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d. In addition to the number of assisted homebuyers that have Incomes less than or equal to <br />30°/o and 50% of the AMFI as required above, ZERO (0) of the FOURTEEN (14) <br />assisted homebuyers shall have Incomes that are less than or equal to sixty percent (60%) <br />of the AMFI, as defined by HUD. <br />e. In addition to the number of assisted homebuyers that have Incomes less than or equal to <br />30%, 50% and 60% of the AMFI as required above, FOURTEEN (14) of the <br />FOURTEEN (14) assisted homebuyers shall have Incomes that are less than or equal to <br />eighty percent (80%) of the AMFI, as defined by HUD. <br />£ Administrator may use the funds provided under this contract to provide assistance to <br />additional homebuyers once the ininimum of FOURTEEN (14) hoinebuyers have been <br />assisted provided that the additional homebuyers' Incomes are less than or equal to eighty <br />percent (80%) of the AMFI, as defined by HUD, and all other requirements are met. <br />3. Maximum Assistance. Administrator shall provide HOME Homebuyer Assistance in the <br />form of a 2nd or 3rd lien. <br />a. The maximum amount of assistance is the total of the downpayment and closing cost <br />assistance and soft costs provided to an eligible household. The total amount for <br />downpayment and closing costs assistance to an eligible household shall not exceed <br />Twenty Thousand and No/100 Dollars ($20,000.00). <br />4. Loan Structure. Each loan will be in the form of a zero percent (0%) interest, deferred <br />forgivable loan with a term based on the federal affordability requirements as defined in 24 <br />CFR §92.254 as follows: <br />a. Homeownership assistance HOME amount per unit under $15,000 requires a minimum <br />period of affordability of 5 years. <br />b. Homeownership assistance HOME amount per tmit of $15,001 to $40,000 requires a <br />minimum period of affordability of 10 years. <br />5. Loan Documents. All loans to assisted homebuyers must be evidenced by loan documents <br />provided by Department. Each loan to an assisted homebuyer must be payable to <br />Department. <br />6. Method of Loan Forgiveness. Forgiveness of the loan balance is calculated based on a pro- <br />rata annual share of the loan term. The anniversary date of the loan sh111 constitute <br />completion of the year. Any partial year shall not be waived. The amount due will be based <br />on the pro-rata share number of years of the remaining loan term. <br />7. Sale of Property, Refinance, or Release of Superior Lien. <br />a. If at any time prior to the full loan period there occurs a resale of the property, a refinance <br />of any superior lien, a repayment of any superior lien, or if the unit ceases to be the <br />assisted homebuyer's principal residence, the loan shall become due and payable. <br />b. In the event tlle home is sold (voluntary or involuntary), the assisted homebuyer will pay <br />the loan balance from the shared net proceads available based on the reqliirements of 24 <br />CFR §92.254. The net proceeds are the sales price minus superior loan repayment (other <br />than HOME funds) and any closing costs. A copy of the HUD closiiig statemel7t inust be <br />provided. <br />HOME Contract # 100 1224 <br />Page 17 of2l <br />