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r <br /> C. Qualification as Affordable Housing <br /> 1. Eligible Property Types <br /> Homes acquired with HOME and ADDI funds under this Agreement must be single <br /> family housing (1- to 4-family residence, condominium unit, cooperative unit, <br /> combination manufactured housing and lot, or manufactured housing lot) as required <br /> by 24 CFR § 92.254(a)(1). <br /> 2. Maximum Property Value <br /> Homes acquired with HOME and ADDI funds under this Agreement must have a <br /> purchase price for the type of single family housing that does not exceed 95 percent <br /> of the median purchase price for single family housing in the area. In compliance <br /> with 24 CFR § 92.254(a)(2)(iii), the maximum purchase price shall be established by <br /> Snohomish County using the Single Family Mortgage Limits under Section 203(b) of <br /> the National Housing Act (12 U.S.C. § 1709(b)). These limits are available from the <br /> area HUD Field Office or upon written request from the City. <br /> 3. Beneficiary <br /> The housing assisted with HOME and ADDI funds under this Agreement (i) must be <br /> acquired by a homebuyer whose family qualifies as a low-income family, as defined <br /> in 24 CFR § 92.2, either at the time of loan execution or as provided in 24 CFR § <br /> 92.203(d)(2), and (ii) must be the principal residence of the family throughout the <br /> period of affordability. <br /> A first-time homebuyer is defined by HUD as an individual and his or her spouse who <br /> have not owned a home during the three-year period prior to purchase of a home <br /> with ADDI or HOME assistance, and includes an individual who is a "displaced <br /> homemaker" or a "single parent" as defined by 24 CFR § 92.2. A displaced <br /> homemaker is defined as (1) an adult; (2) who has not worked full-time full-year for a <br /> number of years but has instead cared for the home and family and (3) who is <br /> unemployed or underemployed and experiencing difficulty in obtaining or upgrading <br /> employment. A single parent is defined as an individual who is (1) unmarried or <br /> legally separated from a spouse and (2) has one or more minor children in his or her <br /> custody (including joint custody) or is pregnant. <br /> 4. Period of Affordability <br /> The housing acquired with HOME and ADDI assistance must, beginning after project <br /> completion, meet the affordability requirements contained in 24 CFR §§ 92.254(a)(4) <br /> and 92.254(a)(5)(ii) for at least the minimum "period of affordability" provided therein. <br /> 4., <br /> HOME and ADDI Agreement between <br /> City of Everett and HomeSight <br /> 11 <br />