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SHIP LHAP Template 2016-001 <br />[eff. Date 7/1/20241 <br />i C <br />recapture funds through the legal process if it is determined that adequate funds may bel <br />r <br />available to justify pursuing a recapture. <br />f. Recipient Selection Criteria: Applicants will be assisted on a first -qualified, first-served' <br />basis with the priorities for Special Needs income groups as described in section I of thisl <br />plan. <br />1. Proof of homeowner's insurance if available. j <br />i <br />2. Must file for and use proceeds from insurance as the first option. <br />3. Must file for FEMA, SBA, and other assistance available prior to applying to SHIP. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: Funds for disaster mitigation will only be allocated from <br />unencumbered funds or additional funds awarded through Florida Housing Finance <br />Corporation for the disaster. <br />i. For additional information, please see the Indian River County Guidelines and Procedures <br />for Implementing Strategies of Local Housing Assistance Plan document. <br />F. Impact Fee/ Capacity Charge Loans I Code 8 <br />a. Summary of the Strategy: To assist income -eligible persons with the cost of impact fees and/or water and <br />sewer capacity charges for owner -occupied housing units anywhere in Indian River County. <br />b. Fiscal Years Covered: 2024-2025, 2025-2026, 2026-2027 <br />C. Income Categories to be served: Very low, low, and moderate (in conjunction with PA loan only) <br />d. Maximum award: $ 20,000 <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 />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 of the <br />homeowner, whichever comes first. <br />-15- <br />87 <br />