The
Program will operate on an annual basis. SHIP program applications
will generally be accepted at any time during the fiscal year.
The county must meet following state requirements:
- At
least 30% of funds must be utilized by very low income households
- At
least 30% of funds must be utilized by low income households
- At
least 65% of funds must be utilized for homeownership
- At
least 75% of funds must be utilized for construction, rehabilitation,
and emergency
repairApplications
submitted will initially be reviewed by county staff. Satisfactory
applications will then be presented to the County's Loan Review
Committee (LRC) which will make the formal determination of
approval for submitted SHIP program applications.
The county's loans are deferred low-interest loans. Repayment
of the loan amount and applicable accrued interest is deferred
until the house is sold. There is no monthly payment associated
with loan assistance provided.
The interest rate for all loans granted under the local housing
assistance plan is a three percent (3%) annual simple percentage
rate for moderate income households and a zero percent (0%)
interest rate for very low and low income households.
In the event an applicant's funding request is denied, county
staff will try to direct the applicant to other private agencies
that may provide specialized counseling and assistance.
Applicants approved for funding will be required to complete
various activities (e.g. signing the county's promissory note
and mortgage document, etc.) in order to finally receive the
SHIP program funds. An applicant must utilize the reserved
funds within 90 working days after receiving final LRC approval. |
