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Rehabilitation Grant Summary Page <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 <br /> ► Low income if it is a match for <br /> another state or federal housing <br /> grant <br /> Assistance : The county may provide up to $ 20 , 000 per <br /> unit in rehabilitation grants . The <br /> applicant shall execute a grant agreement <br /> withy the county indicating that <br /> applicant will comply with the county ' s <br /> Local Housing Assistance Program ' s <br /> requirements . <br /> Criteria : Income Eligible Households : VLI ( up to 500 <br /> of the county ' s median income ) , LI ( 51 to <br /> 800 of the county ' s median income ) <br /> Property <br /> Qualification : Owner - Occupied <br /> Debt Ratio : N / A <br /> Loan Period : 10 years <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : No payment is <br /> required except in <br /> cases where assisted <br /> unit is sold prior <br /> to 10 years , or if <br /> the assisted unit is <br /> occupied by someone <br /> other than the <br /> original grant <br /> recipient . <br /> 42 <br />