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SHIP LHAP Template 201 <br />[eff. Date 7/1/ <br />specified by the other program in addition to SHIP program requirements. In the event <br />that both programs have restrictions on the same issue, the more restrictive regulatiol <br />shall take precedence. If one program is silent on an issue, the program with a regulation' <br />on the issue shall apply. 67-37.007(12) F.A.C. <br />h. For additional information please see the Indian River County Guidelines and Procedures <br />for Implementing Strategies of Local Housing Assistance Plan document. <br />H. Foreclosure Prevention I Code 7 <br />a. Summary of the Strategy: To assist income -eligible applicants to prevent foreclosure. This is a one-time <br />assistance only. Applicants requesting assistance must be able to prove that their financial situation is <br />temporary and is due to a change in the family status, including but not limited to serious medical illness, <br />divorce or separation, death in the family, unforeseen home repair bills, a reduction in the number of <br />scheduled work hours, or a job loss that was not the fault of the recipient. <br />b. Fiscal Years Covered: 2024-2025, 2025-2026, 2026-2027 <br />C. Income Categories to be served: Very low, low <br />d. Maximum award: $ 8,000 <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: 2 years <br />4. Forgiveness: The entire loan amount will be forgiven after 2 years of occupancy. <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 <br />homestead exemption status; or failure to occupy the home as a primary residence or refinancing <br />with cash out. 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 2 -year loan term (for <br />loans not used in conjunction with CDBG funds), the loan may be assumed by a SHIP - <br />eligible heir who will occupy the home as a primary residence. If the legal heir is not <br />SHIP eligible or chooses not to occupy the home, the outstanding balance of the loan <br />will be due and payable. <br />-18- <br />90 <br />