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Household Size Income Limit Household Size Income Limit One $32,550 Five $50,200 Two $37,200 Six $53,900 Three $41,850 Seven $57,600 Four $46,450 Eight $61,350 • NSP3 funds will be loaned to an intermediary to help acquire NSP3 eligible homes. • Using other funds, the intermediary will rehabilitate these homes in accordance with the City's rehabilitation standards (Attachment 2), market them, and sell them to income qualified households. • The maximum sales price will be the lesser of the a A 'e cost to acquire, rehabilitate and sell the property, or its fair market value as shed by a City approved appraiser. • In consultation with the City, sales prices b "adjust reflect market conditions and homebuyer qualifying requirement • The City will record an NSP3- funded sl, second mortgage in amount necessary to accomplish the sale. • Concurrently with the transfer of owners h I the :ebuyer, and ` lkl dition to the trust deed, a regulatory agr twill be re require its repa nt should the property be sold prior to co f a 45 yea' od of affordability. • Depending on need, homebuy lig nd the bility of funds, the City may also provide down payment assistan ans deral*''' E Program American Dream Downpayment DDI) fu • The Cit y re at h rril' """ q u ers q, Y pay�r� �,, equal to 3 percent of the purchase prig of theirs n funds. p'funds cannot be used to meet this requirement. 4,,':• • ie City's required debt ratio is 30/40. working, the City may re- evaluate and • In'e cases them media` ay be unable to sell the homes at a price that enables the y ; ecover eligib) eve flop' I Pt costs (acquisition, rehabilitation, marketing, develol e). The Cit 'll reimburse the intermediary for such costs. • If within si' "4' the of Iceting a home for sale, the intermediary has been unable to identify an inc e q ed homebuyer with adequate cash to make the downpayment required for a fir age, the intermediary will offer the home for sale under the terms of a Lease to , "' n Program. • Lease to Own Program guidelines will be established by the intermediary in consultation with the City. • The Lease to Own Program will be operated by the intermediary in consultation with the City. • The City has allocated $366,029 of NSP3 funds for this program, and has established a performance measure of at least one unit acquired, rehabilitated and sold to an income eligible household. The dollar amount is the minimum that must be allocated to this program. If necessary to accomplish the goal, additional funds may be transferred from the other program. Page 4 20A -41