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<br />· All but the first $2,500 of these additional funds spent to <br />remediate health hazards created by lead-based paint, asbestos <br />or mold may be forgiven after all work required by the City or <br />Agency has been completed. As a result, proj ect expenditures <br />funded by the City or Agency may exceed $75,000. <br />· The ratio between total debt on a single family home and its <br />after-rehabilitation value as determined by an appraisal cannot <br />exceed 90 percent. This requirement does not apply to <br />manufactured homes. <br />· Borrower (s) will be required to execute appropriate loan <br />documents incorporating the terms of their loan and the <br />requirements of the CalHome Program. <br />· Loans on single family homes will be secured by means of a <br />promissory note and deed of trust recorded on the property. <br />Loans on manufactured homes will be secured by means of a <br />Statement of Lien added to the home's registration. <br /> <br />Replacement Guidelines <br />· Licensed manufactured housing dealers and their representatives <br />must perform all work for the transportation and installation <br />of the replacement unit. <br />· Replacement homes must be newly manufactured, and must be <br />located on an appropriate site in a fully permitted <br />manufactured housing park located in a CDBG eligible census <br />tract in the City of Santa Ana. <br />· Replacement units must be of comparable size as the existing <br />home, unless it is determined the household is overcrowded and <br />a larger unit is required. <br /> <br />Terms of CalHome Replacement Loans <br />· The maximum loan amount is <br />availability, up to $25,000 of <br />City loan funded through the <br />Program. <br />· The ratio between total debt on the home and its market value <br />cannot exceed 100 percent plus a maximum of up to five percent <br />of the sales price to cover actual closing costs. <br />· The City's loan servicer will collect and manage impound <br />accounts for payment of property insurance for the term of the <br />loan. <br />. Borrower (s) will be required to execute appropriate documents <br />incorporating the terms of their loans and the requirements of <br />the CalHome Program. <br />· The CalHome Program loan will be secured by means of a <br />Statement of Lien added to the home's registration. <br />· CalHome Replacement loans may not be forgiven. <br /> <br />$ 7 5, 000. Depending on fund <br />this total may be provided by a <br />HOME Investment Partnership Act <br /> <br />EXHIBIT 1 <br />Page 3 <br />20E-5 <br />