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<br />Exhibit A-1 <br />HCS-23-42-2002-198(1) <br />City of Everett <br /> Page 12 of 24 <br />D. Qualification as Affordable Housing <br /> <br />1. Beneficiary Requirements <br /> <br />The housing assisted with HOME funds under this Agreement: <br /> <br />a. Must be owned by a homeowner whose family qualifies as a “low- <br />income family” as defined in 24 CFR § 92.2 (a family whose annual <br />income does not exceed 80% of the area median income, adjusted for <br />family size, as determined by HUD), either at the time of loan execution <br />or as provided in 24 CFR § 92.203(d)(2); and <br /> <br />b. Must be occupied by the family as its principal residence. <br /> <br />2. Income Determinations <br /> <br />The Agency will utilize the 24 CFR 5.609 (Section 8) definition for annual <br />income to make income eligibility determinations for the HOME <br />rehabilitation loans. <br /> <br />3. Eligible Property Types <br /> <br />a. Homes rehabilitated with HOME funds under this Agreement must be <br />single family housing (1- to 4-unit dwelling, condominium unit, or <br />equivalent form of ownership approved by HUD, all as defined as <br />“homeownership” under 24 CFR § 92.2). <br /> <br />b. As required by 24 CFR § 92.254(c) and 24 CFR § 92.2, homeownership <br />interest in housing units assisted with HOME funds under this <br />Agreement must be evidenced by one of the following: <br /> <br />1) Fee simple title; <br />2) Ninety-nine (99) year leasehold interest (at least 50 year lease on <br />Indian trust or restricted Indian lands or a Community Land Trust); <br />3) Manufactured housing with lease for a period at least equal to the <br />applicable period of affordability in 24 CFR § 92.254; <br />4) Inherited property with multiple owners for which title has been <br />passed to several individuals by inheritance, but not all heirs reside <br />in the housing, sharing ownership with other nonresident heirs, and <br />the applicant owner-occupant qualifies as Low-Income, occupies the <br />housing as his or her principal residence, and pays all the costs <br />associated with ownership and maintenance of the housing (.e.g. <br />mortgage, taxes, insurance, utilities;