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

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l. re-subordination of the Note if the assisted homeo«me.r can provide documzntation, acceptable to the Department, showing fnat no funds are due the assisted homeowner as a result of the refinance; or 2. the assisted homeo-wmer 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 fiill; 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 and the loan must close 180 days prior to the Contract termination date. 7ER0 (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 thaf are less than or 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 minimum 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 Ht_JD, and all other requirements are met. Each unit must, at a minimurn, meet or exceed the Texas Minimum Construction Standards (TMCS) or Colonia HousinQ Standards, if located in a Colonia, as well as local building codes and zoning ordinances. If 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 venfied b_y a HOME Contract # 1001053 page 18 of 21