What are the terms of the NeighborhoodLIFT funding?

NeighborhoodLIFT funds are provided as a 5 year forgivable loan program for owner-occupied properties. As long as the borrower resides in the home the loan will be forgiven at a rate of 20% each year on the anniversary date of settlement. If the house is no longer a principal residence or the property is transferred, repayment of the balance of funds will be immediately due.