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3. Eligible Property Types <br /> a. Homes rehabilitated with HOME funds under this Agreement must be <br /> single family housing (1- to 4-unit dwelling, condominium unit, or <br /> equivalent form of ownership approved by HUD, all as defined as <br /> "homeownership" under 24 CFR § 92.2). <br /> b. As required by 24 CFR § 92.254(c) and 24 CFR § 92.2, <br /> homeownership interest in housing units assisted with HOME funds <br /> under this Agreement must be evidenced by one of the following: <br /> i. Fee simple title; <br /> ii. Ninety-nine (99) year leasehold interest (at least 50 year lease on <br /> Indian trust or restricted Indian lands or a Community Land Trust); <br /> iii. Manufactured housing with lease for a period at least equal to the <br /> applicable period of affordability in 24 CFR § 92.254; <br /> iv. Inherited property with multiple owners for which title has been <br /> passed to several individuals by inheritance, but not all heirs reside <br /> in the housing, sharing ownership with other nonresident heirs, and <br /> the applicant owner-occupant qualifies as Low-Income, occupies <br /> the housing as his or her principal residence, and pays all the costs <br /> associated with ownership and maintenance of the housing (.e.g. <br /> mortgage, taxes insurance, utilities; <br /> , <br /> v. Life estate where applicant occupant holds a life estate, has a right <br /> to live in the housing for the remainder of his or her life, does not <br /> pay rent, qualifies as Low-Income, and occupies the housing as his <br /> or her principal residence; <br /> vi. Inter vivos trust (also known as a living trust) where trust holds legal <br /> title and beneficiary or beneficiaries hold equitable title, where trust <br /> is valid and enforceable, where each beneficiary has the legal right <br /> to occupy the property for the remainder of his or her life, and <br /> where all beneficiaries of the trust qualify as Low-Income and <br /> occupy the property as their principal residence; or <br /> vii. Beneficiary deed which conveys an ownership interest in real <br /> property, including any debt secured by a lien on real property, to a <br /> grantee beneficiary designated by the owner that expressly states <br /> that the deed is effective on the death of the owner, where upon the <br /> death of the owner the grantee beneficiary receives ownership in <br /> the property subject to all conveyances, assignments, contracts, <br /> mortgages, deeds of trust, liens, security pledges and other <br /> encumbrances made by the owner to which the owner was subject <br /> Exhibit A-3 <br /> HCS-16-42-1601-198(3) <br /> City of Everett <br /> Page 12 of 23 <br />