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<br />TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS <br /> <br />EXHIBIT A <br /> <br />PERFORMANCE STATEMENT <br /> <br />CITY OF PARIS <br /> <br />Administrator shall carry out the following activities identified in its 1999 HOME Program Application: <br /> <br />HOME BUYER ASSISTANCE PROGRAM <br /> <br />Administrator shall implement a I-Iomebuyer Assistance Program in accordance with 24 CFR Part 92. <br />Administrator shall submit to the Department Program Policies and Procedures for Departmental approval prior <br />to utilizing funds for this activity, Activity and any Lender shall execute a Program Agreement in a format <br />specified by the Department. <br /> <br />Administrator shall implement a I-Iomebuyer Assistance Program utilizing repayable loans to assist a minimum <br />of seventeen (17) homebuyers. Each loan, not to exceed $7,500.00, will be zero (0%) interest over thirty (30) <br />years. Each loan shall be evidenced by a 2nd Lien Note and Deed of Trust against the property and shall be <br />repayable upon sale of the home, refinance or payoff of first lien Note, whichever is first to occur. Department <br />shall purchase each loan originated by Lender which is in compliance with the Program Agreement and for <br />which funds are available. <br /> <br />In the event of sale of the home, the assisted homebuyer will repay the loan from the net proceeds of the sale. <br />Net proceeds means the sale price for the propcrty minus first lien payoff and customary closing costs actually <br />paid. A copy of the I-IUD closing statement must be provided. <br /> <br />If net proceeds do not allow for the full payoff of the second lien Note, the balance of the second lien Note will <br />be repaid in equal monthly installments over a five (5) year period, as evidenced by an unsecured Note executed <br />by the assisted homebuyer at closing of sale. <br /> <br />In the event of refinance, the assisted homebuyer will pay off the second lien Note from loan proceeds. <br /> <br />In the event of payoff of the first lien Note, the assisted homebuyer will have the option of: <br /> <br />(1) repaying the second lien Note in full; or <br /> <br />(2) repaying what now becomes the first lien Note in equal monthly installments over a five (5) year <br />period. <br /> <br />Each of the assisted homebuyers shall be low income individuals or families (gross annual income must not <br />exceed eighty (80%) percent of median income for the area as defined by (-IUD).' <br /> <br />Each unit must, at a minimum, meet the Texas Minimum Construction Standards. <br /> <br />......' <br /> <br />539076 <br />Page 12 of 17 <br />