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MARICOPA COUNTY HOME Investment Partnerships Program 2016a Work Statement Program Year 2016 Consortium Member: City of Tempe, Arizona Project: Homebuyer Assistance 2016 HOME Funds: $150,509 and $10,000 in administrative funds Type of Property: Single Family A. DETAILED SCOPE OF WORK: a. Consolidated Plan goals as it relates to this activity, include the priority rating i.e. High, Low This activity supports the Consolidated Plan goal to expand affordable housing by providing direct financial assistance to income-qualified homebuyers. This is a High Priority. b. Type of assistance/activity to be provided with HOME funds: Homebuyer Assistance c. Methods and instruments used for ensuring affordability: Recapture provision (funds are secured with a Deed of Trust and Promissory Note. Should the home be sold, refinanced with cash to borrower or no longer the homeowner’s primary residence within the 10 period of affordability, the funds will be recaptured from the net proceeds of the sale and reused for the next income eligible family. d. Anticipated use of program income/project proceeds: Program income/recaptured funds will be used for administration and additional HOME-eligible projects per 24 CFR 92. B. OBJECTIVES AND OUTCOMES (Check appropriate box below.): OUTCOMES OBJECTIVE AVAILABILITY/ AFFORDABILITY SUSTAINABILITY ACCESSIBILITY Homebuyer Activities, Single Family Acquisition/Rehab of rental housing, DECENT Housing Rehab and Acquisition/New Construction of rental Housing Activities in a HOUSING Emergency Rehab, housing, Preservation of existing public targeted revitalization Homebuyer housing units and TBRA, Expansion of area Assistance assisted rental units in the private marketplace C. PROPOSED BENEFICIARIES: Targeted Population by Number of Total Number Income Level Households of Units Households at or below 50% Households at or below 60% Households at or below 80% 5 5 TOTAL 5 5 D. PRIORITY POPULATIONS: None 2016a Work Statement E. PERFORMANCE REPORTING GOALS-TIMELINE OF ACTIVITIES: START COMPLETION MILESTONES DATE DATE HOME Agreement signed by City Official 11/1/16 11/1/16 Underwriting 12/15/16 6/30/17 Secure Financing 12/15/17 6/30/17 Environmental Review 1/15/17 3/15/17 Home Set up Report to County 11/1/16 6/15/17 Acquisition to commence 11/16/16 6/15/17 Executed Deed of Trusts 11/16/16 6/15/17 Completion Report submitted to County 11/16/16 6/15/18 Any change to the Timeline will need to be submitted to and approved by Maricopa County. F. ACTIVITY BUDGET SUMMARY: ACTIVITY HOME Additional Sources* TOTAL FUNDS (defined in COST PY 2016 Table G.) ACQUISITION Land Buildings Closing Costs/DPA $150,509 1,400,000 $1,550,509 Legal Fees TOTAL $150,509 1,400,000 $1,550,509 ADMINISTRATION COSTS Program Delivery Administration $10,000 $10,000 Volunteer Labor GRAND TOTAL $160,509 $1,400,000 $1,660,509 G. SOURCE AND AMOUNT OF OTHER RESOURCES: VOLUNTEER/ FUNDING AGENCY CASH AMOUNT IN-KIND AMOUNT Private Lenders 1,400,000 TOTAL $1,400,000 H. MATCH: identify match sources and amounts that have been committed to the project. Match commitment must equal 25% of the HOME funds requested. Documentation is due at the time of request for payment(s). Match Logs must be submitted annually by June 30th of each year. SOURCE/FUNDING TYPE TOTAL AGENCY In-kind – IDA funds development Newtown CDC $37,627 of affordable housing