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SHIP LHAP Template 2016-001 <br />Jeff. Date 7/1/20241 <br />3. Years in Loan term: 10 years. <br />4. Forgiveness: The entire loan amount will be forgiven after 10 years of occupancy, or upon the death <br />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 during the loan <br />term: sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead <br />exemption status; or failure to occupy the home as a primary residence or refinancing with cash out. <br />If any of these occur, the outstanding balance will be due and payable. <br />In cases where the qualifying homeowner(s) die(s) during the 10 -year loan term the loan may be <br />assumed by a SHIP -eligible heir who will occupy the home as a primary residence. If the legal heir is <br />not SHIP eligible or chooses not to occupy the home, the outstanding balance of the loan will be due <br />and payable. <br />If the home is foreclosed on by a superior mortgage holder, the county will make an effort to <br />recapture funds through the legal process if it is determined that adequate funds may be available to <br />justify pursuing a recapture. <br />f. Recipient Selection Criteria: Applicants will be selected on a first -qualified, first-served basis with the <br />priorities as described in Section I of this plan. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: An applicant requesting an emergency repair will be required to: <br />1. Allow the health department inspector, building department inspector, or rehabilitation specialist to <br />access the home for an inspection to determine the need for the repair. <br />2. Provide proof of homeowner's insurance policy if it is available, any proof of whether or not the <br />insurance will cover any part of the repair, and if applicable, insurance award to be completed prior to <br />SHIP award. <br />3. When an applicant is assisted with emergency repairs, they will not lose their place on the queue list. <br />However, the amount of funds expended for the emergency repairs will be counted towards the <br />maximum award if the applicant receives subsequent assistance through the rehabilitation strategy. <br />Funds may also be awarded to pay insurance deductibles for any emergency repairs covered by the <br />homeowner's policy. <br />For additional information, please see the Indian River County Guidelines and Procedures for <br />Implementing Strategies of Local Housing Assistance Plan document. <br />85 <br />