Laserfiche WebLink
For the purchase of constructed housing units, either new <br />or existing, the funds for downpayment/closing cost loans <br />shall be delivered at the time of closing, whereby the <br />transaction transferring ownership of the eligible <br />housing unit to the eligible person is completed. For <br />the purchase of new housing units to be constructed, the <br />funds for downpayment/closing cost loans shall be <br />delivered to the financial institution providing the <br />construction loan for the housing unit for inclusion in <br />the individual construction disbursement account. <br />Downpayment/closing cost loans shall not be provided for <br />the acquisition of housing units requiring rehabilitation <br />prior to approval for occupancy by residents. <br />Housing units acquired by eligible persons which are to <br />be constructed, or were constructed as new units or <br />substantially rehabilitated (documented rehabilitation <br />expenditures of greater than ten thousand dollars <br />$10,000.00) within one (1) calendar year prior to the <br />closing transaction to acquire that housing unit shall be <br />classified as constructed, rehabilitated, or repaired <br />units as listed Section III.A.4.a. <br />i. Geographic Area <br />Downpayment/Closing cost loans may be made for <br />eligible housing units located anywhere in the <br />County, including all municipalities located within <br />the County. <br />ii. Housing Unit Classification <br />All housing units shall be owner -occupied single- <br />family residences. <br />Applicant Classification <br />(a) Downpayment/Closing cost loans may be awarded <br />for eligible housing to be provided by the <br />following eligible sponsors: <br />1. Very Low -Income Eligible Persons <br />2. Low -Income Eligible Persons <br />3. Moderate -Income Eligible Persons <br />(b) Downpayment/Closing cost loans shall result in <br />eligible housing for the following eligible <br />persons. <br />1. Very Low -Income Persons <br />b. <br />Eligibility <br />i. Geographic Area <br />Downpayment/Closing cost loans may be made for <br />eligible housing units located anywhere in the <br />County, including all municipalities located within <br />the County. <br />ii. Housing Unit Classification <br />All housing units shall be owner -occupied single- <br />family residences. <br />Applicant Classification <br />(a) Downpayment/Closing cost loans may be awarded <br />for eligible housing to be provided by the <br />following eligible sponsors: <br />1. Very Low -Income Eligible Persons <br />2. Low -Income Eligible Persons <br />3. Moderate -Income Eligible Persons <br />(b) Downpayment/Closing cost loans shall result in <br />eligible housing for the following eligible <br />persons. <br />1. Very Low -Income Persons <br />