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I <br />I4 <br />1 <br />SHIP LHAP Template 2016-001 <br />Jeff. Date 7/1/20241 I <br />h. Additional Information: Applicants must secure a first mortgage from a lender. <br />Applicants for purchase assistance loans must also provide a pre -qualification letter from a lender. <br />i. For additional information please see the Indian River County Guidelines and Procedures for <br />Implementing Strategies of the Local Housing Assistance Plan. <br />j. No existing SHIP mortgage will be subordinated to a refinanced first mortgage unless the following <br />requirements are met: <br />Requirements for a Refinanced First Mortgage <br />Maximum <br />Maximum Interest Rate <br />Maximum First Mortgage <br />Maximum Points Allowed <br />Term <br />Allowed <br />Amount Allowed <br />Allowed <br />30 Years <br />It must be a fixed-rate <br />Not to exceed the original first <br />For purchase assistance <br />loan, and the interest rate <br />mortgage amount. Any available <br />loans, up to 1 point allowed <br />must be lower than the <br />equity up to the original <br />existing first mortgage <br />mortgage amount may be used <br />For other loans, up to 2 <br />interest rate. <br />for closing costs associated with <br />points allowed <br />the refinancing. <br />No cash out to an applicant <br />D. Emergency Repair Loans I Code 6 <br />a. Summary of Strategy: Funds will be awarded to applicants in need of rehabilitation of their home <br />related to a dire situation that needs to be mitigated immediately. This includes replacement HVAC <br />systems, damaged roofing when there is a recently active leak, the insurance company is requesting roof <br />replacement to maintain insurance, damaged windows causing exposure to the elements, or electrical or <br />plumbing, including septic tank problems, that could cause damage (fire) to the home or is an immediate <br />health hazard to the occupants. As well as retrofitting bathrooms, walkways, and ramps for ADA <br />compliance for applicants with disabilities. This strategy may be used in cases where the health <br />department, a jurisdiction's building official, or the SHIP administrator determines that a home is in such a <br />condition that it jeopardizes the occupant's health and safety. <br />b. Fiscal Years Covered: 2024-2025, 2025-2026, 2026-2027 <br />C. Income Categories to be served: Very low, low, and moderate <br />d. Maximum award: $ 35,000 <br />e. Terms: <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 />-12- <br />84 <br />