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SHIP LHAP Template 2016-001 <br />[eff. Date 7/1/20241 <br />FIOI'IC� OUSIfK3 <br />deferred payment loan secured by a recorded subordinate mortgage and note. <br />2. Interest Rate: 0% <br />3. Years in loan term: 20 years <br />4. Forgiveness: The entire loan amount will be forgiven after 20 years of occupancy <br />5. Default: The loan will be determined to be in default if any of the following occurs during the 20 -year <br />_Loan 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 with <br />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 loan term (for loans that are not used in <br />conjunction with CDBG funds), the loan may be assumed by a SHIP -eligible heir who will occupy the <br />home as a primary residence. If the legal heir is not SHIP eligible or chooses not to occupy the home, <br />the outstanding balance of the loan will be due and payable. <br />6. Property shall not be eligible to re -apply until after the expiration of a 20 -year lien period, except <br />when utilization of disaster and/or emergency rehabilitation funds is necessary. <br />f. Recipient/Tenant Selection Criteria: Applicants will be ranked for assistance based on the timing that <br />preliminary intake information is received with the priorities as described in section I of this plan. <br />R. Sponsor Selection Criteria: N/A <br />h. Additional Information: The property must be eligible as defined in 420.9071(9) FS. <br />III. LHAP Incentive Strategies <br />In addition to the required Incentive Strategy A and Strategy B, include all adopted incentives with the <br />policies and procedures used for implementation as provided in Section 420.9076, F.S.: <br />A. Name of the Strategy: Expedited Permitting <br />Permits as defined in s. 163.3177 (6) (f) (3) for affordable housing <br />projects are expedited to a greater degree than other projects. (Housing Element policies 1.5 & 1.6) <br />- Housing Element Policy 1.5 <br />POLICY 1.5: By 2000, the county shall assess its existing permit processing procedure and, if warranted, establish a <br />full one-stop permitting process. <br />- Housing Element Policy 1.6 <br />POLICY 1.6: The County shall take all necessary steps to eliminate delays in the review of affordable housing <br />development projects. In order to define delay, the county hereby establishes the following maximum timeframes <br />for approval of projects when an applicant provides needed information in a timely manner: <br />-20- <br />116 <br />