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iii. Applicant Classification <br /> (a) Downpayment/Closing cost loans may be awarded <br /> to the following eligible sponsors: <br /> I. Very Low-Income Eligible Persons <br /> 2. Low-Income Eligible Persons <br /> 3. Moderate-Income Eligible Persons (only <br /> for the lower half of the moderate income <br /> range: from 80% to 100% of the county's <br /> median income) <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 30% of the funds ems to <br /> be utilized assisbed during the fiscal year will be <br /> used seeeiid by very low income households. After <br /> that, funds for downpayment/closing cost assistance <br /> for the purchase of existing units may be made <br /> available to low and moderate income households. <br /> (b) Downpayneat/Closing cost loans shall result in <br /> eligible housing for the following eligible <br /> persons : <br /> 1. Very Low-Income Persons <br /> 2. Low-Lncome Persons <br /> 3. Moderate-Income Persons (only for the <br /> lower half of the moderate income range: <br /> from 80% to 100% of the county' s median <br /> income) <br /> c. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a downpayment/ <br /> closing cost Loan may be up to, but shall not <br /> exceed, $5,000. 00 for awards provided to eligible <br /> moderate-income persons, $10, 000.00 for awards <br /> provided to eligible low income persons, or <br /> $15,000.00 for very low-income persons. <br /> ii. Repayment Terms/Timeframe <br /> Downpayment/Closing cost loans shall be deferred <br /> payment loans whereby repayment of the loan amount <br /> and applicable accrued interest occurs at the time <br /> the eligible housing unit is sold. <br /> 21 <br />