1981-041 CRA - Laserfiche WebLink

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2.05 Eligible Properties. In addition to the further requirements of the Mortgage Loan Purchase Agreement and the Sellers' Guide, in order to be subject to a Mol"tgage Loan under the Program, a Residence must meet the following requirements: (1 ) Project Area; (2) Architectural and engineering design must meet Construction Standards and the work of Residential Construction must be subject to Agency. supervision in accordance with an applicable agreement with a developer or owner; , Be located in City of Santa Ana Community Redevelopment (3) Be open, upon sale or rental of any portion thereof, to all regardless of race, color, religion, national origin, or ancestry; (4) Be real property on which a Residence is located and held at the time of closing by the Mortgagor in fee simple. 2.06 Contractors and Contracts. All contractors and subcontractors engaged in Residential Construction shall provide equal opportunity for emp loyment, without discrimination as to race, sex, marita 1 status, co lor, religion, national origin or ancestry. All contracts and subcontracts for Residential Construction shall be let without discrimination as to race, sex, marital status, color, religion, national origin or ancestry. It lS the policy of the Agency to encourage participation by minority contractors. All publicity authorized or undertaken by the Agency in connection with the Program shall include provisions encouraging participation by minority contractors particularly, in common with all contractors. 2.07 Mortgages. (A) The Mortgage shall be a lien on the property, be consistent with California law, and conform with the standards prescribed by the Agency, the Qualified Mortgage Lender and the Mortgage Insurer. (B) . The approved Mortgage Loan shall include provisions necessary to protect the interest of the Agency, such provisions being stipulated by the Mortgage Loan Purchase Agreement and the Sellers' Guide, Servicing Agreement and the Servicers' Guide and Program instructions, rules of practice and guidelines approvêd and adopted from time to time by the Agency or its staff. (C) With respect to Mortgage Loans financed by the Agency, the maximum loan as a; percentage of the property's appraised value or sales price shall be determined according to the applicable regulations and procedures of the Qualified Mortgage Lender and the Mortgage Insurer, and within the limitations and requirements of the Act and the Program, the Commitment Contract (and Resêrvation of Funds) and the Mortgage Loan Purchase Agreement, 8 8 . . . .