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I \ 3) who has established residency within the geographic boundaries of the City at least one year prior to approval of the Consortium HOME Loan, as evidenced by written verification required by the City, including, but not limited to, current utility bills and rental receipts; and 4) who is acquiring the Project for use as such party's principal residence; and 5) who is providing from such party's own funds as a down payment with respect to the purchase of the Project at least three percent (3 %) of the purchase price; and 6) who qualifies for a First Mortgage Loan with respect to the Project without taking into account funds to be made available pursuant to a Consortium HOME Loan under a Homebuyer Agreement for the purpose of calculating debt ratios. "Elil!ible Propertv" means real property: 1) that is located entirely within the City's geographic boundaries; and 2) that includes a single-family or two-family dwelling or a condominium unit and whose permitted use under the zoning laws of the City is residential; and 3) with respect to which, upon acquisition by the Eligible Borrower, no person (including individuals, families, businesses or nonprofit organizations) will constitute either (a) a residential tenant eligible at the time of such acquisition for any reimbursement or services under paragraph (b) of §92.353, Temporary Relocation, of the HOME Program or (b) a person eligible for relocation assistance for displaced persons under paragraph (c) of §92.353 of the HOME Program; and 4) that ( a) has an initial purchase price that does not exceed 95 % of the Median Purchase Price for the City as determined by HUD for the type of housing permitted under item (2) above; and (b) has an estimated appraised value at acquisition, if standard, or after any repair needed to meet the property standards in §92.251 of the HOME Program, that does not exceed the appropriate mortgage limit described in the immediately preceding item (a); and 5) the dwelling unit with respect to which meets, at a minimum, the City's Housing Code, or (b) is to be rehabilitated to meet the City's Housing Code after transfer of ownership interest; the housing must be free from all noted health and safety defects (i) that under the City's Housing Code would prohibit occupancy prior to the Eligible Borrower occupying the dwelling unit and (ii) not later than six (6) months after transfer of the ownership interest; and B-2