General Requirements Applicable to Developer Loans and Down Payment Assistance Loans Sample Clauses

General Requirements Applicable to Developer Loans and Down Payment Assistance Loans. Moneys held in the Program Fund may be applied to make loans for properties that are eligible to be financed with Single Family Loans; i.e. single family homes, townhomes, or condominiums that are or will be located within the corporate limits of the City. Each single family residential unit to be financed with a Single Family Loan (1) must be sold to and occupied by a household whose income does not exceed 120% of AMI, adjusted for household size, (2) if it has been occupied, must be inspected by a licensed residential inspector, and (3) if it was constructed before 1978, must have an inspection attesting to its safety regarding lead-based paint. Each homeowner of a single family residential unit financed by a Single Family Loan must occupy the single family residential unit as such homeowner’s principal place of residency within 30 days of closing the single family loan. The purchase price or acquisition and construction or rehabilitation cost, as the case may be, and appraised value of each single family residential unit financed with a Single Family Loan may not exceed the dollar amount limitation that applies for the area under the Workforce Owner Housing Maximums.
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Related to General Requirements Applicable to Developer Loans and Down Payment Assistance Loans

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