Laserfiche WebLink
the Hoinebuyer shall pay to the Agency the whole of the Homebuyer Assistance Doan Amount <br />and the "Contingent Equity Participation Amount," as hereinafter described. If the Homebuyer <br />is selling the Property to an Eligible Person and Family at are Affordable Housing Cost with the <br />Agency's Prior Britten approval, in accordance with the requirements of Section 4 hereof, theta <br />no Contingent Equity Participation Amount shall be required hereunder its connection with such <br />sale. <br />3.1 Calculation of Contingent quity Participation Amount. The <br />"Contingent Equity Participation mount" means an ai ount egrial to a percentage share of the <br />appreciation of the Property determined by multiplying a variable percentage factor (the <br />"Variable Applicable Factor"') by the difference between the Sales Price and the Purchase Price <br />(as those terms are hereinafter defined). <br />. <br />. Variable Applicable l Factor Calculation. The Variable <br />Applicable Factor shall be calculated by dividing the Agency's total initial equity contribution <br />(the "Agency Contribution" ) by the sum of the Agency Contribution plus the Hom bu er's <br />Contribution. In other words, the Agency Contribution shall be the numerator, and the sum of <br />the Agency Contribution plus the Homebuyer Contribution shall be the denominator of a fraction <br />that equals a percentage that is the Variable Applicable Factor (subj eet to Section 3. 1 a ) (i)). <br />Variable Applicable Factor — Aaency Contribution <br />1X11 i li4 i4NiY Nii <br />Agency Contribution + Homebuyer Conti- ibution <br />For example, if the Agency Contribution equals $30,000 and the Homebuyer <br />Contribution egUals $250,000, the Variable Applicable Facto • N ould equal 10.7% ($30,000 <br />divided by the sum of $30,000 plus $250,000). <br />10.7% (Variable Applicable Factor) = _ $30,000 (Agency ContribufloO <br />� ................. IN iii Niiii- <br />$30,000 (Agency Contribution) + $250,000 Horn bu r <br />Conti- ibution = ($280,000) <br />(i) The "Agency Contribution" is the sum of the following <br />amounts contributed by the Agency to the put -chase price of the Property: i the principal <br />amount of the Homebuyer Assistance Loan, i.e., the Affordable Housing Cost Subsidy (as <br />hereinafter defined); and (ii) the principal amount(s) of any other loan(s) or subsidy ies <br />Provided by the Agency. <br />(H) The " omebuyer Contribution" is the suns of the following <br />amounts. contributed by the Homebuyer to the purchase Price of the Property: i the principal <br />amount of the First Lien Purchase money Mortgage; (ii) the omebuyer's cash down payment <br />ATTACHMENT No. 11-6 <br />For of Hot ebuyer Loan Agreement <br />DOCSOM 400673,%,13/2002 72 -0 0 1 <br />