The award of any grant for a secured loan under this chapter is subject to the following conditions:
(a) If, after audit and investigation, the County Administrator or his/her designee determines that the applicant is eligible for the grant of a secured loan and has satisfied all other conditions, requirements and restrictions as set forth herein, the County Administrator or his/her designee, after entering into a grant agreement with the applicant, shall so certify to the Director of Management and Financial Services who in conjunction with the Treasurer shall issue a check in the approved amount of the grant for a secured loan payable to the applicant's settlement attorney or agent.
(b) Such check shall not be disbursed by the settlement agent or attorney until the applicant signs a promissory note secured by a deed of trust on the dwelling the applicant intends to purchase, which deed of trust shall be recorded among the land records of the Circuit Court of Loudoun County.
(c) The applicant after closing shall occupy the dwelling as his or her principal residence.
(d) The applicant shall be forgiven 20% of the loan for each 12-month period that the applicant remains an employee as defined herein, and the loan shall be completely forgiven if the applicant remains an employee for 60 months.
(e) Any amount of the loan not forgiven due to 1) sale of the dwelling within 60 months, 2) the employee no longer being an employee as defined herein, or 3) the employee no longer occupying the dwelling as his principal residence shall become due to the County, with interest, and the County shall have the right to enforce all remedies under the note and the deed of trust granted by the applicant to the County. The amount due shall be calculated by multiplying one sixtieth of the total loan amount by the number of months between the date of default and the date of the end of the 60-month period.
(f) The County Administrator in adopting rules, regulations and conditions to insure competitiveness of Loudoun County as an employer and the integrity of the program, as set forth in Section 256.03 above, may provide for incentives designed to encourage applicants to purchase certain properties in certain areas of the County, including distressed properties and properties in foreclosure, so long as such rules and regulations are consistent with the legislative intent of insuring Loudoun County's competitiveness as an employer.
(Ord. 09-13. Passed 7-21-09; Ord. 12-02. Passed 4-40-12.)