Laserfiche WebLink
<br />3. <br /> <br />Percentage of Units that will Benefit Very Low Income and Low Income (70%) <br />Fami 1ies <br /> <br />Responses in this subsection will be used to score the selection factor <br />related to the extent to which benefits are targeted to very low income <br />persons (i.e., families with an income less than 50 percent, and 80 <br />percent of the area median family income). <br /> <br />Please note that all applicants must demonstrate that no less than 10 <br />percent of the units will be targeted to low income families. <br /> <br />a. <br /> <br />Total Number of Units to be Rehabilttated <br />(this number is equal to the total TRRP <br />dollars requested divided by 5000) <br /> <br />50 <br /> <br />b. <br /> <br />Units to be Occupied by Very Low Income <br />Units to be Occupied by Low Income <br /> <br />20% <br />80% <br /> <br />4. <br /> <br />Local financial Assistance Mechanism <br /> <br />The answers to this section will be used to score the selection factor <br />related to the extent to which the local program design includes loans <br />with recapture provisions. <br /> <br />a. <br /> <br />Provide the percentages of TRRP funds request that will be provided <br />to developers/owners through each of the following financial <br />assistance methods. <br /> <br />100 <br /> <br />% Direct Loans* (Deferred Payment LoaDs Forgiveable) <br />" Direct Grants <br /> <br />" Interest Subsidies <br /> <br />% Loan Guarantees <br /> <br />" Other, Please specify <br /> <br />b. <br /> <br />If any TRRP funds w111 be provided as direct loans, indicate the <br />minimum interest rate that will be charged to participating <br />developers/owners. <br /> <br />6 <br /> <br />percent per annum (payable only if the developer/owner <br />does not meet terms of "forgiveablell <br />Direct loans may be counterproductive to small localities. <br />Experience shows that Deferred Payment Loans Forgiveable <br />are best vehicle for financing and placing requirements on <br />the owner. <br /> <br />1 aan. ) <br /> <br />* NOTE: <br /> <br />-19- <br />