Home Ownership Assistance Fund. As represented to the Agency in conjunction with its allocation of Credits to the Project, Owner has agreed to set aside $50 per month (the “Home Ownership Assistance Fee”) for each home occupied by a Qualified Tenant not in default in the payment of rent under his or her Lease. Manager shall establish a separate, segregated, non-interest-bearing account fully insured by the Federal Deposit Insurance Corporation (the “Home Ownership Assistance Fund”) in the name of Owner. Manager shall, on a monthly basis, deposit the Home Ownership Assistance Fee into the Home Ownership Assistance Fee in accordance with Section 3.08 hereof. Manager shall disburse funds from the Home Ownership Assistance Fund (a) to assist with the costs of required maintenance of each home within the Project; and (b) to assist a tenant who has completed at least six months of the Crown Program and who has been approved by the Manager for home ownership. A Qualified Tenant will be approved for home ownership (and eligible for assistance, if available, from the Home Ownership Assistance Fund) if the Qualified Tenant can demonstrate that he or she (i) has been approved by a bank or other financial institution for a mortgage loan, (ii) possesses a fully executed purchase contract for a home and
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Samples: Management and Supportive Services Agreement, Management and Supportive Services Agreement, Management and Supportive Services Agreement
