Res95 12396 - Laserfiche WebLink

Browse Search

e. The maximum subsidy allowed under the HOME Program is $110,000 for two bedroom units and $134,650 for three bedroom ' units. The Agency may establish maximum subsidy limits on a project by project basis, 'and based on the amount of funds available. 2. All bu,,ers participating in the First Time Home Buyers Program must have a minimum of 3% down payment and a portion of dosing costs. The exact amount of the downpayment will depend upon the financing available to the borrower. 3. In cases where demand for units and financial assistance exceed the available supply, substandard housing conditions will be considered. Substandard housing is defined in the City Comprehensive Housing Affordability Strategy and generally refers to poor physical condition of a unit, including structural and or health and safety conditions. F. BUYERS SELECTION PRIORITIES It is anticipated that the potential buyers will exceed the number of units being developed and the need for financial assistance will exceed available resources. In an effort to assure fairness in buyer selection, as well as assuring implementation 'of the City's program objectives, Potential buyers will be processed in an order of priorities. Priorities are based on residency and/or employment within the City of Redwood City. The definition of Redwood City businesses shall mean employees of all businesses, including City of Redwood City employees, located in the City of Redwood City incorporated area for purposes of defining eligibility for this program. Total household income shall meet the income limitations specified above and further defined as an attachment to this document labeled PART III, INCOME GUIDELINES & AFFORDABILITY CRITERIA. Buyers will be selected within the priorities set forth, depending upon the date the application is received and first-prioritized, first-qualified basis. If there are more applicants than can be accommodated by this system, applicants may be selected by lottery within their priority group ranking as per the attached document labeled, Priority Group Ranking Schedule. This ranking system would have each priority group compete in a lottery with only priority groups in the same income category and other criteria according to the Ranking Schedule. This effort would avoid higher priority applicants competing in alottery with lesser qualified applicants. Only Buyers who fall within the first priority category of PART II, BUYERS SEI.I:.GTION PRIORITIES, will be eligible for the FinandalAssistance Program,. unless otherwise indicated. The source(s) of funding for the First Time Homebuyer Financial Assistance Program would typically come from the federally funded HOME and CDBG Programs. Redevelopment 4