2013/04/24 Council Agenda Packet

J II. TARGET POPULATION A. The target population is Low-Income families (with incomes at or below 80% of the area median income adjusted for household size, including but not limited to very low-income families with incomes at or below 50% of the area median income adjusted for household size). Income limits, as provided at 24 CFR § 92.252, are those set and revised periodically by the U.S. Department of Housing and Urban Development ("HUD") based upon median incomes in the Seattle/Bellevue/Everett PMSA and adjusted to household size. The County shall make the current year's income limits available to the City upon written request. The income determinations shall be made in accordance with 24 CFR § 92.203. The CHIP program will utilize the 24 CFR 5.609 (Section 8) definition for annual income to make income determinations. B. Homeowners must own the property and must occupy the property as their principal residence. The property being rehabilitated must be located either within the corporate limits of the City of Everett or within the limits of the Everett UGA. III. PROGRAM GOALS A. A total of twenty-two (22) homes are estimated to be rehabilitated, pursuant to the subgrant made under this HOME Agreement and estimated HOME program income to be available, at an estimated average cost of $32,200 per home. Actual number of homes rehabilitated may vary depending on the actual cost of each loan and the actual amount of HOME program income available. B. Estimated Schedule Activity #Units Time Period Loans Awarded 1 March 2012-June 2012 Loans Awarded 3 July 2012-December 2012 Loans Awarded 3 January 2013-June 2013 Loans Awarded 3 July 2013-December 2013 Loans Awarded 3 January 2014-June 2014 Loans Awarded 3 July 2014-December 2014 Loans Awarded 4 January 2015-June 2015 Loans Awarded 2 July 2015-December 2015 Exhibit A-1 HCD-11-42-1178-198(1) City of Everett Page 2 of 3 17