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r <br /> Attachment A <br /> Project Description <br /> HomeSight will operate the HomeSight/City of Everett Homebuyer's Assistance <br /> Program which provides purchase assistance for low-income (at or below 80% of <br /> median income) first time homebuyers in the City Limits of Everett or Everett's <br /> Urban growth Boundary. HOME and ADDI funds will be used to offer deferred <br /> loans that will be supplemented with private 1st and / or 2nd mortgages for <br /> approximately 10 homebuyers. <br /> HomeSight will also provide first-time homebuyers with buyer education courses <br /> and financial counseling. Potential homebuyers must meet the requirements set <br /> forth in Section III-C-3 of this Agreement in order to qualify for the Program and <br /> complete the HomeSight Financial series and financial counseling programs prior <br /> to loan closing or provide documentation of completion of another qualifying <br /> program. <br /> HomeSight will offer a first-time homebuyer Combo Loan Package ("Combo") <br /> that will work in conjunction with a 1st mortgage loan made by a private lender <br /> (bank, etc.). The Combo may consist of a 2nd mortgage loan (amortized loan <br /> made by HomeSight with investment capital raised from other public or private <br /> sector sources (i.e., Neighborworks America, U, S. Treasury, foundations, <br /> corporations, banks, etc.) in addition to a 3rd mortgage loan (deferred loan) made <br /> by HomeSight with HOME and ADDI funds provided pursuant to this Agreement. <br /> Terms of the 3rd mortgage loan made with HOME and ADDI funds pursuant to <br /> this Agreement shall be as provided in Attachment C, Form of Loan Note. <br /> If the property is sold, the appreciation in the value of the property will be shared <br /> by the County as provided in Section IV-I of the Agreement. <br /> HOME Agreement between c <br /> Snohomish County and HomeSight A - 1 <br />