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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 /> HOUSEHOLD LOW-INCOME <br /> SIZE LIMITS <br /> 1 39,000 <br /> 2 44,600 <br /> 3 50,150 <br /> 4 55,700 <br /> 5 60,200 <br /> 6 64,650 <br /> 7 69,100 <br /> 8 73,550 <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 />