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6) that meets the Participating Bank's customary and usual appraisal standards required for the granting of a First Mortgage Loan. "First Mortgage Loan Term" means the maximum period of time that the First Mortgage Loan is anticipated to be outstanding at the time of execution of the First Mortgage Loan. "Fiscal Year" means, with respect to the Committed Amount of HOME Funds, the two year period ending August 31, 1996 and with respect to any additional HOME Funds committed to this Program, the two year period ending on the last day of the month in which HUD executes the award letter to the Lead Entity. "Homebuver" means an individual or an individual and his or her spouse who have not owned a dwelling unit during the three-year period before purchase of the dwelling units that is assisted with HOME Funds, except that an individual may not be excluded as a fIrst-time homebuyer under this defInition on the basis that the individual owns or owned, as a principal residence during the three-year period before the purchase of a home that is assisted with HOME Funds pursuant to this Agreement, a dwelling unit whose structure is (1) not permanently affIxed to a permanent foundation in accordance with local or other applicable regulations or (2) not in compliance with the City's building code, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure. "Owned a dwelling unit" as used in this defInition means to have had a fee simple interest in a dwelling unit. "Market Rate" means with respect to a First Mortgage Loan that will bear interest at a fIxed interest rate, the interest rate per annum equal to the average rate on the 10-year U.S. Treasury note, as set forth on the date of completion of the First Mortgage Loan application in the most recently published Federal Reserve Weeklv Statistical Release H. 15, plus 200 basis points. "Market Rate Monthlv Pavment" means the monthly amount necessary to fully amortiie the First Mortgage Loan at the Market Rate over the First Mortgage Loan Term. "Median Purchase Price for the City as determined bv HUD" means, as of the date of this Agreement, with respect to (i) single family homes, $99,750, (ii) two family homes, $112,350 and (iìi) condominium units, $99,750; unless and until the City certifies in writing to the Participating Bank at a later date a different median purchase price and then the Median Purchase Price for the City as determined by HUD shall mean the median purchase price so certifIed. "Minimum Matching Contribution" means an amount equal to 25% of the Eligible Borrower's Consortium HOME Loan. B-3