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EXHIBIT B PART IV WYNDHAM PLACE PROJECT ELIGIBILITY AND SELECTION CRITERIA Wyndham Place is a fifteen-unit townhouse development located at Whipple and Warren Avenue in Redwood City. The development is under construction and expected to start occupancy in late spring of 1995. This project is sponsored by the Redwood City Redevelopment Agency and will be owned by a private developer. The Redevelopment Agency will be assisting Butler Stellar in marketing the townhomes to first-time home buyers. Approximately six of the home buyers earning below 80% of the median income will be provided financial assistance to purchase units in this development. The units have a mix of nine two bedroom units and six three bedroom units, ranging from approximately 950 to 1,350 square feet with two bath rooms. Three of the units are fully accessible to persons with physical disabilities and can be modified for persons with other types of disabilities. Three additional units have one bedroom downstairs and could be accessible to a wheelchair user with a non-disabled companion or caretaker occupying the upstairs bedroom. Purchase prices are based on 30% of household income at 100% of median income. Mortgage Credit Certificates and or funds from the County's First Time Homebuyer Program may be available - to families whose household income is at or below $57,600, adjusted for family size. In addition, $350,000 in HOME funds from the City of Redwood City will be used to provide favorable interest rates, mortgage buy downs, down payment assistance or closing costs to qualified low income buyers. The funds can also be used to buy down the interest rate in the early years of the mortgage. These funds will be repaid to the City at the time the unit is re- sold or after a number of years to be agreed upon between the City and the buyer. The City's loan to the buyer will be secured by a second deed of trust on the property. Residents and employees working in Redwood City will have priority over other applicants. Employees of the City of Redwood City are eligible for assistance and are included in the definition of Redwood City businesses. Priorities for units designed for wheelchair access will be given to persons who are wheelchair users. All applicants must meet one of the priority categories at the time Of application. (Please see Buyer Selection Priorities - Program Description, Part I.F. and Part II. A. OCCUPANCY CRITERIA: In order to further the City's goals of providing housing for small and large families, preference will be given 'to households of five or more persons for three bedroom units. Preference for two bedroom units will be given to households of two or more Persons. Exceptions for single