8E Consent 2009 1207 - Laserfiche WebLink

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property, and that the budget will include a Developer Fee for the Eligible Non Profit. 13. Buyer Assistance. The Housing Director, on behalf of the County, may elect to make NSP funds available to an Eligible Purchaser of a Subject Property. It is expected that Eligible Purchasers will range in incomes between 70% and 120% of Area Median Income. Assistance to Buyers will reduce the amount of NSP funds available to complete the next phase of the program, and therefore any such assistance is at the Housing Directors discretion. Any such funds would be in the form of a deferred second mortgage, with standard recapture requirements, and available only if all of the following conditions are satisfied: a. The deferred second mortgage is necessary to assist the Eligible Purchaser fill the gap between (i) the purchase price of the renovated house, and (ii) the amount of the first mortgage for which the Eligible Purchaser qualifies plus the Eligible Purchaser's available down payment. b. The Eligible Purchaser deposits a minimum down payment equal to 3% of the purchase price. d. All acquisitions and rehabilitations must be completed by February 1, 2013. e. The Eligible Purchaser's Housing Costs do not exceed 40% of the household income. f. The Eligible Purchaser satisfies the income limitations established by the NSP, as demonstrated by satisfactory evidence. g. The Eligible Purchaser obtains a fixed rate first mortgage. h.~ The Eligible Purchaser will occupy the house as hislher primary place of residence. i. The County obtains a promissory note from the Eligible Purchaser, which evidences the Eligible Purchaser's promise to repay the NSP funds to the County. j. The County obtains a deed of trust, giving the County a security interest in the Subject Property that meets NSP requirements and is second only to that of one mortgage lender; provided, however, the County's security interest in the Subject Property may also be subordinate to certain state or federal Ioan programs, such as those provided by the California Housing Finance Agency (Ca1HFA), which require senior lien positions. k. The maximum of NSP funds used for down payment assistance cannot exceed the amount of down payment the borrower provides in cash. If the County makes NSP funds available to an Eligible Purchaser, the County may agree to permit its security interest in the Subject Property to be subordinate to that of the first mortgage lender ifthe following conditions are met: 24 of 55