2018-367 Housing - Community Home Trust Grant Agreement

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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 Miscellaneous Over 65 years of age 45I5,158�uVIIIINININIIN Applicants over the age of 65 at the time of purchase must comply with all program requirements with the exception of: • Do not need to work a minimum of 32 hours per week • May have more than $100,000 in non - retirement assets • Do not need to be a first time homebuyer - 30 day waiting period waived • If purchasing a condo in the Town of Chapel Hill they do not need to meet residency requirement - 30 day waiting period waived Applicants over 65 years of age must still fulfill all educational requirements, regardless of loan financing or first time homebuyer status. Exceptions: Allowed exceptions to this policy are outlined in the attached "Exceptions Policy. " Exceptions are granted based on desirability of certain properties, days on market, buyer circumstances, and property deficiencies. Subsidy: Each subsidy source requires different qualifications. See the "Subsidy Qualification Requirements" for HOME, CDBG, AHDR, Bond, and CPLP qualification requirements. 1st Mortgages: Except in rare circumstances, buyers must qualify for a 1st mortgage to purchase a CHT home. See the "Lending Qualification Requirements" for the lending qualifications of our current loan products. Applicant Recourse to Appeal Provisions of this Policy: If an applicant wishes to appeal for a waiver or modification of any of the above requirements, he /she may appeal to the Community Home Trust Board of Directors. The Board of Directors will only consider waivers for policies unrelated to subsidy requirements or the basic program guidelines. An applicant's appeal should include a written, brief description of the situation and the reason for the waiver request and can be sent directly to the Executive Director to discuss with the Board. The decision of the Board of Directors is final and not subject to further appeal. Statement of Expectations of Full Disclosure: It is expected that every applicant provide all relevant information that impacts his /her eligibility for the Community Home Trust homeownership program. An applicant should fully and honestly disclose all information used to determine program eligibility and subsidy allocation, including, but not limited to, total household size, income, and assets. Withholding or misrepresenting information regarding any criteria used to determine program eligibility or subsidy allocations constitutes fraud and will result in immediate disqualification from the program, as well as possible legal action. Community Home Trust is an equal housing opportunity provider and does not discriminate because of race, color, religion, sex, disability, familial status, or national origin.