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SHARP PROGRAM SUMMARY SHEET
<br />Program
<br />SHIP
<br />ARP - Applicants with SHIP funds
<br />"SHARP" Program Total
<br />Combined SHIP + ARP Ca
<br />Rehabilitation
<br />10 year deferred payment loan
<br />SHIP Loan + ARP Grant
<br />Assistance
<br />3% Simple Interest
<br />Program*
<br />Up to $60,000 VLI, LI
<br />Up to $35,000 SHIP loan + Up to $35,000
<br />$70,000 VLI, LI
<br />ARP grant
<br />Half SHIP/Half ARP
<br />Purchase
<br />20 year deferred payment loan
<br />SHIP Loan + ARP Grant = Only amount
<br />Assistance
<br />Purchase, 10 year deferred
<br />required for GAP Financing and closing costs,
<br />Program with
<br />payment loan Rehab
<br />after maximizing lenders 1" mortgage
<br />Rehab*
<br />3% Simple Interest
<br />$20,000.00 + $12,000.00
<br />-Up to $20,000 grant for purchase in
<br />$40,000 + $24,000 = $64,000 VLI
<br />(Rehab) VLI
<br />conjunction with SHIP (Half SHIP/Half ARP)
<br />- VLI
<br />-Up to $12,000 grant for rehab in conjunction
<br />with SHIP(Half SHIP/Half ARP - VLI
<br />$15,000.00 + $11,500.00
<br />-Up to $15,000 grant for purchase in
<br />$30,000 + $23,000 = $53,000 LI
<br />(Rehab) LI
<br />conjunction with SHIP (Half SHIP/Half ARP)
<br />- LI
<br />-Up to $11,500 grant for rehab in conjunction
<br />with SHIP Half SHIP/Half ARP - LI
<br />$10,000.00 + $11,000.00
<br />-Up to $10,000 grant for purchase in
<br />$20,000 + $22,000 = $42,000 MI
<br />(Rehab) MI
<br />conjunction with SHIP (Half SHIP/Half ARP)
<br />-MI
<br />-Up to $11,000 grant for rehab in conjunction
<br />with SHIP(Half SHIP/Half ARP - MI
<br />Purchase
<br />20 year deferred payment loan
<br />SHIP Loan + ARP Grant
<br />Assistance
<br />(3% Simple Interest)
<br />Program
<br />without
<br />$20,000 VLI
<br />-$20,000 grant for purchase in conjunction
<br />$40,000 VLI
<br />Rehab*
<br />with SHIP (Half SHIP/Half ARP) - VLI
<br />$15,000 LI
<br />-$15,000 grant for purchase in conjunction
<br />$30,000 LI
<br />with SHIP (Half SHIP/Half ARP) - LI
<br />$10,000 MI
<br />- $10,000 grant for purchase in conjunction
<br />$20,000 MI
<br />with SHIP (Half SHIP/Half ARP) - MI
<br />Essential
<br />-Up to $10,000 additional grant funding could
<br />$10,000 VLI, LI, MI
<br />Employees
<br />potentially be added to a SHARP application
<br />(All SHARP
<br />submitted by an Essential Employee (teachers,
<br />Programs)
<br />first responders, health care workers).
<br />* For individual applications, up to $10,000 in additional assistance is available for eligible
<br />essential employees such as teachers, first responders, and health care workers.
<br />ATTACHMENT 1
<br />Acronyms:
<br />VLI - Very Low Income (Household earning up to 50% of Area Median Income)
<br />LI - Low Income (Households earning between 50% and 80% of Area Median Income)
<br />MI - Moderate Income (Households earning between 80% and 120% of Area Median Income) 125
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