Laserfiche WebLink
Exhibit I <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 />f. Recipient Selection Criteria: <br />Eligible applicants will be approved for assistance on a first qualified first served basis <br />subject to funding availability. Applicants will be chosen per the following criteria: <br />i. Income Eligibility <br />ii. Employment Verification <br />iii. Asset Verification <br />iv. Homebuyer Status <br />V. Disability Status <br />As needed, applicants may apply for a capacity charge loans when water or sewer service <br />becomes available. First time applicants will be given priority over previously assisted <br />persons. Exceptions may be made for eligible property owners in cases where living <br />conditions threaten the personal health and safety of the household. Property taxes must <br />be current and property must be free of code enforcement liens. <br />g. Sponsor Selection Criteria: <br />Non-profit organizations or for-profit developers may utilize this strategy only when the <br />impact fee/capacity charge loan is a match for another housing program, such as the <br />CDBG Program, Home Investments Partnership (HOME), Low Income Housing Tax <br />Credit Program (LIHTC), State Apartment Incentive Loan Program (SAIL), Multi -Family <br />Mortgage Revenue Bond Program, or other state and federal housing programs. <br />Non-profit organizations or for-profit developers eligible to participate in the local <br />housing assistance program shall be selected according to the following criteria: <br />i. Ability to proceed with the construction or rehabilitation activities and receive a <br />certificate of occupancy within one year of the closing transaction date; <br />ii. Number of units provided per year; <br />iii. Ability to provide maximum leverage against SHIP funds; <br />iv. The length of time the organization has been in Indian River County; <br />- 23 - <br />131 <br />