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CityofSanLeandroAnnualActionPlan <br />2014 <br />26 <br />OMBControlNo:2506Ͳ0117(exp.07/31/2015) <br />HOMEInvestmentPartnershipProgram(HOME) <br />Reference24CFR91.220(l)(2) <br /> <br />1.AdescriptionofotherformsofinvestmentbeingusedbeyondthoseidentifiedinSection <br />92.205isasfollows: <br />None. <br /> <br />2.AdescriptionoftheguidelinesthatwillbeusedforresaleorrecaptureofHOMEfunds <br />whenusedforhomebuyeractivitiesasrequiredin92.254,isasfollows: <br />PertheAlamedaCountyHOMEConsortiumguidelines,theCityshallnotifytheOwnerthattheCity <br />oraCityDesignatedPurchaserelectstoexercisetheCityOptiontopurchasetheHOME.TheCity's <br />NoticeshallincludetheCity'scalculationoftheMaximumRestrictedResalePricetobepaidbythe <br />CityoraCityDesignatedPurchaser. <br /> <br />3.Adescriptionoftheguidelinesforresaleorrecapturethatensurestheaffordabilityof <br />unitsacquiredwithHOMEfunds?See24CFR92.254(a)(4)areasfollows: <br />PertheAlamedaCountyHOMEConsortiumguidelines,theCityshallnotifytheOwnerthattheCity <br />oraCityDesignatedPurchaserwillnotexercisetheCityOptiontopurchasetheHOME.Inthis <br />event,theCityResponseNoticeshallincludethefollowinginformation:(1)themaximumqualifying <br />incomeforanEligiblePurchaser;(2)thecertificationsrequiredofanEligiblePurchaser;and(3)the <br />MaximumRestrictedResalePricetheOwnermayreceiveforHOME,calculatedbytheCity.Upon <br />receiptofsuchnotice,theOwnermayproceedtoselltheHometoanEligiblePurchaserataprice <br />nottoexceedtheMaximumRestrictedResalePrice. <br /> <br />4.PlansforusingHOMEfundstorefinanceexistingdebtsecuredbymultifamilyhousingthat <br />isrehabilitatedwithHOMEfundsalongwithadescriptionoftherefinancingguidelines <br />requiredthatwillbeusedunder24CFR92.206(b),areasfollows: <br />Notapplicable. <br /> <br />