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<br /> 1. Project Name: Purchase Assistance Program
<br /> 2. Project Brief Description:
<br /> The funds would be used to provide purchase assistance in the form of down payment assistance. The form of assistance will depend on underwriting guidelines and
<br /> may include deferred soft second loans or,in case of permanent affordability restrictions, actual grants. Loan rates will range between zero and three percent. Funds
<br /> ma be used to either reduce the amount of the first mort•a•e or to •a the cost of re'airs or renovation to the home.
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<br /> 3. Area Served: City of Everett
<br /> Address or Neighborhood Zip Code(s) Census Tract Block Group(s) St Leg District# Congressional Dist#
<br /> City of Everett Urban Growth Area 98201, 98203, 0401,0402, 0403, 0404, 1, 2, 3, 4,5, 6 38 2nd
<br /> 98204, 98208 0405,0406, 0407,0408,
<br /> 0409,0410, 0411,0414,
<br /> 0415,041201, 041302,
<br /> 041601, 041605, 041606,
<br /> 041607,041608, 041701,
<br /> 041804, 041805, 041806,
<br /> 041807, 041808, 041903,
<br /> 041904, 041905
<br /> How does this project address an area of greatest All homes to be purchased by eligible families will be already foreclosed.
<br /> need? Such as:
<br /> • High foreclosure rates
<br /> • High %subprime mortgages
<br /> • Rise in rates of foreclosures
<br /> • Neighborhood is impacted by foreclosed or
<br /> abandoned properties
<br /> • Consistenc with state NSP Plan p4,,
<br /> 4. Activity Detail:
<br /> NSP Eligible Use CDBG Eligible Activity NSP #Housing Units and#Persons Name of Entity
<br /> $Amount Carrying Out Activity
<br /> I A, B, Use 24 CFR Activity © 50% © 51%- @ 81%- Above
<br /> D or E 570. 80% 120% 121%
<br /> ter,
<br /> A Financing .206 Eligible activity delivery $319,555 3 units 2 units 4 units -0- Everett Housing •cam
<br /> Mechanisms cost 4 •ers. 4 •ers. 10 •ers. Authorit
<br /> General Administration $17,344 s •
<br /> PROJECT TOTALS $336,899 3 units 2 units 4 units -0-
<br /> 4 •ers. 4 •ers. 10 •ers .,...>
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