Initial Homebuyer’s Period of Affordability / RECAPTURE Provisions Sample Clauses

Initial Homebuyer’s Period of Affordability / RECAPTURE Provisions. The BSA agrees that all homes constructed under this Agreement will initially be sold to a low-income homebuyer under the terms of the restrictions contained in the Warranty Deed and will be subject to recapture provisions. For purposes of this Agreement, the period of affordability and the recapture provisions are: Ten (10) years as required by HOME regulations for per-unit subsidies from $15,000 to $40,000, which will apply to the homebuyers who receive down payment assistance and/or the site improvements subsidy, and Fifteen (15) years as required by HOME regulations for per-unit subsidies over $40,000, which will apply to the homebuyers who receive down payment assistance and/or the site improvements subsidy. Subsidy will include site improvements and First Time Home Buyers assistance. The BSA understands that recapture provisions for each assisted unit will be enforced and will begin after the transfer of the property to the homebuyer. Repayment of the homebuyer’s HOME loan will be deferred for the term of the recapture provisions, provided that the property owner is in full compliance with the agreement. At the time of sale or refinance of the property at any time, the full amount of the HOME loan will become due in full. The loan will become due in full should the property become a rental during the affordability period. In the event that the property owner sells the property during the term of the recapture provisions, the full amount of the City’s HOME investment will be due and payable to the extent that net proceeds are available to repay the homebuyer’s loan. The BSA agrees to inform all potential low-income homebuyers of all applicable recapture provisions.
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