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Household Size Income Level Household Size Income Level <br />One $53,950 Five $83,250 <br />Two $61,650 Six $89,400 <br />Three $69,350 Seven $95,550 <br />Four $77,050 Eight $101,750 <br />The purchasing household need not be first time homebuyers, but may not currently <br />own another home, including rental property, and must intend to occupy the new home <br />as their principle residence. They must complete a pre-purchase homebuyer <br />counseling program offered by a HUD-approved homebuyer counseling agency. In <br />addition, they must be pre-qualified for a conventional, fixed interest rate mortgage, and <br />must make a minimum down payment of three percent using their own funds. Gift funds <br />or loan funds may not be used for this purpose. Household size may not exceed two <br />persons per bedroom plus one. <br />Sales Price <br />The homes will be sold at a price that is no higher than their appraised after <br />rehabilitation value. Homebuyers will be required to obtain a conventional first <br />mortgage loan, as well as a deferred payment, silent second City loan. The City loans <br />will have a term of 45 years and a 3 percent interest rate. The interest will be forgivable <br />over the 45 year life of the loan. <br />Occupancy and Repayment Restrictions <br />The Program will be operated in accordance with the recapture provisions of the HOME <br />Program. Program participants will be required to maintain their home as their principle <br />place of residence for a period of 45 years. Those who fail to do so will be found in <br />default of their loan agreement, and will be required to repay both the principal and any <br />accrued, unforgiven interest. However, and with the prior approval of the City, the loan <br />may be assumed if the home is sold to another income eligible household who meets <br />the qualifications established for the Program. <br />EXHIBIT 3 <br />29A-22