Homeownership affordability qualifications. The Recipient shall ensure that the Homeownership affordability requirements, as set forth in 12 C.F.R. § 1807.400 et seq., and the following requirements are met for any Homeownership Project annually, as applicable during its Affordability Period and for each year that the Recipient has an Affordability Period in effect (a) Portfolio-level targeted incomes. If applicable, after the end of the Investment Period, the percentage of Homeownership Affordable Housing, financed and/or supported with Eligible Project Costs and owned by Low-Income Families (inclusive of Very Low-Income and Extremely Low-Income), as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing, financed and/or supported with the CMF Award, shall be no less than the percentage set forth in Schedule 1 of this Assistance Agreement. (b) The Housing must be Single-family housing. (c) The Housing price does not exceed ninety-five percent (95%) of the median purchase price (or for owner-occupied rehabilitation, the after-rehabilitation value) for the area as used in the HOME Program and as determined by HUD and the applicable Participating Jurisdiction. (d) The Housing must be owned or purchased by a qualifying Family as set forth in 12 C.F.R. § 1807.400. The Recipient must establish a process for establishing income qualifications that is in compliance with all applicable Federal and State lending laws. (e) The Housing must be the principal residence of the Family. (f) The Housing must meet the definition of “Homeownership” as defined in 12 C.F.R. § 1807.104. (g) Xxxxxx and recoupment strategies are imposed as described in 12 C.F.R. § 1807.402(a)(5) and must satisfy the following: (i) Prior to the date that the Recipient’s first Affordable Housing project is Committed for use, the Recipient shall have prepared in writing, and its board of directors (or equivalent) shall have approved, a resale or recoupment strategy that meets the requirements of 12 C.F.R. § 1807.402(a)(5) and is subject to inspection by the CDFI Fund at any time thereafter pursuant to Section 7.3 of this Assistance Agreement. (ii) At a minimum, this written strategy shall include mechanisms for: (1) Providing notice through a Material Event form or such other form specified by the CDFI Fund to the CDFI Fund when the Recipient utilizes this resale and recoupment strategy; (2) Ensuring that the Recipient shall demonstrate through legal instruments, filings, and other documentation (e.g., deed restrictions, covenants running with the land, etc.), to the satisfaction of the CDFI Fund, that the resold or recoupment housing will meet the affordability requirements for the remaining duration of the Affordability Period; (3) Providing the CDFI Fund with the necessary assurances and certifications that the resold or recoupment housing will meet the affordability requirements for the remaining duration of the Affordability Period; and (4) Any other provisions deemed appropriate or necessary by the CDFI Fund. (iii) The resale or recoupment of any housing shall be made in accordance with this written strategy. (h) If applicable, any rental Affordable Housing financed and/or supported with a CMF Award shall be convertible to Homeownership Affordable Housing in accordance with 12 C.F.R. § 1807.402(e). (i) The affordable homeownership provisions of 12 C.F.R. § 1807.402 et seq. are otherwise met.
Appears in 1 contract
Samples: Assistance Agreement
Homeownership affordability qualifications. The Recipient shall ensure that the Homeownership affordability requirements, as set forth in 12 C.F.R. § 1807.400 et seq., and the following requirements are met for any Homeownership Project annually, as applicable during its project undergoing an Affordability Period and for each year that the Recipient has an Affordability Period in effectplace (provided that Section 5.3(a) shall only be required beginning after the end of the Investment Period):
(a) Portfolio-level targeted incomes. If applicable, after the end of the Investment Period, the The percentage of Homeownership Affordable Housing, financed and/or supported with Eligible Project Costs and owned Housing units that are occupied by Low-Income Families (inclusive of Income, Very Low-Income, or Extremely Low- Income and Extremely Low-Income)Families, as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing, Housing units financed and/or or supported with the by this CMF AwardAward or associated Leveraged Costs, shall be no less than the percentage set forth in Schedule 1 of this Assistance Agreement.
(b) Project-level targeted income. At least twenty percent (20%) of the units in each Homeownership Affordable Housing project shall be occupied by Families whose incomes are at or below eighty percent (80%) of AMI. This requirement will be calculated based on all Homeownership units or assistance provided to homeowners in the Recipient’s portfolio in each of the following discrete eligible activity types financed and supported by its FY 2016 CMF Award or associated Leveraged Costs.
(i) Development of Homeownership units;
(ii) Rehabilitation of Homeownership units;
(iii) Purchase in the form of mortgage finance assistance of Homeownership units; and
(iv) Purchase in the form of down payment assistance of Homeownership units.
(c) The Housing must be Single-family housing.
(cd) The Housing housing price does not exceed ninety-five percent (95%) of the median purchase price (or for owner-occupied rehabilitation, the after-rehabilitation value) for the area as used in the HOME Program and as determined by HUD and the applicable Participating Jurisdiction.
(de) The Housing must be owned or purchased by a qualifying Family as set forth in 12 C.F.R. § 1807.400. The Recipient must establish a process for establishing income qualifications that is in compliance with all applicable Federal and State lending laws.
(ef) The Housing must be the principal residence of the Family.
(fg) The Housing must meet the definition of “Homeownership” as defined in 12 C.F.R. § 1807.104.
(gh) Xxxxxx Resale and recoupment strategies are imposed as described in 12 C.F.R. § 1807.402(a)(5) and must satisfy the following:
(i) Prior to the date that the Recipient’s first Affordable Housing project is Committed for use, the Recipient shall have prepared in writing, and its board of directors (or equivalent) shall have approved, a resale or recoupment strategy that meets the requirements of 12 C.F.R. § 1807.402(a)(5) and is subject to inspection by the CDFI Fund at any time thereafter pursuant to Section 7.3 of this Assistance Agreement.
(ii) At a minimum, this written strategy shall include mechanisms for:
(1) Providing notice through a Material Event form or such other form specified by the CDFI Fund to the CDFI Fund when the Recipient utilizes this resale and recoupment strategy;
(2) Ensuring that the Recipient shall demonstrate through legal instruments, filings, and other documentation (e.g., deed restrictions, covenants running with the land, etc.), to the satisfaction of the CDFI Fund, that the resold or recoupment housing will meet the affordability requirements for the remaining duration of the Affordability Period;
(3) Providing the CDFI Fund with the necessary assurances and certifications that the resold or recoupment housing will meet the affordability requirements for the remaining duration of the Affordability Period; and
(4) Any other provisions deemed appropriate or necessary by the CDFI Fund.
(iii) The resale or recoupment of any housing shall be made in accordance with this written strategy.
(hi) If applicable, any CMF-funded rental Affordable Housing financed and/or supported with a CMF Award shall units’ ability to be convertible converted to Homeownership Affordable Housing units shall be in accordance with 12 C.F.R. § 1807.402(e).
(ij) The affordable homeownership provisions of 12 C.F.R. § 1807.402 et seq. are otherwise met.
(k) For any CMF-funded project, the Recipient shall ensure that the necessary deed restrictions, covenants running with the land, or other similar mechanisms, as applicable, are filed in accordance with 12 C.F.R. § 1807.402, and the Recipient shall provide to the CDFI Fund evidence of any such filing, execution, or recordation, including any amendment thereof during the Affordability Period, within thirty (30) days of such filing, execution, or recordation, or within five (5) days of when the evidence of such filing is first made available to the Recipient, whichever is later. The Recipient shall ensure that all filings and recordations are duly made, such that all the necessary CMF affordability requirements imposed on each project are enforceable under all applicable Federal, State, and local laws. In connection with these filings and recordations, the CDFI Fund reserves the right to require that the Recipient furnish to the CDFI Fund an opinion from its legal counsel that the CMF affordability requirements that are to be imposed by deed restrictions, covenants running with the land, or other CDFI Fund-approved mechanisms are recordable and enforceable under the laws of the State and locality where the Recipient will undertake its CMF activities.
Appears in 1 contract
Samples: Assistance Agreement
Homeownership affordability qualifications. The Recipient shall ensure that the Homeownership affordability requirements, as set forth in 12 C.F.R. § 1807.400 et seq., and the following requirements are met for any Homeownership Project annually, as applicable during its Affordability Period and for each year that the Recipient has an Affordability Period in effect.
(a) Portfolio-level targeted incomes. If applicable, after the end of the Investment Period, the percentage of Homeownership Affordable Housing, financed and/or supported with Eligible Project Costs and owned by (i) Families with incomes above 80% and no greater than 120% of Area Median Income located in Areas of Economic Distress, or (ii) Low-Income Families (inclusive up to 80% of Very Low-Income and Extremely Low-Area Median Income), or a combination of (i) or (ii), as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing, financed and/or supported with the CMF Award, shall be no less than the percentage set forth in Schedule 1 of this Assistance Agreement.
(b) The Housing must be Single-family housing.
(c) The Housing price does not exceed ninety-five percent (95%) of the median purchase price (or for owner-occupied rehabilitation, the after-rehabilitation value) for the area as used in the HOME Program and as determined by HUD and the applicable Participating JurisdictionJurisdiction on the date of sale.
(d) The Housing must be owned or purchased by a qualifying Family as set forth in 12 C.F.R. § 1807.400. The Recipient must establish a process for establishing verifying and documenting Family income qualifications that is in compliance with all applicable Federal and State lending laws. Family income statements must be verified by third-party documentation (e.g. pay-stubs, income statements, tax returns, records of self-employment, etc.).
(e) The Housing financed and/or supported by the CMF Award must be the principal residence of the Family.
(f) The Housing must meet the definition of “Homeownership” as defined in 12 C.F.R. § 1807.104.
(g) Xxxxxx and Resale or recoupment strategies are imposed as described in 12 C.F.R. § 1807.402(a)(5) and must satisfy the following:
(i) Prior to the date that the Recipient’s first Affordable Housing project is Committed for use, the Recipient shall have prepared in writing, and its board of directors (or equivalent) shall have approved, a resale or recoupment strategy that meets the requirements of 12 C.F.R. § 1807.402(a)(5) and is subject to inspection by the CDFI Fund at any time thereafter pursuant to Section 7.3 of this Assistance Agreement.
(ii) At a minimum, this written resale or recoupment strategy shall include mechanisms for:
(1) Providing The occupying Family to provide notice through to the Recipient of the sale or transfer of a Material Event form or such other form specified by the CDFI Fund CMF financed and/or supported home;
(2) The Recipient to provide notice to the CDFI Fund through the CMF Performance Report for the same performance year when the Recipient utilizes this resale and or recoupment strategy;
(23) Ensuring that the Recipient shall demonstrate through legal instruments, filings, and other documentation (e.g., deed restrictions, covenants running with the land, etc.)) that the CMF financed and/or supported Housing is either resold to an Eligible-Income Family, or replaced with another unit. If the Housing is replaced, it must be reserved for and sold to the satisfaction a family of the CDFI Fundsame income category as the originally occupying family. In both instances, that the Housing may be resold or recoupment housing will meet replaced using recouped CMF Award dollars or other funds, and remain as part of the affordability requirements Recipient’s CMF Homeownership portfolio or program for the remaining duration of the Affordability Period;
(3) Providing the CDFI Fund with the necessary assurances and certifications that the resold or recoupment housing will meet the affordability requirements for the remaining duration of the Affordability Period; and.
(4) Any other provisions deemed appropriate or necessary by the CDFI Fund.
(iii) The resale or recoupment of any housing shall be made in accordance with this written strategy.
(h) If applicable, any rental Affordable Housing financed and/or supported with a CMF Award shall be convertible to Homeownership Affordable Housing in accordance with 12 C.F.R. § 1807.402(e).
(i) The affordable homeownership provisions of 12 C.F.R. § 1807.402 et seq. are otherwise met.
Appears in 1 contract
Samples: Assistance Agreement
Homeownership affordability qualifications. The Recipient shall ensure that the Homeownership affordability requirements, as set forth in 12 C.F.R. § 1807.400 et seq., and the following requirements are met for any Homeownership Project annually, as applicable during its Affordability Period and for each year that the Recipient has an Affordability Period in effect.
(a) Portfolio-level targeted incomes. If applicable, after the end of the Investment Period, the percentage of Homeownership Affordable Housing, financed and/or supported with Eligible Project Costs and owned by Low-Income Families (inclusive of Very Low-Income and Extremely Low-Income), as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing, financed and/or supported with the CMF Award, shall be no less than the percentage set forth in Schedule 1 of this Assistance Agreement.
(b) The Housing must be Single-family housing.
(c) The Housing price does not exceed ninety-five percent (95%) of the median purchase price (or for owner-occupied rehabilitation, the after-rehabilitation value) for the area as used in the HOME Program and as determined by HUD and the applicable Participating JurisdictionJurisdiction on the date of sale.
(d) The Housing must be owned or purchased by a qualifying Family as set forth in 12 C.F.R. § 1807.400. The Recipient must establish a process for establishing verifying and documenting Family income qualifications that is in compliance with all applicable Federal and State lending laws. Family income statements must be verified by third-party documentation (e.g. pay-stubs, income statements, tax returns, records of self-employment, etc.).
(e) The Housing financed and/or supported by the CMF Award must be the principal residence of the Family.
(f) The Housing must meet the definition of “Homeownership” as defined in 12 C.F.R. § 1807.104.
(g) Xxxxxx and Resale or recoupment strategies are imposed as described in 12 C.F.R. § 1807.402(a)(5) and must satisfy the following:
(i) Prior to the date that the Recipient’s first Affordable Housing project is Committed for use, the Recipient shall have prepared in writing, and its board of directors (or equivalent) shall have approved, a resale or recoupment strategy that meets the requirements of 12 C.F.R. § 1807.402(a)(5) and is subject to inspection by the CDFI Fund at any time thereafter pursuant to Section 7.3 of this Assistance Agreement.
(ii) At a minimum, this written resale or recoupment strategy shall include mechanisms for:
(1) Providing The occupying Family to provide notice through to the Recipient of the sale or transfer of a Material Event form or such other form specified by the CDFI Fund CMF financed and/or supported home;
(2) The Recipient to provide notice to the CDFI Fund through the CMF Performance Report for the same performance year when the Recipient utilizes this resale and or recoupment strategy;
(23) Ensuring that the Recipient shall demonstrate through legal instruments, filings, and other documentation (e.g., deed restrictions, covenants running with the land, etc.)) that the CMF financed and/or supported Housing is either resold to an Eligible-Income Family, or if resold to a non-Eligible-Income Family, the satisfaction home is replaced as part of the CDFI Fund, that the resold Recipient’s CMF Homeownership portfolio or recoupment housing will meet the affordability requirements for the remaining duration program using recouped CMF Award proceeds or other funds with an Eligible-Income Family of the Affordability Period;
(3) Providing the CDFI Fund with the necessary assurances and certifications that the resold or recoupment housing will meet the affordability requirements for the remaining duration same income category of the Affordability Period; andoriginal occupying Family.
(4) Any other provisions deemed appropriate or necessary by the CDFI Fund.
(iii) The resale or recoupment of any housing shall be made in accordance with this written strategy.
(h) If applicable, any rental Affordable Housing financed and/or supported with a CMF Award shall be convertible to Homeownership Affordable Housing in accordance with 12 C.F.R. § 1807.402(e).
(i) The affordable homeownership provisions of 12 C.F.R. § 1807.402 et seq. are otherwise met.
Appears in 1 contract
Samples: Assistance Agreement
