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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 will be up to $100,000 for each LIHTC project artd or <br />it is capped ata maximum oft $5,000 per unit. <br />e. Terms, Recapture, Default: <br />g. <br />The repayment of funds awarded as a LIHTC matching grant is not required, except <br />in cases where the assisted housing has changed to a market rate prior to expiration of <br />the affordability period. In that case, the entire original grant amount is due and <br />payable. <br />There will be no interest rate for LIHTC matching grants. <br />Recaptured funds will be deposited in the county's affordable housing trust fund. <br />Sponsor Selection Criteria: <br />Non-profit organizations or for-profit developers eligible to participate in the local <br />housing assistance program must submit a LIHTC application to the FHFC to qualify. <br />Assistance will be provided to LIHTC projects which receive an award of funds from <br />FHFC. <br />Additional Information: <br />i. Geographic Area <br />LIHTC matching grants may be made anywhere in the county, including all <br />municipalities located within the county. <br />ii. Housing Unit Classification <br />Eligible housing units produced by the LIHTC funds must be renter occupied units. <br />X* 32 <br />Formatted: Strikethrough <br />Commented [RD11]: May want to reconsider this <br />limit especially for special needs <br />