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included for eligibility purposes. <br /> <br />However, for underwriting purposes, the following adjustments will be <br />made: <br />• The income of adults who will not have an ownership interest in the <br />property will be excluded. For example, in a circumstance where an <br />elderly parent is part of the household but is neither being listed on title <br />to the property nor included on the loan documents, that individual’s <br />income will not be included in calculations of the income available to <br />make the mortgage payment. However, this exclusion for “non‐ <br />purchasing” adults is not intended to artificially exclude the income of <br />a household member with marginal credit. In the case of married <br />couples, the income of both spouses will always be included for <br />underwriting purposes. <br />• Significant sources of income such as social security benefits, child <br />support payments, or the like that will not continue for three (3) years <br />will be excluded. For example, while child support received for a 16 ½ <br />year old is included in the Part 5 definition of income because it will <br />continue over the upcoming 12 months, the source of income will cease <br />in about a year and a half when the child turns 18 and should not be <br />counted on in sizing the buyer’s mortgage. <br /> <br />B. Upon determining the amount to be invested in a Project dwelling unit, the <br />HOME Awardee shall record a Declaration of Restrictive Covenants <br />encumbering the Project dwelling unit in accordance with Subsection VI(C), <br />below. <br /> <br />C. The Declaration of Restrictive Covenants shall provide that each of the Project <br />dwelling units must remain affordable, according to the requirements of the <br />HOME Program, for the HOME Affordability Period of up to 15 years, after <br />which time, each of the Project dwelling units must adhere to the requirements of <br />the County’s Long-Term Housing Affordability Policy and continue to remain <br />affordable for a period of ninety-nine years. The HOME Awardee shall retain <br />full responsibility for compliance with the affordability requirement for each of <br />the Project dwelling units, unless affordability restrictions are terminated due to <br />the sale of the Property to a non-qualified buyer and repayment of the HOME <br />investment. If the original homebuyer(s) wish to sell or transfer the Property <br />during the HOME Affordability Period, the HOME Resale Provisions of this <br />Agreement pertain. In the event of a sale of the Property, the HOME Awardee <br />assures compliance with affordability requirements of each of the Project <br />dwelling units as provided in the Declaration of Restricted Covenants on the <br />Property. In the event that the original homebuyer(s) violate the HOME principal <br />residence requirement, to include sale or transfer of the Property to a non- <br />qualified buyer during the HOME Affordability Period, the Property will be <br />found noncompliant with HOME requirements and the HOME investment must <br />be repaid to the County. The Declaration of Restricted Covenants shall constitute <br />and remain a lien on the Property during the entire period of affordability. <br /> <br />Docusign Envelope ID: 9307EECF-67A0-42F5-A601-DB137FFD8FA3