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<br />TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS <br /> <br />EXHIBIT A <br />Performance Statement <br /> <br />CITY OF PARIS <br /> <br />Administrator shall carry out the following activities identified in its 1997 HOME Program Request: <br /> <br />HOMEBUYER ASSISTANCE PROGRAM <br /> <br />Administrator shall implement a Homebuyer Assistance Program in accordance with 24 CFR Part 92. <br />Administrator shall submit to the Department Program Policies and Procedures for Departmental <br />approval prior to utilizing funds for this activity. <br /> <br />Administrator shall implement a Homebuyer Assistance Program utilizing repayable loans to assist Fifty <br />(50) homebuyers. Each loan, not to exceed $5,000.00, will be zero (0%) interest over thirty (30) years. <br />Each loan will be repayable upon sale of the home, refinance or payoff of first lien Note, whichever is <br />fIrst to occur. <br /> <br />In the event of sale of the home, the assisted homebuyer will repay the loan from the net proceeds of the <br />sale. Net proceeds means the sale price for the property minus first lien payoff and customary closing <br />costs actually paid. A copy of the HUD 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 <br />Note will be repaid in equal monthly installments over a five (5) year period, as evidenced by an <br />unsecured Note executed 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 />The Second Lien Note and Deed of Tmst executed by the assisted homebuyer and recorded in the <br />appropriate county office for real estate records, will restrict the Property to certain occupancy <br />requirements for a period offive (5) years. <br /> <br />Each of the assisted homebuyers shall be low income individuals or families (gross annual income must <br />not exceed eighty (80%) percent of median income for the area as defined by HUD). <br /> <br />130(:':0 <br />HOME Contracl No. 531025 <br />Homebuyer Ass;sl&nce <br />