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SHIP LHAP Template 2016-0011 <br />Jeff. Date 7/l/202411 <br />W. Describe efforts to reduce homelessness: The Treasure Cost Homeless Services Council (TCHSC) provides al <br />continuum of care to the homeless population within Indian River County. County staff works with the TCHSC <br />staff to apply for grants, exchange information, and provide assistance as needed. <br />TCHSC administers the Homeless Management Information System (HMIS). TCHSC provides shelters, rental <br />and utility assistance, supportive services for veteran families, and manages affordable rental properties. <br />X. Total assets (cash or non-cash items that can be converted to cash), not including IRA, Keogh, similar <br />retirement savings accounts, and dedicated college savings accounts of an eligible household applying for <br />SHIP assistance, shall not exceed twenty thousand dollars ($20,000.00). <br />Y. The maximum active SHIP loans on any property shall not exceed $80,000, except when utilization of disaster <br />and/or emergency funds is necessary. <br />Section II. LHAP Strategies (Please read LHAP Strategy Quick Guide before developing strategies): <br />A. Owner Occupied Rehabilitation Loans Code 3 <br />a. Summary of Strategy: SHIP funds will be awarded to owner -occupied households in need of repairs <br />to correct health and safety issues and code violations related to electrical, plumbing, roofing, <br />windows, and other structural items, as well as hurricane hardening activities. A detailed list of <br />rehabilitation work activities allowed or not allowed is included in the Indian River County <br />Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan document. <br />b. Fiscal Years Covered: 2024-2025, 2025-2026, 2026-2027 <br />C. Income Categories to be served: Very low, and low <br />d. Maximum award: $ 80,000 <br />e. Terms: <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred payment loan <br />secured by a recorded subordinate mortgage and note. <br />2. Interest Rate: 0%. <br />3. Years in Loan term: 10 years (5 years if used in conjunction with CDBG funding). <br />4. Forgiveness: The entire loan amount will be forgiven after 10 years of occupancy <br />(only rehabilitation loans in conjunction with CDBG funding will be forgiven in 5 <br />years or upon the death of the homeowner, whichever comes first). <br />5. Repayment: Not required as long as the loan is in good standing. <br />6. Default: The loan will be determined to be in default if any of the following occurs <br />-7- <br />79 <br />