13 Agreement - Laserfiche WebLink

Home Browse Search

1. re-subordination of the Note if the assisted hoineoNvner can provide documentation, acceptable to the Departmeilt, showinv that no funds are due the assisted homeowner as a result of the refinance; or 2. the assisted homeowner will pa}- off the Department's subordinate loan from loan proceeds of the refinanced superior lien. In the event of payoff of any superior lien, the assisted honleowner will have the option of: 1. repaying the balance of the Department's subordinate loan in full, or 2. repaying the balance of the Departlnent"s loan in equal monthly installments over a five (5) year period. For Owner-Occupied Housing Assistance, all project set-ups and support documentation for commitment of funds must be submitted to and approved by the Department no later than 240 days and the loan must close 180 days prior to the Contract termination date. ZERO (0) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to thirty percent (30%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equal to 30% of the AMFI as required above, THREE (3) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to fifty percent (50%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equal to 30% and 50% of the AMFI as required above, ZERO (0) of the FIVE (5) assisted homeowners shall have incomes that are ]ess than ar equal to sixty percent (60%) of the AMFI, as defined by HUD. In addition to the number of assisted homeowners that have incomes less than or equal to 30%, 50% and 60% of the AMFI as required above, TWO (2) of the FIVE (5) assisted homeowners shall have incomes that are less than or equal to eighty percent (80%) of the AMFI, as defined by HUD. Administrator may use the funds provided under this contract to provide assistance to reconstruct or rehabilitate additional houses once the minitnum of FIVE (5) homeowners have been assisted provided that the additional homeowners' incomes are less than or equal to eighty percent (80%) of the AMFI, as defined by HUD, and all other requirements are met. Each unit must, at a minimum, meet or exceed the Texas Minitnum Construction Standards (TMCS) or Colonia Housing Standards, if located in a Colonia, as well as local building codes and zoning ordinances. lf a home is reconstructed, Administrator must also ensure compliance with the universal design features for construction of single family affordable housing, established by §2306.514 of the Texas Government Code, the energy efficiency standards established by §2306.187 of the Texas Government Code, energy standards as verified by a HOME Contract # 1001053 Page 18 of 21 ~ "Avp - \