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herein defined) at an Affordable Housing Cost. In addition, the Developer agrees to cooperate <br />with the Agency in any subsidized loan program the Agency may in its sole discretion make <br />available to Low or Moderate Income Household purchasers of some or all of the NSP Assisted <br />Units. <br />504. Sales price. <br />(a) Single Family Homes: Upon completion, the homes will be marketed and <br />sold to households with incomes at or below 120 percent of the area median <br />income, for the sale amount indicated below. Each property must be sold to a <br />qualified homebuyer household at an affordable price. In no case shall the <br />sales price be greater than the lesser of (a) fair market value or (b) the total <br />costs to acquire and rehabilitate the property per NSP guidelines. The City <br />assumes that properties cannot be sold for more than their market value, <br />regardless of the development costs (acquisition, rehab, other eligible costs, <br />developer fee). The City expects to reimburse eligible costs that cannot be <br />recovered from the sale price. <br />Bedroom in Unit 80% AMI 120%AMI <br />1 $121,400 $246,100 <br />2 $135,700 $276,000 <br />3 $146,700 $302,600 <br />4 $156,500 $324,600 <br />(b) Condominium Units and Historic Single Family Homes: This <br />Program will be operated on a citywide basis. NSP funds will be used to acquire foreclosed or <br />abandoned condominium units or historic homes listed on the City's Historic Register. Upon <br />completion, the homes will be marketed and sold to households with incomes at or below 120 <br />percent of the area median income, for the sale amount indicated below. <br />Each property must be sold to a qualified homebuyer household at an affordable price. In <br />no case shall the sales price be greater than the lesser of (a) fair market value or (b) the total <br />costs to acquire and rehabilitate the property per NSP guidelines. The City assumes that <br />properties cannot be sold for more than their market value, regardless of the development costs <br />(acquisition, rehab, other eligible costs, developer fee). The City expects to reimburse eligible <br />costs that cannot be recovered from the sale price. <br />Bedroom in Unit 80% AMI 120% AMI <br />1 $121,400 $246,100 <br />2 $135,700 $276,000 <br />3 $146,700 $302,600 <br />4 $156,500 $324,600 <br />10 <br />