June 27, 2019 - present All homebuyer assistance is a second lien deferred forgivable loan, forgiven annually based on the affordability period on a pro-rata basis, subject to the terms of the contract, transfer or other disposition of the property. In the event of a sale, conveyance, transfer, lease, rental or other disposition of the property prior to the completion of the affordability period, the balance is payable immediately on a pro-rata basis. The assistance is also subject to the following affordability restrictions: Homebuyer assistance funded by HOME Investment Program funds under $15,000 will be subject to a five (5) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such five (5) year affordability period. Homebuyer assistance funded by HOME Investment Program funds of $15,000 to $40,000 will be subject to a ten (10) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such ten (10) year affordability period. Homebuyer assistance funded by HOME Investment Program funds over $40,000 will be subject to a fifteen (15) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such fifteen (15) year affordability period. October 30, 2017 - June 26, 2019 All homebuyer assistance is a second lien deferred loan, due and payable in full upon sale, lease, transfer or other disposition of the property. The assistance is also subject to the following affordability restrictions: Homebuyer assistance funded by HOME Investment Program funds under $15,000 will be subject to a five (5) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such five (5) year affordability period. Homebuyer assistance funded by HOME Investment Program funds of $15,000 to $40,000 will be subject to a ten (10) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such ten (10) year affordability period. Homebuyer assistance funded by HOME Investment Program funds over $40,000 will be subject to a fifteen (15) year affordability period. The homebuyer shall, at all times, maintain the property as his/her primary residence during such fifteen (15) year affordability period.
March 1, 2015 to Septemer 30, 2017
Existing and New Homes Homebuyer Assistance Second Lien Loan has a 5 year term. Forgiven 1/5th per year. New Construction: by a CHDO, on a Land Bank Lot, in a Neighborhood Investment Program area or in a special Target Area identified by the Housing/Neighborhood Revitalization Department Homebuyer Assistance Second Lien Loan will follow HUD Guideline which are currently: $0 - $14,999 has a 5 year term, forgiven 1/5th per year $15,000 to $20,000 as a 10 year term, forgiven at 1/10th per year
October 1, 2012 through February 28, 2015
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