2009-073-RES-TDHCA Home Program - Laserfiche WebLink

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If at any time prior to the full loan period there occurs a sale of the property, the unit ceases to be the assisted homeo~,vner's principal residence or default occurs, the loan shall become due and p ayable. In the event of refinance of any superior lien, at Department's discretion one of the followinlc, options will apply: l. re-subordination of the Note if the assisted homeowner can provide documentation, acceptable to the Departinent, showing that no funds are due the assisted homeowner as a result of the refinance; or 2. the assisted homeowmer will pay 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 homeowner will have the option of: 1. repaying the balance of the Department's subordinate loan in full; or 2. repaying the balance of the Department'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 Departrnent no later than 240 days prior to the end of the Contract Period and the loan must close no later than 180 days prior to the end of the Contract Period. 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 HCJD• 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 less than or equal to sixty percent (60%) of the AMFI, as defined by HiJD. hi addition to the number of assisted homeowners that have incomes less than or equal to 30°/o, 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 eiglIty 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 after the minimum of FIVE (5) homeowners have been assisted provided that the additional homeowners' incomes are less than or equal to eighty percent (80°/o) of the AMFI, as defined by H[.JD, and all other requirements are met. qTTAC'HMENT A HOME Contract #1001053 Paae 19 of 21