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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 pay <br /> rent, qualifies as Low-Income, and occupies the housing as his or <br /> 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 where <br /> all beneficiaries of the trust qualify as Low-Income and occupy the <br /> 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 the <br /> 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 /> during the owner's lifetime, and the applicant beneficiary occupant <br /> qualifies as Low-Income and occupies the property as his or her <br /> principal residence. <br /> 4. Maximum Property Value <br /> As required by 24 CFR § 92.254, the housing assisted with HOME funds <br /> under this Agreement must have an estimated property value, after <br /> rehabilitation, for the type of single family housing, that does not exceed <br /> ninety-five percent (95%) of the median purchase price for the area. In <br /> compliance with 24 CFR § 92.254(b)(1), HUD establishes these limits <br /> based on Federal Housing Administration (FHA) data for existing housing <br /> in the area and other appropriate data. The County has provided the <br /> Agency with the current maximum after-rehabilitation property value limits <br /> for the Snohomish County area. HUD updates these limits periodically and <br /> the County will provide updated limits to the Agency upon receipt of this <br /> information from the Seattle HUD Field Office. <br /> 5. Property Location <br /> The housing assisted with HOME Funds under this Agreement must be <br /> located within the corporate limits of the Agency and the Agency's Urban <br /> Growth Area. <br /> Exhibit A <br /> HCS-19-42-1801-198 <br /> City of Everett <br /> Page 13 of 24 <br />