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N` <br /> N <br /> PROJECT TOTALS $105,000 2 units <br /> 3 •ers <br /> f.: avw s F.. , .. e c.sc'� a, « " f k� ,�,: <br /> HI <br /> ;. <br /> �%..'� y'• e�:�., k�'",%�. ...v, .,.. _,. ,..«., > ��� x r4� ��;�. .�,an r.� na .r.��"�r �t - -�a �r� rr`s .. »_,.. ._�... <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. <br /> _ <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 From sale of homes to eligible families. <br /> ;"'P` dcJ'� ''�`' a....�- 'Y<; � � .. ,� ,. }r�.:u°'il.S h 'c�"S-� y "a� h� Y r� C ",��< ✓ <br /> i, <br /> • <br /> ' .� `, �-�,... ; aa-ro���.;am £��� �,r + ' ���z �, �. z.� b.m �` ,r.�.,�d <br /> 7. Specific Activity Requirements: <br /> Acquisition Activities • Describe how you will ensure All units will be subject to third-party professional appraisal and purchase price will not exceed 85%of appraised <br /> the NSP purchase discount value. <br /> requirement will be met: <br /> Financing Activities • List the anticipated range of Zero to three percent for soft second resale loans. <br /> interest rates: <br /> Housing related • List the duration or term of This project will be exclusively for home ownership opportunities. Covenants will require interim rental, if any, <br /> activities assistance exclusively to families with incomes under 50% of median income and resale only to similar families. A <br /> • Rental or homeownership permanent affordability restriction will be included if funds are converted to a grant. Otherwise, restrictions will be <br /> at least equivalent to those at 24 CFR 92.254 with loan due on sale. <br /> • Describe how the design of <br /> the activity will ensure <br /> continued affordability. <br /> 5 <br />