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9 <br /> III. PROJECT REQUIREMENTS <br /> A. Maximum Assistance Per Unit <br /> The minimum amount of combined ADDI and HOME funds that may be invested in a project is <br /> $1,000. The maximum amount of ADDI assistance provided to any household may not exceed <br /> the greater of (1) six percent (6%) of the purchase price of a single family housing unit or (2) <br /> $10,000. The maximum limit does not apply to 2003 ADDI funds. <br /> The Agency will manage its homebuyer purchase assistance Project so that the funding <br /> provided under this Agreement shall be in full compliance with the limitations contained in the <br /> HOME Regulations and ADDI regulations contained at 24 CFR Subpart M (the "ADDI <br /> Regulations") including, but not limited to, the limitations contained in 24 CFR § 92.602(e) <br /> relating to maximum homebuyer down-payment assistance to be made with ADDI funds. The <br /> Agency will maintain records, which records shall be available for inspection by the County and <br /> HUD at the times and as provided in Section V-B-4 hereof, demonstrating that assistance <br /> provided to each and every homebuyer has been made in compliance with those limitations. <br /> If both ADDI and HOME funds are used, the total amount invested on a per-unit basis may not <br /> exceed the per-unit dollar limits established under section 221(d)(3)(ii) of the National Housing <br /> Act (12 U.S.C. § 17151(d)(3)(ii)) for elevator-type projects. Applicable limits for the King, <br /> Snohomish, Pierce and Kitsap Area are produced by the Multifamily Division in the Area HUD <br /> Field Office and will be made available to the Agency by the County upon written request. <br /> B. Property Standards <br /> The housing acquired with ADDI funds under this Agreement must meet (i) the property <br /> standards contained in 24 CFR § 92.251 at the times required by that section and (ii) the lead- <br /> based paint requirements contained in 24 CFR § 92.355 upon project completion. <br /> C. Qualification as Affordable Housing <br /> 1. Eligible Property Types <br /> Homes acquired with ADDI funds under this Agreement must be single family housing (1- to 4- <br /> family residence, condominium unit, cooperative unit, combination manufactured home and lot, <br /> or manufactured home lot) as required by 24 CFR § 92.254(a)(1). <br /> 2. Maximum Property Value <br /> Homes acquired with ADDI funds under this Agreement must have a purchase price for the <br /> type of single family housing that does not exceed 95 percent of the median purchase price for <br /> single family housing in the area. In compliance with 24 CFR § 92.254(a)(2)(iii), the maximum <br /> purchase price shall be established by the County using the Single Family Mortgage Limits <br /> under Section 203(b) of the National Housing Act (12 U.S.C. § 1709(b)). These limits are <br /> available from the area HUD Field Office or upon written request from the County. <br /> W. P <br /> f L! <br /> ADDI Agreement between Page 9 of 23 <br /> City of Everett and Snohomish County <br />