[Adopted 6-5-2006 by Ord. No. 06-14]
The purpose of this article is to establish the terms and conditions
under which eligible income-restricted homeowners within the Township, as
determined by the Director of the Department of Community Development, or
his designee, may obtain grants/deferred loans from the Township to repair
and/or rehabilitate their homes.
As used in this article, the following terms shall have the meanings
indicated:
INCOME
All regular gross income received by the head of household and spouse,
including that of any other household member over 18 years of age and not
a full-time student, which income shall be verified by the production of federal
income tax returns (IRS 1040s or valid equivalent substitute) for the year
prior to the date of the application.
The maximum amount of the repair or rehabilitation grant/deferred lien
available to qualified candidates shall be limited to $10,000 per year. The
grant/deferred loan for property repair or rehabilitation shall be placed
in a Township controlled trust account along with matching funds, if required,
from the homeowners prior to beginning the property repair or rehabilitation
work.
All homeowners who are provided grants/deferred loans under
this program shall sign a note and mortgage which shall require repayment
to the Township of the grant/deferred loan monies, such payment to be reduced,
proportionately, per each year subsequent to the completion and acceptance
of the property repair or rehabilitation project work that the homeowner resides
in the repaired or rehabilitated properties as follows:
A. End of first year: 20% forgiveness; 80% to be repaid.
B. End of second year: 40% forgiveness; 60% to be repaid.
C. End of third year: 60% forgiveness; 40% to be repaid.
D. End of fourth year: 80% forgiveness; 20% to be repaid.
E. End of fifth year: 100% forgiveness; 0% to be repaid.