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SHIP LHAP Template 2016-001 <br />Jeff. Date 7/1/20241 <br />Florida oushg <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 />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; 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 />7. In cases where the qualifying homeowner(s) die(s) during the loan term (for loans not used in <br />conjunction with CDBG funds), the loan may be assumed by a SHIP -eligible heir who will occupy <br />the home as a primary residence. If the legal heir is not SHIP eligible or chooses not to occupy the <br />home, the outstanding balance of the loan will be due and payable. <br />8. 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 <br />available to justify pursuing a recapture. <br />f. Recipient Selection Criteria: Applicants will be assisted on a first -qualified, first-served basis with the <br />priorities for Special Needs income groups as described in Section I. <br />g. Additional Information: Impact Fee Capacity Charge loans will be based on the actual amount of impact <br />fees/capacity charges charged by the county. <br />h. For additional information, please see the Indian River County Guidelines and Procedures for <br />Implementing Strategies of the Local Housing Assistance Plan. <br />G. New Construction (Federal or State Programs Matching Loans) Code 2.1 <br />a. Summary of the Strategy: To assist non-profit organizations, and for-profit developers with matching <br />funds needed to obtain federal or state housing programs funding for development of rental affordable <br />housing projects. <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: $ 100,000 per unit, and $500,000 per project <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 />-16- <br />112 <br />