has changed to a market rate <br />prior to expiration of the affordability period. In that case, the entire original loan <br />amount is due and payable. <br />63 <br />