Res 2009-074 - Laserfiche WebLink

Home Browse Search

H. No member of the San Marcos City Council and no other official, employee, or agent of the City who exercises any policy-decision making function in connection with the program shall directly or indirectly be eligible for assistance through the program. 1. Applications will be accepted on a first-come, first-served basis until program funds are gone. City staff will review the applications for completeness and eligibility before the application is formally accepted. J. Applicants must have obtained a valid, pre-approved conditional mortgage commitment letter from an accredited lender before applying for the program. K. The applicant must not owe any outstanding taxes or debts to the City prior to the award of the assistance and must have satisfied any prior City housing program requirements. 5. PROPERTY ELIGIBILITY STANDARDS A. Homes must be located inside the San Marcos city limits. B. The home must be a new or existing single-family dwelling as defined in the City's Land Development Code. Manufactured housing is not an eligible form of housing for this program. C. The purchase price for the home cannot exceed 95% of the median purchase price for the area as specified in Section 203 (b) of HUD's FHA single-family mortgage insurance program. An appraisal shall be obtained to verify that the property does not exceed this amount. D. The property must satisfactorily clear a HUD-required environmental review which will be performed by City staff. E. Homes located within the 100-year floodplain must be elevated so that the structure is at or above the established base flood elevation to be eligible for the program. Flood insurance must be maintained for the life of the FTH loan in an amount not less than the amount of the FTH loan. Documentation of acquisition of a one-year flood insurance policy and a flood elevation certificate must be submitted prior to closing as a part of the application process. F. The housing unit must pass a Housing Quality Standards Evaluation. G. A Certificate of Occupancy must be submitted prior to closing for new construction. H. Homes constructed prior to 1978 are not eligible for assistance. An exception may be authorized by the City after review of a lead risk assessment report prepared by a certified Lead Risk Assessor in compliance with 24 CFR Part 35 Lead Safe Housing requirements. 1. The sale of this property cannot displace occupants who are not the owners of the property being purchased. A signed Buyer/Seller Certification of Purchase will be required. • J. Owner-financed properties are not eligible for assistance. Lease-Purchase 4/09 Revised First-Time Homebuyer's Program Page 4