2018-367 Housing - Community Home Trust Grant Agreement

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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 RB6513 142 52/ 8 ■ Exhibit H: CHT PROGRAM ELIGIBILITY POLICY Program Eligibility Policy Approved 9/14/16 The following criteria will be used to evaluate eligibility for specific homeownership opportunities through Community Home Trust. Based on the following criteria, applicants may qualify for the program, but must also meet affordability, subsidy, and lending requirements in order to purchase a specific home. Income Guidelines The Home Trust is limited to selling most of its homes to buyers making less than 80% of the area median income published by HUD each year. The Home Trust can sell certain properties to buyers making up to 115% of the area median income. Buyers over 80% AMI, are generally not eligible for new subsidy funds. However, buyers above 80% maybe eligible to purchase homes already subsidized. Please seethe "Subsidy Qualification Requirements" for more information. In order to qualify to purchase a specific property, the buyer's income must be sufficient to meet the affordability guidelines outlined below: ■ The buyer's total monthly housing costs (excluding utilities), must not exceed 30% of the buyer's gross monthly income. Although program eligibility does not allow a buyer's housing ratio to exceed 30 %, the Home Trust targets a maximum housing ratio of 28% (less, 1% for each dependent), whenever possible. Income Inclusions: The Home Trust will use the income inclusions required by HUD's HOME program to determine eligibility, even if HOME funds are not being used. In certain circumstances, the Home Trust reserves the right to exclude income when determining affordability to purchase a home (see "Eligibility vs. Affordability Guidelines "). Student and Work Status Student Status A student is defined as someone who is working less than 32 hours per week and is enrolled in an undergraduate, graduate, or community college program. Students (both single and married) are considered to have "temporarily reduced" income and therefore may only purchase a Home Trust home if certain criteria are met: ■ New homes under construction: Student households will be eligible to purchase any remaining units after C/0 has been issued ■ Existing homes: Student households may purchase a home after the home has been marketed a minimum of 30 days.