Live Chat Citizen Action Center
Osceola Sectional Hero
Housing and Community Services Office
M-F: 8am - 5pm
(407) 742-8400
(407) 742-8431
1392 E. Vine Street
Kissimmee, FL 34744

SHIP Loan Terms

The SHIP program assistance is offered either in the form of a grant or in the form of a deferred payment loan. Each program has different grant and/or deferred payment loan terms. These terms can be found in the Local Housing Assistance Plan. (See Documents tab for LHAP.)

The definition of Deferred Payment Loan: Funds provided to a borrower under terms that calls for repayment to be delayed for a certain length of time, until certain circumstances change, or a certain threshold is met. In housing programs, deferred payment loans are often used as a recapture mechanism. In home ownership programs the loans often become due when the assisted family sells the home. Under rental programs the loans often become due if the affordability requirements are breached. In most housing programs these loans have an interest rate of zero percent; in some communities interest does accrue.