Laserfiche WebLink
• 4 . Moderate - Income Eligible Persons <br /> ( b ) Impact fee / capacity charge loans shall result <br /> in eligible housing for the following eligible <br /> persons : <br /> 1 . Very Low - Income Persons <br /> 2 . Low - Income Persons <br /> 3 . Moderate - Income Persons <br /> c . Basic Award Terms <br /> i . Maximum Monetary Award <br /> The maximum monetary award for an impact <br /> fee / capacity charge loan shall not exceed $ 7 , 500 . 00 <br /> per unit or the total cost of applicable impact <br /> fees and capacity charges for the eligible housing <br /> unit , whichever is less . <br /> ii . Repayment Terms / Timeframe <br /> Impact fee loans are deferred payment loans whereby <br /> repayment of the entire loan amount occurs at the <br /> time that the eligible housing unit is sold or if <br /> . the assisted unit is occupied by someone other than <br /> the original loan recipient . <br /> Recaptured funds will be deposited in the county ' s <br /> affordable housing trust fund . <br /> Eligible persons may pay back the entire amount of <br /> the loan at any time . <br /> iii . Interest Rate <br /> There will be no interest rate for impact <br /> fee / capacity charge loans . <br /> iv . Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Impact Fee / Capacity Loan Strategy <br /> Program shall be occupied for the duration of the <br /> outstanding impact fee / capacity charge loan by the <br /> same qualified eligible households obtaining the <br /> impact fee loan . <br /> Upon sale of the assisted housing unit by the <br /> owner , repayment of the outstanding loan amount <br /> • shall be required , and the affordability timeframe <br /> requirement terminated . <br /> 17 <br />