Terms, Recapture and Default. The funds shall be made available in the form of a 0% interest rate, 10-year due on sale loan forgivable at the end of the compliance period. A mortgage is recorded on the property. The recipient is required to own and occupy the property as a principal residence during the compliance period. If the recipient defaults on any terms of the mortgage and note during the compliance period, then the full balance of the loan shall become due and payable. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville.
Terms, Recapture and Default. All SHIP funds provided to eligible households will be in the form of a grant and not subject to recapture.
Terms, Recapture and Default. Funds will be awarded as a grant with no recapture terms.
Terms, Recapture and Default. The terms and conditions of the funds used in this strategy will be determined on a case-by-case basis depending on the financial capacity of the rental housing project. SHIP funds may be provided as a loan and/or grant to support the financing structure and/or leveraging of the rental housing project. Funds may also be used as a match for the U.S. Department of Housing and Urban Development HOME Program and other related programs offered by federal, State of Florida and local government to produce and preserve rental housing. When HOME funds are used with SHIP, the most restrictive rules and regulations may apply. Loans may be a combination of deferred, due on sale, zero interest and/or low interest. A mortgage and/or other related instrument will be recorded on the property. Eligible sponsors assisted under this strategy must reserve rental housing for eligible persons for 15 years or the term of the assistance, whichever period is longer. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville. Eligible sponsors that offer rental housing for sale before 15 years or that have an outstanding loan and/or grant balance under this strategy must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. However, if the new buyer is eligible for the program, then the terms and conditions of the loan and/or grant may be assumed, as long as, all other SHIP and/or local requirements are met. Rental units constructed, rehabilitated or otherwise assisted from the local housing assistance trust fund must be monitored at least annually for 15 years or the term of assistance, whichever is longer, for compliance with tenant income and affordability requirements. Recapture of any loan and/or grant may be repaid to SHIP, HOME and other related programs based on the percentage of the financing provided to the project, as applicable. For those developments that the Florida Housing Finance Corporation provides the same monitoring and determination, the City may rely on such monitoring and determination of tenant eligibility.
Terms, Recapture and Default. The funds shall be made available in the form of a 0% interest rate, 10-year due on sale loan forgivable at the end of the compliance period. A mortgage is recorded on the property. The recipient is required to own and occupy the property as a principal residence during the compliance period. If the recipient defaults on any terms of the mortgage and note during the compliance period, then the full balance of the loan shall become due and payable.
Terms, Recapture and Default. A mortgage is recorded on the property. Funds are provided to sponsors as a 0% interest rate, 15-year due on sale loan. The housing must remain affordable and occupied by income eligible beneficiaries for a period of 15 years. All SHIP assisted rental properties offered for sale prior to the 15-year term of affordability must be subject to a right of first refusal for purchases at the current market value, less the amount of the SHIP subsidy, by eligible nonprofit organizations who would provide continued occupancy by eligible persons. Rental units constructed, rehabilitated or otherwise assisted from the local housing assistance trust fund must be monitored at least annually for 15 years or the term of assistance, whichever is longer, for compliance with tenant income and affordability requirements.
Terms, Recapture and Default. The terms and conditions of the funds used in this strategy will be determined on a case-by-case basis depending on the financial capacity of the rental housing project. SHIP funds may be provided as a loan and/or grant to support the financing structure and/or leveraging of the rental housing project. Funds may also be used as a match for the U.S. Department of Housing and Urban Development HOME Program and other related programs offered by federal, State of Florida and local government to produce and preserve rental housing. When HOME funds are used with SHIP, the most restrictive rules and regulations may apply. Loans may be a combination of deferred, due on sale, zero interest and/or low interest. A mortgage and/or other related instrument will be recorded on the property. Eligible sponsors assisted under this strategy must reserve rental housing for eligible persons for 15 years or the term of the assistance, whichever period is longer.
