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