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SHH' LHAP Template 2016-001 <br />[eff. Date 7/1/20241 <br />Florida%o' using <br />Eligible retrofit improvement work activities include the following: <br />1. Improving the strength of the roof deck attachment <br />2. Creating a secondary water barrier to prevent water intrusion <br />3. Improving the survivability of the roof covering <br />4. Bracing gable -ends in the roof framing <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 />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: <br />Income Category <br />Purchase <br />Assistance Portion <br />Rehab Portion <br />Max. Total <br />Very Low <br />$ 85,000 <br />$ 20,000 <br />$ 105,000 <br />Low <br />$ 65,000 <br />$ 20,000 <br />$ 85,000 <br />Moderate <br />$ 45,000 <br />$ 20,000 <br />$ 65,000 <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: Oho. <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 />S. 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 />-9- <br />105 <br />