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Acquisition /Rehab /Resale -120 Percent of Area Median <br />The second of the City's two programs is identical to the first with the three following <br />exceptions: <br />• Eligibility is restricted to households with incomes at or below 120 percent of the area <br />median. Effective June 26, 2010, the applicable income limits were as follows: <br />Household Size <br />Income Level <br />Household Size <br />Income Level <br />One <br />$78,050 <br />Five <br />$120,400 <br />Two <br />$89,200 <br />Six <br />$129,300 <br />Three <br />$100,350 <br />Seven <br />$138,250 <br />Four <br />$111,500 <br />Eigh <br />$147,150 <br />• For homebuyers participating in this pro <br />The downpayment requirement is th <br />not working, the City may re- evaluate <br />• The City has allocated the sum of $951,67 <br />performance measure of at six units <br />eligible households. W , <br />The City has chosen to allocate the rem <br />planning. <br />The City wilLbga ponsib <br />the City's re`q t debt ratio is 35/40. <br />Should experien ggest that the ratio is <br />just it.�' <br />�a <br />this ram, and ha5blished a <br />abilitated and s6:, 'to income <br />of itsyNR ., funds to administration and <br />• ' 1 _N lk p I the inte iar y n a ppro J <br />ist of appraisers to be used for all NSP <br />';ties. <br />• Pro I <br />ayments on imbu nt basis in a timely manner consistent with typical <br />City pr' s. <br />• Inspect al erties pr, sed by the intermediary for purchase prior to acquisition, <br />through the ilita, j rocess, and when ready for sale. <br />• Approve prope N. N rchase in a timely manner. <br />• Prior to purchase, r� `eww and approve all work write -ups for costs and scope. <br />• Assist intermediaries with any contact information for local lending institutions. <br />• As necessary, use NSP3 funds to provide funds necessary to purchase the homes. <br />• Provide City loan documents to be recorded on properties. <br />• Hold monthly meetings with the intermediary, or as often as needed. <br />• Receive and review Lenders Packet which includes the following: Credit report, City of <br />Santa Ana loan application, homebuyer class completion certificate, bank statements (3 <br />months), pay stubs (3 months), tax returns (3 years), verification of other income <br />sources, Estimated Closing Statement, purchase contract. <br />Page 5 <br />