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SHIP LHAP Template 2016-001 <br />Jeff. Date 7/1/20241 <br />F 0rA HOUSIftg` <br />2. Interest Rate 3% <br />3.Term 48-15 years <br />4.Forgiveness: the entire loan amount and interest accumulated will be forgiven after 48-15 years <br />of compliance with federal and state housing program requirements. <br />S.Repayment: Not required as long as the project is constructed and meets the federal or state <br />housing program requirements for occupancy by very low, low, and/or moderate -income <br />households. <br />6.Default: When the assisted housing has changed to a market rate prior to 48-15 years. In that <br />case, the entire original loan and accumulated interest amount is due and payable. <br />7.Developer Selection Criteria: Non-profit organizations or for-profit developers eligible to <br />participate in the local housing assistance program must submit a federal or state housing <br />funding application to the appropriate agency to qualify. Assistance will be provided to projects <br />which receive an award of funds from a federal or state housing programs. Factors that may be <br />considered in selecting the sponsor/developer may include, but are not limited to: <br />a. Capacity and Capability to Carry out Project <br />b. Scale of Project/Utilization of Density Bonuses <br />C. Experience in Completing Similar Projects <br />d. Use of Personnel from Wages and Workforce Development Programs <br />e. Leveraging <br />f. Site Control <br />g. Neighborhood Compatibility with Area Redevelopment Plan <br />h. Creation of Mixed -Income Communities <br />i. Recapture Provisions <br />j. Incorporation of Partnerships with Local Employers, Institutions, Hospitals and Schools <br />k. Incorporation of Transit -Oriented Design <br />I. Attractiveness of Design <br />M. Multistory Buildings Must Have Elevators and be ADA Compliant <br />n. Use of Green Building Techniques <br />Tenant Selection: Management of the development will select potential renters for the SHIP -assisted units <br />on a first -qualified, first-served basis. All applicants for residence in a SHIP -assisted unit must meet the <br />income qualifications of the program as determined and reported by the developers' management <br />company for the development. <br />g. Additional Information: The compliance period for developments receiving SHIP funds as <br />a match for any federal and/or state funds will be consistent with applicable federal and <br />state fund requirements. Monitoring of these developments will be done through the <br />appropriate federal or state programs. <br />-17- <br />113 <br />