No repayments are required provided that the homeowner occupies the property and does not sell or transfer title to the property for the duration of the predetermined affordability period. The deferred note is reduced on a percentage basis each year until the balance of the deferred loan is zero. Once the period of affordability has been met the deferred loan reverts into a grant and is forgiven. Maximum assistance of $100,000 for rehabilitation, $160,000 for reconstruction, or $35,000 for elevation.
||Unsecured forgivable promissory note.|
|Owner Occupancy Required:||Yes|