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<br />Grant for 50'1; of thc actual cost <br />of rehabilitation and a loan for <br />the remaining 50% at an interest <br />rate of 5%, if gross income does <br />not exceed 75% of the low & <br />moderate income limit, those <br />limits being as follows: <br /> <br />Grant for 25% of the actual cost <br />of rehabilitation and a loan for <br />the remaining- 75% at an interest <br />rate of 7%, if gross income does <br />not exceed 100% of the low & <br />moderate income limit, those <br />limits being as follows: <br /> <br /> FAMILY INCOME FAMILY INCOfvIE <br /> SIZE LIMITS SIZE LIMITS <br /> 1 $ 7,725 1 $10,300 <br /> 2 8,850 2 11,800 <br /> 3 9,938 3 13,250 <br /> 4 11,025 4 14,700 <br /> 5 11,738 5 15,650 <br /> 6 12,412 6 16,550 <br /> 7 13,125 7 17,500 <br /> 8+ 13,800 8+ 18,400 <br />D. Grant /Loan Payment <br /> <br />1. As a condition of the loan and/or grant, the applicant <br />shall af;I'ee to repay the balance due on the loan and/or <br />the unforgiven amount of the grant if the property is <br />transferred to another owner. Such agreement shall be <br />secured by a duly recorded lien against the property, <br />with a deed of trust to secure this obligation. <br /> <br />2. The term of the lien shall be for twelve (12) years. <br />The contract between the City and the owner shall <br />include a schedule whereby one-twelfth0/12) of the <br />grant amount shall be forgiven each year; no amount <br />of the loan shall be forgiven. The term of the lien <br />shall commence with the date of the approval of the loan <br />and/or grant, and the lien shall be released by the <br />Circuit Court Clerk when aU conditions involved have <br />been satisfied. <br /> <br />3. If the owner dies before the lien is satisfied, and the <br />property passes on to his/her heirs, the lien shall <br />continue until the term is completed. However, if the <br />ownership of thc property is transferred by sale, gift, <br />or other means, the remaining balance of the loan and /01' <br />grant shall become due and payable. <br /> <br />4. A local bank will be paid with HRP funds to service the <br />loan portion of the program. <br /> <br />SECTION IV: SELECTION CRITERIA <br /> <br />In approving units for rehabilitation, each application shall be rated to make <br />certain that those residents most in need are given the hig'hest priority. <br />Factors to be considered include the following: income level, housing con- <br />ditions, current expenditures on housing and home maintenance as a part of <br /> <br />-4- <br />