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E. Disaster Mitigation Repair Loans (Code #5) <br />a. Summary of the Strategy: <br />To fund all or a portion of the cost encountered for disaster related repair of existing <br />owner -occupied housing units to prevent further damage to the unit or to make it <br />habitable with temporary repairs. This strategy shall be used in the event of a disaster <br />declared by state or federal executive order. This strategy will be implemented only in <br />the event of a disaster using any funds that have not yet been encumbered and/or <br />additional disaster funds issued by the Florida Housing Finance Corporation. <br />b. Fiscal Years Covered: <br />FY 2015-2016, FY 2016-2017, FY 2017-2018 <br />c. Income Categories to be served: <br />Very Low -Income Persons (not to exceed 50% of median income) <br />Low -Income Persons (51 to 80% of the county's median income) <br />Moderate -Income Persons (81 to 120% of median income) <br />d. Maximum award: <br />The maximum monetary award for a disaster mitigation repair loan shall not exceed: <br />Up to $30,000 per single family or a condominium -housing unit. <br />e. Terms, Recapture, Default: <br />The repayment of funds awarded as a disaster mitigation repair loan is not required, <br />except in cases where the assisted housing unit is sold, refinanced with a cash out prior <br />to termination of the unit's affordable classification timeframe (10 years) or occupied <br />by someone other than the original loan recipient. In cases where the unit is sold, <br />refinanced with a cash out, or occupied by someone else, the entire original loan <br />amount and accumulated interest must be paid back. There will be 3% simple interest <br />rate for disaster mitigation repair 10 year loans. Program income funds will be <br />deposited in the county's affordable housing trust fund. Eligible persons may repay the <br />entire amount of the loan at any time. In the event of the death of the homeowner, an <br />income eligible heir may assume the county SHIP loan as long as the home is utilized <br />as household's homesteaded property. <br />f. Recipient Selection Criteria: <br />Eligible applicants will be approved for assistance on a first qualified first served basis <br />subject to funding availability. Applicants will be chosen per the following criteria: <br />g.y2 9 <br />