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<br />RESIDENTIAL REPAIR PROGRAM <br />PREFERRED TERMS <br /> <br />The preferred terms shall be as follows: <br /> <br />Preferred Terms: THIRTY PERCENT (30%) of the principal balance of the Loan, may be forgiven <br />as a grant to an Applicant if he/she or any member of the household is a member of any one of the <br />following groups: <br /> <br />1. Elderly person 62 years of age or older. <br /> <br />2. Disabled person as defined by 24 CFR 5.403 when the condition is verified by appropriate <br />diagnostician such as physician, psychiatrist, psychologist, therapist, rehabilitation specialist, <br />or licensed social worker, using the HUD language as the verification format. <br /> <br />All legal owners shall be required to sign a Mortgage and Note and a Grant Agreement that spells <br />out the terms and conditions of the Loan and Grant. <br /> <br /> <br /> <br />2019 MEDIAN FAMILY INCOME: $70,100 <br />EFFECTIVE: April 29, 2019 <br /> <br />INCOME GUIDELINES <br /> <br />HOUSEHOLD LOW-INCOME <br />SIZE LIMITS <br />1 44,000 <br />2 50,250 <br />3 56,550 <br />4 62,800 <br />5 67,850 <br />6 72,850 <br />7 77,900 <br />8 82,900 <br /> <br /> <br />FAMILY SIZE ADJUSTMENT: <br />For each person in excess of eight, 8 percent of the four person base should be added to the eight-person limit. <br />(For example, the nine-person limit equals 140 percent \[132 + 8\] of the relevant four-person income limit.) All <br />income limits are rounded to the nearest $50 to reduce administrative burden. <br /> <br /> <br />