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SHIP LHAP Template 2016-001 <br />Jeff. Date 7/1/20241 <br />5. Reinforcing roof -to -wall connections <br />6. Upgrading exterior wall opening protections <br />7. Upgrading exterior doors <br />B. Purchase Assistance with Rehabilitation Loans Code 1 <br />a. Summary of Strategy: SHIP funds will be awarded for down payment and closing costs as well as <br />principal reduction to households to purchase an existing home. An existing home must be in need of <br />rehabilitation. <br />791 <br />c <br />J <br />e <br />Fiscal Years Covered: 2024-2025, 2025-2026, 2026-2027 <br />Income Categories to be served: Very low, low, and moderate <br />Maximum award: <br />Income Category <br />Purchase <br />Assistance Portion <br />Rehab Portion <br />Max. Total <br />Very Low <br />$50,000 <br />$15,000 <br />$65,000 <br />Low <br />$35,000 <br />$15,000 <br />$50,000 <br />Moderate <br />$20,000 <br />$15,000 <br />$35,000 <br />Terms: <br />i <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred payment loan secured by a <br />recorded subordinate mortgage and note. <br />2. Interest Rate: 0%. <br />3. Years in Loan term: 20 years for the Purchase Assistance Portion and 10 Years for the Rehabilitation <br />Portion. <br />4. Forgiveness: The entire loan amount will be forgiven after 20 years of occupancy for the Purchase <br />Assistance Portion and 10 years of occupancy for the Rehabilitation Portion. <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 during the loan <br />term (20 years for Purchase Assistance Portion and 10 years for Rehabilitation Assistance Portion): <br />sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead <br />exemption status; failure to occupy the home as a primary residence or refinancing with cash out. If <br />any of these occur, the outstanding balance will be due and payable. <br />In cases where the qualifying homeowner(s) die(s) during the loan term, the loan may be assumed by <br />a SHIP -eligible heir who will occupy the home as a primary residence. If the legal heir is not SHIP <br />-9- <br />81 <br />