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6.1.E. - Page 5 <br /> F. The City and Habitat desire to amend the Construction Exhibit, Funding Exhibit, <br /> and Grant Deed Addendum to reflect Habitat's current affordable housing progran� requirements <br /> by changing the income eligibility requirement to a household that does noi exceed sixty percent <br /> (60%) of t�e area median incame and deleting the requirerz�ent that a household must have a <br /> minimu�x� of�ve(5) members. <br /> AGREEMENT <br /> NOW, THEREFORE, the Parties agree as follows: <br /> 1. Amendment to Construction Exhibit. <br /> Section 7{1) of the Construction Exhibit is l�ereby deleted in its entirety and replaced as <br /> follows: <br /> (1) Have a househofd income at or below sixty percent (60%} ofi the area rnedian <br /> income established by HUD far San Mateo County. <br /> 2. Amendment to Fundin� ��hibit. <br /> Section 8 of the Ft�nding Exhibit is hereby deleted in its er�tirety and replaced as follows: <br /> S. HOME PROGRAM REQUIREMENT: _ <br /> HABITAT shall comply with the requirements and standards oF the HOME <br /> Investznent Partnership Re�ulations relating to: Incoine targeting to HOME limits <br /> of sixty percent (60%) and below axaedian incolne; affordability term of no less <br /> than tk�i�y (30) years; recorded deed restrictions at the time of sale to a HOME <br /> �ligible buyer which provides for the recapture of HOME funds and first right of <br /> refusal in fihe event of sale prior to the campletian of the requir�d affordability <br /> period; maximum sales price not to exceed ninety-five percent (95%} of aeea <br /> median sale prices of Two Hundr�d Fifty-Two Thousand Seven Hundred Dallars <br /> ($252,7aa�, whichever is less; and rec�uirement for the dwelling to 6e the primary <br /> resicEence of a low income owner with monthly housing costs of principal, <br /> interest, taxes and insurance utilities and homeowner association fees at no more <br /> than thirty percent(3Q%) of the ho�asehoid's gross income. <br /> 3. Amendxnent to Grant Deed Addendu�n. <br /> (a) Section 3{c}(2) is hereby deleted in its entire�y and replaced as follows: <br /> (2) has a household income not to exceed sixty percent {60%) of <br /> the area med�an income for San Mateo Cour�ty established by the <br /> U.S. Departrn�ent of Housing and Urban De�e]opment, and <br /> ATTYIAGRI20131AMEEVDMENTSlAMENDMENT TO RESTRICTIONS HABITA7 FOR HUfVIAN�TY <br /> R�V:01-1Q-13 VR <br /> Page 2 of 4 <br />