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<br />Exhibit A-1 <br />HCS-23-42-1901-198(1) <br />City of Everett <br /> Page 13 of 24 <br />5) Life estate where applicant occupant holds a life estate, has a right <br />to live in the housing for the remainder of his or her life, does not pay <br />rent, qualifies as Low-Income, and occupies the housing as his or <br />her principal residence; <br />6) Inter vivos trust (also known as a living trust) where trust holds legal <br />title and beneficiary or beneficiaries hold equitable title, where trust <br />is valid and enforceable, where each beneficiary has the legal right <br />to occupy the property for the remainder of his or her life, and where <br />all beneficiaries of the trust qualify as Low-Income and occupy the <br />property as their principal residence; or <br />7) Beneficiary deed which conveys an ownership interest in real <br />property, including any debt secured by a lien on real property, to a <br />grantee beneficiary designated by the owner that expressly states <br />that the deed is effective on the death of the owner, where upon the <br />death of the owner the grantee beneficiary receives ownership in the <br />property subject to all conveyances, assignments, contracts, <br />mortgages, deeds of trust, liens, security pledges and other <br />encumbrances made by the owner to which the owner was subject <br />during the owner’s lifetime, and the applicant beneficiary occupant <br />qualifies as Low-Income and occupies the property as his or her <br />principal residence. <br /> <br />4. Maximum Property Value <br /> <br />As required by 24 CFR § 92.254, the housing assisted with HOME funds <br />under this Agreement must have an estimated property value, after <br />rehabilitation, for the type of single family housing, that does not exceed <br />ninety-five percent (95%) of the median purchase price for the area. In <br />compliance with 24 CFR § 92.254(b)(1), HUD establishes these limits <br />based on Federal Housing Administration (FHA) data for existing housing <br />in the area and other appropriate data. The County has provided the <br />Agency with the current maximum after-rehabilitation property value limits <br />for the Snohomish County area. HUD updates these limits periodically and <br />the County will provide updated limits to the Agency upon receipt of this <br />information from the Seattle HUD Field Office. <br /> <br />5. Property Location <br /> <br />The housing assisted with HOME Funds under this Agreement must be <br />located within the corporate limits of the Agency and the Agency’s Urban <br />Growth Area. <br />