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NEIGHBORHOOD STABILIZATION PROGRAM GUIDELINES <br /> Program Level of Terms Max. Loan Location <br /> Affordability <br />1 Down Payment Assistance 80 %AMI - • 30 year deferred payment loan; 0% Interest Up to the lesser <br /> Program 120% AMI • Due upon sale of 10% of sales Priority Area <br /> price or $40,000 <br />2 Acquisition and Rehabilitation - 80 %AMI - Terms for Intermediaries - n/a <br /> Single Family Homes 120% AMI • Deferred loan payable at sale; 0% interest <br /> • Sales price <br /> o Low: 30% of 65%AMI (max. HH income <br /> 80%AMI) <br /> o Moderate: 30% of 100%AMI (max. HH <br /> income 80 - 120%AMI) <br /> • Lease to own option Priority Area <br /> Terms for Homebuyers - Difference <br /> • Eligible Homebuyers between FMV <br /> o Low: up to 80% AMI and affordable <br /> o Moderate: 80% to 120% AMI sales price <br /> • Silent Second; 3% interest rate principle only due <br /> after 45 years <br /> • 45 year Recapture/resale restrictions <br />3 Acquisition and Rehabilitation - 80 %AMI - Same as Acquisition and Rehabilitation -Single Family Same as Program <br /> Condominiums and Historic 120% AMI Homes Program No. 2 Citywide <br /> Homes <br />4 Acquisition and Rehabilitation - 30 %AMI - • 55 years affordability restrictions n/a <br /> Rental Housing 50% AMI • 0% interest rate <br /> Citywide <br /> • Rents affordable to households earning between <br /> 30%-50% AMI <br />5 Redevelopment n/a n/a n/a CDBG Eligible <br /> Census Tracts <br />Definitions: <br />AMI =Area Median Income HH =Household <br />FMV =Fair Market Value <br />EXHIBIT 3 <br />