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Rehabilitation Loan Summary Pa e <br /> • <br /> Purpose : To fund all or a portion of the cost <br /> encountered in rehabilitating existing or <br /> acquired owner- occupied housing units . <br /> Funding Source : State Housing Initiatives Partnership <br /> ( SHIP ) <br /> Eligible Persons : ► Very low income persons <br /> ► Low income persons <br /> ► Moderate income persons <br /> Assistance : The county may provide up to $ 20 , 000 per <br /> unit in rehabilitation loans consistent <br /> with the county ' s minimum rehabilitation <br /> loan standards and requirements . The <br /> applicant shall execute a loan agreement <br /> with the county indicating that the <br /> applicant will comply with the county ' s <br /> Local Housing Assistance Program ' s <br /> requirements . <br /> Criteria : Income Eligible Households : VLI ( up to <br /> 500 of the county ' s median income ) , LI <br /> ( 51 - 80 % of the county ' s median income ) MI <br /> ( 81 - 120 % of the county ' s median income ) <br /> Property <br /> Qualification : Owner - Occupied <br /> Debt Ratio : N / A <br /> Loan Period : Deferred payment <br /> loan <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : Payment of the loan <br /> amount occurs upon <br /> resale of the unit <br /> or if the assisted <br /> unit is occupied by <br /> someone other than <br /> the original loan <br /> recipient . <br /> • <br /> 35 <br />