Contract - DCI - Near Northwest Neighborhood Revitalization Organization - Provide Development Costs for New Construction of Single Family Home at 808 N Hill Street

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FY 2017 Income Limits (Effective June 15, 2017) 1-Person 2-Person 3-Person 4-Person 5-Person 6-Person 7-Person 8-Person Household Household Household Household Household Household Household Household 30% 12,850 14,650 16,500 18,300 19,800 21,250 22,700 24,200 AMI 50% 21,350 24,400 27,450 30,500 32,950 35,400 37,850 40,300 AMI 60% 25,620 29,280 32,940 36,600 39,540 42,480 45,420 48,360 AMI 80% 34,200 39,050 43,950 48,800 52,750 56,650 60,550 64,450 AMI Income limits are subject to change Affordability Guidelines HUD requires that grantees include provisions for long-term affordability: that the sale, rental, or redevelopment of abandoned and foreclosed upon homes and residential properties remain affordable. At a minimum, the City of South Bend will follow the HOME Investment affordability guidelines for homebuyer and rental units assisted. The City's long term affordability policy is as follows: For Homebuyers; Recapture Policy The amount of equity to be returned to the initial home buyer of an affordable housing unit rehabilitated with NSP3 Funds (Homeowner) (Unit), and the amount of NSP3 funds subject to recapture as required of HOME funds under 24 CFR Pala 92, Section 92.254, with respect to such Unit, will be determined as follows: 1. NSP3 funds expended for eligible activities in connection with the development of affordable housing, and which are allocable to such unit, will not be recaptured upon the initial sale by the recipient of NSP3 funds of such Unit. 2. NSP3 funds will be deemed allocated to a Unit (the Allocation) in accordance with the scope of the project wholly or partially financed by such NSP3 funds. In the case of a project consisting solely of affordable housing units, NSP3 funds shall be allocable to each Unit developed by the project in the same proportion the NSP3 funds bear to the total of all funds expended in completing the project. 3. The total NSP3 investment in the Unit that is subject to recapture upon sale of the Unit by the Homeowner, and each subsequent sale during the minimum period described in paragraph number 4, herein below (Recapture Amount) (Recapture Period), is that portion of the Allocation that enabled the Homeowner to buy the Unit. This includes that portion of the Allocation used in the form of a direct subsidy to the Homeowner that reduced the Homeowner's purchase price for the Unit from the fair market value of the Unit (as determined by an independent appraisal of the after -rehabilitation value of the Unit) to an affordable price (determined to be the Homeowner's purchase price for the Unit). 16