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<br /> 5. National Objective:
<br /> For each activity listed in the above Activity Detail, under the corresponding number list the applicable national objective and provide the following explanation for that
<br /> national objective. For more detail, see the Income Benefit page.
<br /> • LMMH: Describe the process for income qualifying households and ensuring residency
<br /> • LMMA: Describe the service area, list its LMMI percentage, and state whether the LMMI percentage is based on HUD's census data or an income survey. Also
<br /> attach a map outlining the correlation between the service area and the census boundaries.
<br /> • LMMC: Describe how the project exclusively benefits a limited clientele or the process and income levels used for income qualifying persons served by the activity.
<br /> National Explanation
<br /> Objective
<br /> LMMH Each family's income and household composition will be verified using standard third-party verification procedures and documenting
<br /> alternative procedures when necessary. Verifications will be maintained in program files.
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<br /> 6. Funds Obligation Timeline:
<br /> 50% Funds Obligated 100% Funds Obligated/End Date If anticipate program income, please list source.
<br /> ,�•� January 2010 September 10, 2010 None anticipated, but may come from secondary
<br /> sale.
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<br /> 7. Specific Activity Requirements:
<br /> Acquisition Activities • Describe how you will ensure All units will be subject to third party professional appraisal and the purchase price will not exceed 85% of
<br /> the NSP purchase discount appraised value.
<br /> requirement will be met:
<br /> Financing Activities • List the anticipated range of Zero to three percent depending on underwriting guidelines.
<br /> interest rates:
<br /> Housing related • List the duration or term of This project will be exclusively for home ownership opportunities. The assistance will provide for ongoing
<br /> activities assistance affordability restrictions at least equivalent to those at 24 CFR 92.254. Loans shall be due on sale. In case of an
<br /> • Rental or homeownership approved form of permanent affordability restriction, such as with a community land trust,financing assistance
<br /> may be in the form of a permanent grant.
<br /> • Describe how the design of
<br /> the activity will ensure
<br /> continued affordability.
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