Laserfiche WebLink
<br />I <br /> <br />í <br /> <br />i <br /> <br />í <br /> <br />EXHIBIT B <br /> <br />DEFINITIONS <br /> <br />"Below-Market Interest Rate" means that fixed interest rate per annum (truncated <br />after the fourth decimal place) necessary to fully amortize the First Mortgage Loan over the First <br />Mortgage Loan Tenn based on the Below-Market Monthly Payment, the calculation of which <br />interest rate is described in Exhibit F to this Agreement. <br /> <br />"Below-Market Monthlv Pavment" means the amount equal to the difference <br />between the Market Rate Monthly Payment and the Monthly Yield Foregone. <br /> <br />"City's Housing Code" means the applicable City of Lakewood Housing and <br />Building Codes as set forth in Part 13 of the Codified Ordinances of the City. <br /> <br />"Committed Amount of HOME Funds" means (i) with respect to fiscal year 1994 <br />HOME Funds, $210,000 and (ii) with respect to any subsequent fiscal year the amount of <br />HOME Funds approved for the Program by the Consortium Review Board, notice of which shall <br />be given in writing to the Participating Bank by the City. <br /> <br />"DisDlaced Homemaker" means an individual who: <br />(1) is an adult; <br />(2) has not worked full-time, full-year in the labor force for two or <br />more years but has, during such years, worked primarily without <br />remuneration to care for the home and family; and <br />(3) is unemployed or underemployed and is experiencing difficulty in <br />obtaining or upgrading employment. <br /> <br />"Eligible Acauisition Costs" means any or all of the following costs or expenses <br />of an Eligible Borrower in connection with the acquisition of an Eligible Property: <br />1) the down payment; or <br />2) any costs incurred in connection with obtaining a First Mortgage <br />Loan, including but not limited to any related costs; provided that <br />any points paid by the City shall not exceed three points. <br /> <br />"Eligible Borrower" shall mean a natural person: <br />1) who is a Homebuyer, a Displaced Homemaker or a Single Parent; <br />and <br />2) whose family has adjusted gross income that does not exceed <br />eighty percent (80%) of the median income for the City's <br />geographical area adjusted by household size, as set forth in the <br />Table of Median Incomes by Household in Exhibit C attached <br />hereto and a made a part hereof; and <br /> <br />B-1 <br />