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<br />CHAPTER 1 <br /> <br />ELIGffiILITY REQUIREMENTS <br /> <br />1.1 Applicant Requirements For A Loan <br /> <br />To be eligible for a rehabilitation loan, all applicants must be at or below the income levels stated <br />below and owns and occupies a single family dwelling used for residential purposes only, located <br />within the City limits. In addition, the property must have at least one condition which constitutes <br />a code violation as stipulated in the Standard Building Code and/or TMCS. <br /> <br />1.2 Validation of Ownership <br /> <br />Applicants must supply a Deed, Deed of Trust, or Warranty Deed to verify ownership. Contracts <br />of Sale or Contracts of Deed will not be accepted. <br /> <br />1.3 Establishing Eligibility For A Loan <br /> <br />a. Applicant must reside in a single family dwelling located within the City limits. <br />b. The following table shall be used to establish a applicants eligibility based upon gross family <br />annual income at the time of application: <br /> <br />NUMBER 30%MEDIAN 50 % MEDIAN 80% <br />1 8,100 13,500 21,550 <br />2 9,250 15,400 24,650 <br />3 10,400 17,350 27,700 <br />4 11,550 19,250 30,800 <br />5 12,450 20,800 33,250 <br />6 13,400 22,350 35,750 <br />7 14,300 23,850 38,200 <br />8 15,250 25,400 40,650 <br /> <br />1.4 Income Verification <br />The applicants statement of income shall be verified by a year to date check stub, or their most <br />recent tax return. Other acceptable documentation includes: Social Security, SSI Statement of <br />Benefits, Statement from DHHS for AFDC, Unemployment Insurance Statement, etc. Income <br />from all sources for each member residing in the unit over 18 must be verified. <br />~3- <br />