R2005-112 AUTHORIZING THE PARTICIPATION IN THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY

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� `� authorization of the Authority. If all sources of funds for the downpayment for the Project exceed Twenty-Five percent (25%) of the purchase price without including the Loan, the Homebuyer may be ineligible to participate in a Homebuyer Program receiving funds from the HOME Program. � (d) Eligible Costs. The Grant proceeds shall be used to pay only the Eligible Costs of each Project,as approved in advance by the Authority. (e) Required Homebuver Deliveries for Loan Approval. Prior to the approval of a Loan to a Homebuyer for the acquisition of a Project, the Homebuyer must deliver or cause to be delivered to the Sponsor for its review and approval the following documents: (i) A Certificate of Income Eligibility, in the form set forth in the Program Manual, executed by the Homebuyer ("Income Certification"), evidencing that the Homebuyer has a gross annual income, adjusted for family size, less than or equal to eighty percent (80%) of the median income for the metropolitan statistical area ("MSA") or county in which the Residence to be purchased is located, as determined by HUD; (ii) The Homebuyer/Local Sponsor Prequalification Agreement, in the form set forth in the Program Manual, executed by the Homebuyer; (iii) A Homebuyer Counseling Certificate from the Homebuyer to the Sponsor, in the form set forth in the Program Manual, that the Homebuyer has successfully completed the Counseling Program; (iv) A Lead Based Paint Notification, in the form set forth in the Program Manual, executed by the Homebuyer; (v) The First Mortgage Lender Funding Notification, in the form set forth in the Program Manual, executed by the Homebuyer ("Funding Notification"); (vi) Copies of the first mortgage loan application submitted by the Homebuyer with the assistance of the Sponsor, employment and deposit verifications and a credit report from the first mortgage lender, together with a written commitment from such lender to make a first mortgage loan in connection with the purchase of a Residence; (vii) Copy of the appraisal report provided by the first mortgage lender indicating the value of the Project on an"as is" basis; (viii) All other documents and showings reasonably requested by the Authority or its counsel. Within seven(7)business days of the Sponsor's receipt of the foregoing documents, the Sponsor shall issue to the Homebuyer (i) a Notice of Approval for HOME Program 5