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Exhibit I <br />same issue, the more restrictive regulation shall take precedence. If one <br />program is silent on an issue, the program with a regulation on the issue shall <br />apply. 67-37.007(12) F.A.C.; <br />ii. Geographic Area <br />Matching loans may be made anywhere in the county, including all <br />municipalities located within the county. <br />iii. Housing Unit Classification <br />Eligible housing units provided by federal or state housing funds may <br />be rented or owner -occupied. <br />H. Foreclosure Prevention (Code #7) <br />a. Summary of the Strategy: <br />To assist income -eligible applicants to prevent foreclosure. This is a one-time assistance <br />only. Applicants requesting assistance must be able to prove that their financial situation <br />is temporary and is due to a change in the family status, including but not limited to serious <br />medical illness, divorce or separation, death in the family, unforeseen home repair bills, a <br />reduction in the number of scheduled work hours, increased insurance premiums, <br />increased homeowner's association fees or a job loss that was not the fault of the recipient. <br />b. Fiscal Years Covered: FY 2024-2025, FY 2025-2026, and FY 2026-2027 <br />c. Income Categories to be Served: <br />Very Low -Income Persons (Not to exceed 50% of median income). <br />Low -Income Persons (between 51-80% of median income). <br />d. Maximum Award: <br />The maximum award amount shall not exceed $8,000. <br />e. Terms, Recapture, Default: <br />Foreclosure Prevention loans are a deferred payment of 2 -year loans secured by a <br />mortgage and note whereby repayment of the entire loan and accumulated interest will be <br />forgiven after 2 years of occupancy. There will be a 0% simple annual interest rate for <br />impact fee/capacity charge loans. <br />The repayment of funds awarded as a foreclosure prevention loan is not required, except <br />in cases whereby the eligible housing unit is sold, occupied by someone other than the <br />original loan recipient prior to termination of the unit's affordable classification timeframe, <br />or refinanced with cash out prior to termination of the affordability timeframe. In these <br />cases, repayment of the entire original loan amount and accumulated interest is required. <br />- 26 - <br />134 <br />