Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

Browse Search

4. Income Affordability and Occupancy Restriction In accordance with the provisions of the Community Development Block Grant (CDBG) Program, the single family dwelling built on this property shall be subject to CDBG Program requirements and shall be at all times, occupied by a qualified Iow income household. A Qualified Iow-income household shall: · have a household income no greater than 50% of the area median income established by HUD for San Mateo County, · shall be a resident within the incorporated limits of the City of Redwood City at the time of application, and · shall be a large household, defined by size of five or more persons to qualify for a three bedroom unit 1998 Very Low Income Limits Annual $24,000 $27,450 $30,850 $34,300 $37,050 $39,800 $42,550 $45,300 Income Mortgage terms to Beneficiary shall provide a monthly payment not to exceed 30% of adjusted gross household income. Household income shall be reviewed annually by Contractor and payments adjusted accordingly until mortgage is paid in full. 5. Affordability Deed Restriction Contractor shall record an Affordability Deed Restriction containing the provisions of Addendum to Grant Deed, incorporated herein as Exhibit C at the time of sale when Beneficiary acquires title to the dwelling to be built on the site being funded under this Agreement. The term of said deed restriction shall be twenty (20) years from date of recordation of sale to Beneficiary but no earlier than the date when the mortgage is paid in full. Payment in full prior to the 20 year term shall cause first right of refusal to be offered to Peninsula Habitat for Humanity who will select another eligible buyer to purchase the property in accordance with the Addendum to Grant Deed, and shall stand independent of this Agreement. B, DUE ON SALE If Contractor elects to sell the property and not perform the conditions of their agreement, the sale must be at Fair Market Value as established by an appraisal completed in accordance with federally accepted appraisal practices. The 2