040405 Calhome Rehab and Replacement Program

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CALHOME REHABILITATION AND REPLACEMENT PROGRAM The CalHome Rehabilitation and Replacement Program will be operated in accordance with the requirements of the State of California, CalHome Program and Community Redevelopment Agency of the City of Santa Ana Tax Increment Housing Set Aside funds. Eligible Borrowers • Borrower(s) must be the owner(s) of a single - family home, or of a manufactured home that is permanently affixed to a space in a legal, properly permitted manufactured housing park. Properties must be located in a CDBG eligible census tract in the City of Santa Ana. • Manufactured homes must be designed for long -term occupancy. Vehicles designed for recreational purposes do not qualify. • Total annual income must be at or below 80 percent of area median income, as published by the U.S. Department of Housing and Urban Development and the California Department of Housing and Community Development. Effective March 15, 2004 the maximum household incomes are as follows: Household Size Maximum Income 1 40,250 2 46,000 3 51,750 4 57,500 5 62,100 6 66,700 7 71,300 8 75,900 • The after rehabilitation value of single family homes cannot exceed 100% of the current median sales price of single family homes in Orange County. Determination of that sales price will be made at the start of underwriting. • Borrower(s) must occupy the home as their principal residence, and shall not lease or rent the property during the term of their loan. • Borrowers must have a current credit history that demonstrates prudent use of debt and a commitment to meeting financial obligations. For single family homes, total debt on the property, including the rehabilitation loan, cannot exceed 90 percent of the after rehabilitation value of the home. EXHIBIT 1 Page 1