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4 <br />All CDBG financial assistance will be in the form of a deferred loan that is <br />proportionally forgiven over the applicable term of recapture. <br />CDBG Assistance <br />$15,000 and less <br />$15,000 and $25,000 <br />$25,000 and above <br />Recapture Period <br />5 years <br />10 years <br />15 years <br />All deferred loans will be secured with a note and deed of trust recorded in the <br />Orange County Register of Deeds. <br />Target Number of Substandard Units <br />This program will target the repair of an estimated 12 substandard dwelling <br />(Four (4) units in each jurisdiction) at an average cost of $30,000 per unit. <br />No clearance or relocation activities will be necessary. <br />Budget <br />Housing Rehabilitation $360,000 <br />Program Administration $ 40,000 <br />Program Schedule <br />Begin program implementation January 2, 2008 <br />Complete program by December 31, 2010 <br />• <br />• <br /> <br />