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A. jplpact Fee/Canacitv Charges Loans (Code #8) <br />a. Summary of the Strategy: <br />To assist income eligible persons with the cost of impact fees and/or water and sewer <br />capacity charges for owner occupied housing units anywhere in Indian River County. <br />b. Fiscal Years Covered: 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 (between 51-80% of median income). <br />Moderate -Income Persons (between 81-120% of median income) -in conjunction <br />with down payment/closing cost loans only. <br />d. Maximum award: <br />The county provides loans for the actual amount of impact fees and capacity charges, <br />not to exceed $20,000 per unit for the cost of impact fees and/or capacity charges. <br />e. Terms, Recapture, Default: <br />The applicant must execute a loan agreement with the county indicating that the <br />applicant will comply with the county's Local Housing Assistance Plan's requirements. <br />There will be 3% simple annual interest rate for impact fee/capacity charge loans. <br />Impact fee/capacity charges loans not associated with purchase assistance for Very <br />Low and Low Income households: the original loan amount and interest accumulated <br />will be forgiven after 10 years occupancy. <br />For Moderate Income household or for impact fees and/or water and sewer capacity <br />charges in conjunction with Purchase Assistance strategy: the original loan amount and <br />accumulated interest will be forgiven after 30 years occupancy. <br />The repayment of funds awarded as an impact fee/capacity charges loan is not required, <br />except in cases whereby the eligible housing unit is sold, occupied by someone other <br />than the original loan recipient prior to termination of the units affordable classification <br />timeframe, or refinanced with cash out prior to termination of the affordability <br />timeframe. In these cases, repayment of the entire original loan amount and <br />accumulated interest is required. <br />Program income funds and program income will be deposited in the county's <br />affordable housing trust fund. <br />In the event of the death of the homeowner, an income eligible heir may assume the <br />county SHIP loan as long as the home is utilized as household's homesteaded property. <br />SHIP Deferred Payment Loans (DPL), in conjunction with CDBG funded projects, will <br />15 <br />4y,/S <br />