80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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and for the Homebuyer to agree that the Property may only be marketed and sold and re -sold or otherwise transferred in whole or in part) to other qualified Moderate Income Households at an Affordable Housing Cost for a forty -five 4) year period conforming to Health & Safety Code Section 33000, el seq., in particular Section 33334.2, of seq. the "Program "). The Agency has elected, pursuant to Health and Safety Code Section 33334,3(0(1)(8) to permit sales of the Property prior to the expiration of the forty -five year period for a price in excess of an Affordable Lousing Cost pursuant to are adopted program which protects the Agency's investment of moneys from the Low and Moderate Income Lousing Fund, through a schedule of equity sharing that permits retention by the Homebuyer of a portion of those excess proceeds. G. The Homebuyer requires financial assistance to purchase the Property and would not be able to purchase the Property without such assistance. The Homebuyer is a person or family whose income is less than Moderate Income, as such term is defined by California Health Safety Code Section 50093. H. The Homebuyer represents and warrants to the Agency that the Hoi e uyer and the Home buyer's imi edlate family household members intend to reside in the Property as their principal residence at all tines during the period of the L rue uyer s ownership f the Property. I. The Agency Dishes to lend and the I-Iorrrebuyer• wishes to borrow from file Agency funds in the form of a forty-five year loan (tile "Homebuyer Assistance Loam" secured by a subordinate lien deed of trust to assist the Hoi rebuyer to pay a portion of the purchase price, down payment, and/or closing costs necessary to buy the Property pursuant to the Prograin and subject o the terms and conditions set forth herein, The r #ir cipal balance of the Homebuyer Assistance Loan will he forgiven in the event that the Homebuyer including its permitted assignees and transferees) has complied with all of the terms. and conditions of this Agreement during the Affordability Period, J. For a period (tile "Affordability ordability Period ") commencing upon the date on which the Homebuyer acquires fee title to the Property (the "Homebuyer Assistance Loarl Date" ) and terminating on the forty-fifth 45th) anniversary thereof (the "Affordability Period Termination Date "), the Property may only be transferred to another eligible, qualified Moderate Income Household at an Affordable Housing Cost ("Eligible Persons and Families "). Homebuyer may, in Honiebuyer's sole discretion, opt to transfer the Property at a prig in excess of an Affordable Housing Cost during the Affordability Period pursuant to Section If. hereof, upon payment of an equity slaving amount to the Agency hereunder, NOW, THEREFORE, in consideration n of the iriutu l promises and covenants set forth herein, the Parties hereto agree as follows: 1, Homebuyer Assistance Loan, Promissoi -y Note. Li Home rryei4 Assistance Loam. The Agency leans to the Homebuyer and the Homebuyer borrows from the Agency the amount of Dollars (the "Homebuyer Assistance Loan Amount"), subject to the conditions and restrictions set forth herein and those set forth in the Promissory Note, Agency Deed of Trust, Notice of Affordable Restrictions, Affordable Housing Resale Restriction, and Disclosure ATTACHMENT NO. 11 -2 Form of Hoi ebuyer Loan Agreement Do o f 1400673,%,13/200272-0001