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Downpayment/closing cost loans may be leveraged with <br />loans from financial institutions, USDA rural <br />development, Community Development Block Grant (CDBG), <br />HOME Investment Partnership Program (HOME) and other <br />applicable state or federal programs. <br />b. Eligibility <br />i. Geographic Area <br />Downpayment/Closing cost loans may be made anywhere <br />in the County, including all municipalities located <br />within the County. <br />ii.. Housing Unit Classification <br />All housing units shall be owner -occupied <br />residences. Mobile homes are not eligible. <br />iii. Applicant Classification <br />(a) Downpayment/Closing cost loans may be awarded <br />to the following: <br />1. Very Low -Income Eligible Persons <br />2. Low -Income Eligible Persons <br />3. Moderate -Income Eligible Persons <br />At the beginning of each FY, funds for downpayment/ <br />closing cost assistance for the purchase of <br />existing units will be allocated only to very low <br />income households until such" time that staff <br />determines that at least 300 of the funds to be <br />utilized during the fiscal year will :be used by — <br />very low income households. After that, funds for <br />downpayment/closing cost assistance for the <br />purchase of existing units may be made available to <br />low and moderate income households. <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 />2. Low -Income Persons <br />3. Moderate -Income Persons <br />22 <br />