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Exhibit I <br />For rehabilitation loans, staff sends a notice to proceed to the contractor after the recorded documents <br />are returned from the county courthouse. The contractor then pulls building permits and completes <br />the work. The appropriate jurisdiction's building department inspector inspects the completed work. <br />The contractor sends the county or the housing inspector, if a major rehabilitation project, the final <br />invoice, final contractor affidavit, contractor final waiver of lien, sub -contractor final waiver of lien <br />(if applicable), approved final inspection(s), and a final satisfaction from the owner. <br />Staff will prepare and record a Satisfaction of Mortgage for loans that are paid back and for loans that <br />terminate after the affordability timeframe. <br />• Local Loan/Applicant Requirements <br />Eligible persons or sponsors applying for participation in the County's SHIP Program, in addition to <br />State requirements, shall comply with the following local requirements: <br />a. Asset Verification <br />Total household assets (cash or non-cash items that can be converted to cash), not <br />including IRA, Keogh, and similar retirement savings accounts of an eligible <br />household applying for SHIP assistance, shall not exceed twenty thousand dollars <br />($20,000.00). <br />b. Income Verification / Banking Documents <br />All applicants will be required to provide 2 months of the most current <br />consecutive paystubs and 3 months of the most current consecutive banking <br />statements. <br />C. Credit Verification <br />1. Credit Requirement for Purchase Assistance Loans <br />For applicants applying for both a SHIP purchase assistance loan and a loan <br />from a financial institution, the applicable financial institution shall determine <br />whether each applicant's credit is satisfactory based on the applicable financial <br />institution's credit standards. Applicants who received a purchase assistance <br />loan but foreclosed on the first mortgage are not eligible to re -apply for another <br />SHIP purchase assistance loan. <br />2. Credit Requirement for Rehabilitation and Impact Fee Loans <br />Applicants for rehabilitation and impact fee loans will be deemed to have <br />satisfactory credit if the applicable title search report shows that there is no <br />active lien, judgment, or foreclosure action against the applicant or the <br />applicant's property. <br />No credit requirements shall apply for rehabilitation loans to very low and low- <br />income households using SHIP funds as a match for CDBG funds, Residential <br />- 2 - <br />110 <br />