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<br />¡ <br />I <br /> <br />( <br /> <br />a. Oualification as Affordable Housing. The Project <br />purchased with the Consortium HOME Loan shall meet the <br />Affordability Requirements as set forth in 24 CFR §92.254, and <br />with respect thereto the Borrower hereby represents, warrants and <br />covenants: <br /> <br />(l)(i) the Project has an initial purchase price (namely, <br />$ ) that does not exceed 95 % of the median <br />purchase price for the type of single family housing for the <br />jurisdiction as determined by HUD (such median purchase <br />price being $105,000 and 95% of such median purchase <br />price being $99,750); and <br /> <br />(ii) the Project has an estimated appraised value at <br />acquisition, if standard, or after any repair needed to meet <br />property standards in §92.251, that does not exceed the <br />appropriate mortgage limit described in the immediately <br />preceding paragraph (a)(l)(i) of this subsection; <br /> <br />(2) the Project upon acquisition, will be the principal <br />residence of the Eligible Borrower whose family qualifies <br />as a low-income family at the time of purchase; and <br /> <br />(3) Upon the sale of the Project, the Project is subject to <br />the following recapture requirements (the "Recapture <br />Requirements "): <br /> <br />RecaDture Reauirements. The Eligible Borrower agrees to <br />repay the full amount of the Consortium HOME Loan out <br />of the Net Proceeds resulting from the sale or other <br />transfer of the Project Site; provided however, if the Net <br />Proceeds are not sufficient to repay the full amount of the <br />Consortium HOME Loan invested, plus enable the Eligible <br />Borrower to recover the amount of the Eligible Borrower's <br />downpayment (to the extent not provided for from the <br />Consortium HOME Loan), principal payments, and any <br />capital improvement investment, then the Consortium may <br />reduce the Consortium HOME Loan pro rata based on the <br />time the Eligible Borrower has owned and occupied the <br />Project measured against the required Affordability Term; <br />except that, if there is a reduction in the amount of the <br />Consortium HOME Loan to be repaid, the Eligible <br />Borrower may not recover more than the amount of the <br />Eligible Borrower's downpayment, principal payments, and <br />any capital improvement investment, as such investment is <br /> <br />8 <br />