HomeMy WebLinkAboutExhibitEXHIBIT "A"
AMENDING THE REVISED LHAP FOR 2004-2007
Replacement Home Program
• Increasing the maximum amount for the Replacement Home Program from
$120,000 to $150,000
• Changing the loan terms to allow the city to have a pro-rata share of the gain
in case of sale of the property.
Homebuver Program
• Changing the terms of the program to make it forgivable after 30 years
• Changing the terms of the program to allow the city to have a pro-rata share
of the gain in case of sale of the property.
Homeownership Development
• Increasing the maximum per unit amount provided from $30,000 to $40,000 to be
consistent with the rental program
• Adding language to the terms of the loan to allow a maximum interest, allowable
by law, to be charged in case of developer default