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design features to benefit teachers, other local educators, and critical first responders to live in the communities in which they work. This program is modeled after a successful San Francisco loan program which has been in place for many years and which has been approved by Fannie Mae, FHA, and first mortgage lenders, which will allow the program to be up and running quickly. It is a shared-appreciation, silent- second mortgage that can provide up to 15%of the purchase price towards the down payment, with the home purchaser providing the remaining 5% (3%of their own funds minimum). There is no interest rate on the loan and no monthly payments to add to housing cost burden. When the home is sold or transferred to anyone other than an approved, income-eligible household, the loan is paid back along with the same percentage share of the net appreciation equity. This allows the funds to revolve and serve other households as the sales prices in the market rise, while also allowing the homeowner to benefit from a share of the appreciated price. The homes purchased with these loans will be monitored to ensure that they remain owner-occupied. Home Preservation Loan Program: The goal of this component of the bond program is to assist Low-Income Seniors, People with Disabilities, and other low-income homeowners to remain safely in their homes. The target funding allocation is a total of = $45 Million over the course of the bond program. I �F _.. Program Parameters:a. ,Va4 t The target population for this component is low- income seniors, people with disabilities and other homeowners with incomes at or below 80%of Area Median Income. The program will provide home inspections and technical assistance, along with loans to pay for accessibility improvements, such as grab bars, ramps, and widened doorways, and other housing rehabilitation such as roofs, electrical and plumbing systems improvements, allowing the household to remain safely in the home and not become displaced either due to the home no longer being accessible to them or due to deteriorated conditions. The funds will be provided in the form of 0%to low-interest deferred loans. There will be no payments on the loans while the low-income household remains living there, so the loan will not add to the housing cost burden. When the home is sold or transferred to anyone other than an approved, income-eligible buyer, the loan and interest due are repaid and the funds will be recycled to assist another low-income homeowner. 10