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CITY OF SANTA ANA <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Affordable Homeownership Housing Projects (§ 92.254) <br />HUD considers Affordable Homeownership Housing as housing that is for acquisition by a family that <br />meets the following affordability requirements: <br /> <br /> The housing must be single-family housing. HUD defines “Single Family Housing” as a one- <br />to-four family residence, condominium unit, cooperative unit, combination of manufactured <br />housing and lot, or manufactured housing lot. <br /> The housing must be considered modest housing with maximum purchase prices (inclusive <br />of all subordinate loans) limited to the following: <br />2024 Maximum HOME Purchase Prices* <br /> 1-Unit 2-Unit 3-Unit 4-Unit <br />New Construction** $789,000 $1,009,000 $1,222,000 $1,514,000 <br />Existing Homes** $789,000 $1,009,000 $1,222,000 $1,514,000 <br />*As of issuance of this RFP, HUD had not published updated maximum HOME purchase prices for Fiscal Year <br />2025-2026 <br />**In 2024, the maximum HOME purchase prices for New Construction and Existing Homes are the same. <br /> <br />Eligible Homebuyers and Affordable Sales Prices <br />The housing must be acquired by a homebuyer whose family qualifies as a low-income family, and <br />the housing must be the principal residence of the family throughout the period described below. In <br />determining the income eligibility of the family, the City will include the income of all persons living in <br />the housing. The homebuyer must receive housing counseling. <br /> <br />Each home must be sold at an affordable sales price, which will be less than the maximum HOME <br />purchase prices described above. The affordable sales price must be based on the income limits <br />published by HUD, and incorporate applicable housing expenses such as utilities, HOA fees, <br />insurance, and property taxes. <br /> <br />If there is no ratified sales contract with an eligible homebuyer for the housing within 9 months of the <br />date of completion of construction or rehabilitation, the housing must be rented to an eligible tenant <br />in accordance with § 92.252. <br /> <br />Periods of Affordability and Recapture Provisions <br />The HOME-assisted housing must meet the affordability requirements for not less than the applicable <br />period specified in the following table, beginning after project completion. The per unit amount of <br />HOME funds and the affordability period that they trigger are described more fully below: <br /> <br />HOME Assistance per Unit or Buyer Length of the Affordability Period <br />Less than $25,000 5 years <br />$25,000 - $50,000 10 years <br />More than $50,000 15 years <br /> <br />The City incorporates a recapture requirement into written agreements and long -term affordability <br />covenants for homebuyer assistance activities administered by the City as required by 24 CFR <br />92.254. For any homebuyer assistance activity implemented by subrecipients or CHDOs, this <br />recapture requirement shall also be used. <br /> <br />EXHIBIT 1