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Rehabilitation Standards for HOME-Funded Projects and Programs, dated <br /> February 26, 2014, incorporated herein by this reference, and as <br /> subsequently amended; the Agency's Community Housing Improvement <br /> Program (CHIP) Operating Procedures Manual approved by the County, <br /> dated October 2012, incorporated herein by this reference, as <br /> subsequently amended with notice provided to the County; and applicable <br /> state and local codes. <br /> C. Eligible Project Costs <br /> 1. The HOME funds under this Agreement must be used to provide home <br /> rehabilitation loans to homeowners to assist with HOME-eligible housing <br /> rehabilitation costs. Costs eligible for these loans must be: (a) to meet the <br /> property standards contained in 24 CFR § 92.251, (b) to make essential <br /> improvements, including energy-related repairs or improvements, <br /> improvements necessary to permit use by persons with disabilities, and <br /> the abatement of lead-based paint hazards, as required by 24 CFR <br /> Part 35, or (c) for other eligible purposes as listed under 24 CFR § 92.206 <br /> (a) and (d). The loans will be made upon the terms set forth in Exhibit B. <br /> 2. The HOME funds under this Agreement may be used to pay the cost to <br /> refinance existing debt as part of the home rehabilitation loans only in <br /> accordance with the requirements of 24 CFR § 92.206(b) and only after <br /> the County has established refinancing guidelines and amended the <br /> Snohomish County Urban County Consortium 2015-2019 Consolidated <br /> Plan to state these requirements, as required by 24 CFR § 92.206(b)(2). <br /> D. Qualification as Affordable Housing <br /> 1. Beneficiary Requirements <br /> The housing assisted with HOME funds under this Agreement: <br /> a. must be owned by a homeowner whose family qualifies as a "low- <br /> income family" as defined in 24 CFR § 92.2 (a family whose annual <br /> income does not exceed 80% of the area median income, adjusted for <br /> family size, as determined by HUD), either at the time of loan <br /> execution or as provided in 24 CFR § 92.203(d)(2); and <br /> b. must be occupied by the family as its principal residence. <br /> 2. Income Determinations <br /> The Agency will utilize the 24 CFR 5.609 (Section 8) definition for annual <br /> income to make income eligibility determinations for the HOME <br /> rehabilitation loans. <br /> Exhibit A-3 <br /> HCS-16-42-1601-198(3) <br /> City of Everett <br /> Page 11 of 23 <br />