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M. Down Payment Assistance Activity -Down Payment Allowances <br />The approved Applicant of a CDBG/DRI Down Payment Assistance Activity will <br />be eligible for the following Disaster Recovery Initiative Program housing <br />payment assistance, maximum amounts, subject to Application review by the <br />HRS and PA, and subject to financial need on a case by case basis to meet <br />down payment needs and keep the primary mortgage reasonable and within <br />current HUD guidelines for maximum monthly rent/mortgage cost for the <br />household income of the Applicant: <br />Family <br />Size <br />Up to <br />80% AMI <br />1 <br />$20,000:00 <br />2 <br />/$25,000:00 <br />3 <br />,,-\�$3b,000"00 <br />4 <br />/ j $35,000.00\ <br />5 ( <br />/ $40,000.00 <br />6 `ti <br />$40,000.00 <br />7 <br />\$40,00'0`00 <br />/-8, <br />\ $40,000.00 <br />\ r <br />The HRS and PA will revi each Applicant's c se and discuss with the primary <br />lender and Applicant the limitations of the.program�The HRS will determine the <br />amount of assistance needed for down payment, closing and buy down of the <br />primary notVor each Applicant's household s ze-and income range. The HRS <br />will recommend the amount to thezPA and County in the best interest of the <br />program. If more funds are needed than allowed to make the Applicant feasible <br />to receive purchase assistance, other.housing purchase assistance funds must <br />be,obta ni ed -to meet �HUD.mortgag `os`sl�mits, or the Applicant will be rejected <br />as infeasibleue to income limitations,and the inability to keep the primary note <br />Within the HUD,guidelines (usually no,m�ore than thirty percent (30%) of gross <br />income for mortgage;insuranc`, taxes and other mortgage costs combined, but <br />whatever is current at the time�Application review will be used as a guide). <br />This Housing Assistance Plan and its Operational Procedures is adopted this <br />day of \ / , 2018 <br />Peter D. O'Bryan, Chairman <br />129 <br />