Agreement - Hurry Home - Home Ownership Financing Program

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AGREEMENT FOR DONATION OF FUNDS TO HOMEOWNERSHIP FINANCING PROGRAM THIS AGREEMENT for Donation of Funds to Homeownership Financing Program (this "Agreement") is made effective this 12`1' day of .Tune 2018 by and between the City of South Bend, Indiana, by and through its Board of Public Works, for and on behalf of the Department of Community Investment (the "City") and Hurry Home, Inc. ("Hurry Home"). RECITALS WHEREAS, Hurry Home provides alternative financing for homes for which banks cannot profitably originate mortgages, enabling renters to become homeowners and in turn helping to stabilize neighborhoods and families; and WHEREAS, the City supports programs for home buyers, including those providing new home buyer counseling and funds for down payment and closing cost assistance; and WHEREAS, the City desires to work with Hurry Home and Hurry Home desires to work with the City to provide prospective new home buyers with certain resources. AGREEMENT NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. DEFINITIONS. In addition to any terms otherwise defined herein, the following capitalized terms are used throughout this Agreement and shall have the meanings set forth below: a. Total Donation Amount. The Total Donation Amount is Eighty Thousand Dollars ($80,000.00). b. Qualified Purchaser. A home buyer shall be a Qualified Purchaser if he or she: i. Has a household income of no more than eighty percent (80%) of the area median income adjusted for household size; ii. Is a first-time home buyer, unless he or she: 1. Owns a mobile home, 2. Has been displaced from his or her current home due to legal issues, 3. Has relocated to the area, 4. Has not owned a home in the preceding three (3) years, or 5. Has a foreclosure history with extenuating circumstances; iii. Has at least Two Thousand Dollars ($2,000.00) in readily available cash; and iv. Has evidenced that he or she has completed the Pre -Purchase Requirements.