Res95 RD-95-01 - Laserfiche WebLink

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j. MAXIMUM PURCHASE PRICE RESTRICTION The maximum purchase price for the First Time HomeBuyer Program must not exceed $286,100. The maximum purchase price for first-time home buyers assisted with HOME funds must not exceed $252,700. The Purchase Price shall be defined as the total cost of acquiring a residential unit from the seller. Acquisition amounts includes all amounts paid, either cash or in kind, by the purchaser (or a related party or for the benefit of the seller) as considered for the residence. Usual and reasonable closing costs related to the purchase of the property paid by the buyer are not included in the sales price. These closing costs may include expenses such as title insurance, transfer tax, recording fees, points, legal fees, recurring and non-recurring closing COSts. K. RESALE RESTRICTIONS There will be resale restrictions imposed on 100% of the units assisted by the Agency or by the City. The resale restrictions will prohibit leasing and sub-leasing of the property and imposes penalties for noncompliance. The restrictions gives the Redevelopment Agency the first right of purchase at sale or transfer of the units over the life of the Redevelopment Plan Area and imposes limits on resale prices. The Resale Restrictions also impose an appreciation - share. Resale Restrictions and accompanying documents are incorporated by reference in this document and attached as Exhibits C & D. L. OTHER SPECIAL REQUIREMENTS I. OCCUPANCY CRITERIA In order to further the Ci~s goal of providing housing opportunities for large families, preference for funds will be targeted exclusively to households of 5 or more persons for three bedroom units. Two bedroom units will be available for small households of 2 to 4 persons. Maximum occupancy for all unit sizes shall not exceed occupancy requirements specified in the Unifomx Housing Code, Chapter 5, Section 503.2 - Floor Area. Single person households may be assisted in future projects containing studio and one bedroom units. These preferences are being set to provide equal opportunity for homeownership for large families where there is a greater need. This need is based on the lack of affordable 3 bedroom and larger rental units in the City's housing stock. The federal definition of small and large family households are 2 to 4 persons and 5 or more persons respectively.