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Exhibit I <br />Purchase assistance loans are deferred payment 20 -year loans secured by a mortgage and <br />note whereby repayment of the entire loan amount and accumulated interest occurs at the <br />time that the eligible housing unit is sold, refinanced with cash out, or occupied by <br />someone other than the original loan recipient. There will be a 0% simple annual interest <br />rate for Purchase Assistance loans. After 20 years the original loan amount and <br />accumulated interest will be forgiven. Eligible persons may repay the entire amount of <br />the loan at any time. In the event of the death of the homeowner, an income -eligible heir <br />may assume the county SHIP loan as long as the home is utilized as the household's <br />homesteaded property. <br />f. Recipient Selection Criteria: <br />Eligible applicants will be approved for assistance on a first -qualified, first-served basis <br />as may be adjusted per the LHAP based on ranking priorities, subject to funding <br />availability. Applicants will have the following verified to confirm eligibility and for <br />record management and reporting: <br />ix. Income; <br />X. Employment; <br />xi. Assets; <br />xii. First-time Homebuyer Status; <br />xiii. Credit Verification and/or approval from the financial institution that is <br />granting the first mortgage; <br />xiv. Approval of the first mortgage from a financial institution; <br />xv. Attendance and completion of County's Homebuyer's Educational Workshop <br />(receiving the Homebuyer's Educational Workshop Certificate); and <br />xvi. Disability Status. <br />g. Sponsor Selection Criteria: <br />N/A <br />h. Additional Information: <br />i. Geographic Area <br />Purchase assistance loans may be made anywhere in the county, including all <br />municipalities located within the county; <br />ii. Housing Unit Classification <br />- 13 - <br />121 <br />