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RESIDENTIAL REPAIR PROGRAM <br />PREFERRED TERMS <br />The preferred terms shall be as follows: <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 />1. Elderly person 62 years of age or older. <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 />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 />2016 MEDIAN FAMILY INCOME: $57,600 <br />EFFECTIVE: March 29, 2016 <br />INCOME GUIDELINES <br />HOUSEHOLDLOW-INCOME <br />SIZELIMITS <br />139,000 <br />244,600 <br />350,150 <br />455,700 <br />560,200 <br />664,650 <br />769,100 <br />873,550 <br />FAMILY SIZE ADJUSTMENT: <br />Four 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 />