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

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l. Sixty Thousand and no/100 Dollars (560,000.00) for a one to four (1-4) person household. 2. Sixty Seven Thousand Five Hundred and noi100 Dollars ($67,500.00) for a five to six (5- 6) person household. 3. Seventy Five Thousand and no%100 Dollars (S75,000.00) for a seven (7) or more person household. Each loan will be in the form of a zero percent (0%) interest loan for total amount of assistance provided with a term based on the income level of the household and in accordance with 10 TAC §533 1 as follows: . 1. Five-year deferred, forgivable loan for households whose income is less than or equal to thirty percent (30%) of the AMFI, as defined by HUD. 2. Fifteen-year deferred, forgivable loan for households whose income is greater than thirty percent (30%) and less than or equal to fifty percent (50%) of the AMFI, as defined by IIITD. 3. Twenty-year defened, forgivable loan for households whose income is geater than fifty percent (50%) and less than or equal to sixty percent (60%) of the AMFI, as defined by HUD. 4. Twenty-year term repayable loan for households whose income is greater than sixty percent (60%) and less than or equal to eighty percent (80%) of the AMFI, as defined by HL7D. In instances where a manufactured housing unit will be replaced with newly constructed housing (site-built) or the homeowner will relocate to an alternate housing site, HOME assistance shall be in the form of a zero percent (0%) interest, defened forgivable loan with a term based on the federal affordability requirements as defined in 24 CFR §92254. All loans to assisted homeowners must be evidenced by loan documents provided by Department. Each loan to an assisted homeowner must be payable to Department. Each loan shall be evidenced by a construction loan agreement, note, deed of trust, mechanic's lien note, and mechanic's lien contract secured by the property and must be fully executed befare any construction activities commence. Forgiveness of the loan balance is calculated based on a pro-rata annual share of the loan term. The anniversary date of the loan shall constitute completion of the year. Any partial year shall not be waived. The amount due will be based on the pro-rata share number of years of the remaining loan term. If at any time prior to the full loan period there occurs a sale of the property, the unit ceases to be the assisted homeowner's principal residence or default occurs, the loan shall become due and payable. In the event of refinance of any superior lien, at Department's discretion one of the following options will apply: HOME Contract # 1001053 Pa~e 17 of 21