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property, and that the budget will include a Developer Fee for the Eligible <br /> Non Profit. <br /> 13. Buyer Assistance. The Housing Director, on behalf of the County, may <br /> elect to make NSP funds available to an Eligible Purchaser of a Subject <br /> Property. It is expected that Eligible Purchasers will range in incomes <br /> between 70% and 120% of Area Median Income. Assistance to Buyers <br /> will reduce the amount of NSP funds available to complete the next phase <br /> of the program, and therefore any such assistance is at the Housing <br /> Directors discretion. Any such funds would be in the form of a deferred <br /> second mortgage, with standard recapture requirements, and available only <br /> if all of the following conditions are satisfied: <br /> a. The deferred second mortgage is necessary to assist the Eligible <br /> Purchaser fill the gap between (i) the purchase price of the <br /> renovated house, and (ii) the amount of the first mortgage for <br /> which the Eligible Purchaser qualifies plus the Eligible Purchaser's <br /> available down payment. <br /> b. The Eligible Purchaser deposits a minimum down payment equal <br /> to 3% of the purchase price. <br /> d. All acquisitions and rehabilitations must be completed by February <br /> 1, 2013. <br /> e. The Eligible Purchaser's Housing Costs do not exceed 40% of the <br /> household income. <br /> f. The Eligible Purchaser satisfies the income limitations established <br /> by the NSP, as demonstrated by satisfactory evidence. <br /> g. The Eligible Purchaser obtains a fixed rate first mortgage. <br /> h. The Eligible Purchaser will occupy the house as his /her primary <br /> place of residence. <br /> i. The County obtains a promissory note from the Eligible Purchaser, <br /> which evidences the Eligible Purchaser's promise to repay the NSP <br /> funds to the County. <br /> j. The County obtains a deed of trust, giving the County a security <br /> interest in the Subject Property that meets NSP requirements and is <br /> second only to that of one mortgage lender; provided, however, the <br /> County's security interest in the Subject Property may also be <br /> subordinate to certain state or federal loan programs, such as those <br /> provided by the California Housing Finance Agency (Ca1HFA), <br /> which require senior lien positions. <br /> k. The maximum of NSP funds used for down payment assistance <br /> cannot exceed the amount of down payment the borrower provides <br /> in cash. <br /> If the County makes NSP funds available to an Eligible Purchaser, <br /> the County may agree to permit its security interest in the Subject <br /> Property to be subordinate to that of the first mortgage lender if the <br /> following conditions are met: <br />