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C. <br />Fmergencv Rehabilitation Loans (Code #6) <br />a. Summary of the Strategy: <br />To fund all or a portion of the cost encountered for emergency repair of existing owner - <br />occupied housing units to prevent further damage to the unit or to make it habitable <br />with temporary repairs. This strategy shall be used in cases where the health department <br />or a jurisdiction's building official determines that a structure or other items such as a <br />septic tank is in such condition that it threatens the occupant's health or safety. <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 (51 to 80% of the county's median income) <br />Moderate -Income Persons (81-120% of median income) <br />d. Maximum award: <br />The maximum monetary award for an emergency repair loan shall not exceed: <br />Up to $20,000 per single family or a condominium -housing unit. <br />e. Terms, Recapture, Default: <br />The repayment of funds awarded as an emergency rehabilitation 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 emergency rehabilitation loans. Program income funds will be deposited in the <br />County's affordable housing trust fund. Eligible persons may repay the entire amount <br />of the loan at any time. In the event of the death of the homeowner, an income eligible <br />heir may assume the County SHIP loan as long as the home is utilized as household's <br />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 />i. Emergency needs identified by a building official or health department. <br />ii. Income Eligibility <br />First time applicants will be given priority over previously assisted persons. Exceptions <br />21 <br />`u Z <br />