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• 3-23-200 1 :01PM FROM TE HEOGES 312 255 9987 P.2 <br /> • � CATlS <br /> CAPITAL ' <br /> CORPORATION , <br /> . , co.po..r.� • March 23,2000 ' <br /> —•..• MrniciP�/ . <br /> • `... fiewst� ' <br /> Mr.Cecil A.Collins,J�r. � �� <br /> ,._. Assistant City Manager . ' <br /> .: ..- City of Decatur . <br /> � �� One Gary K.Anderson Plaza. � ' � <br /> Decatur,Illinois 606 � � <br /> Re: Assist First-Time Hotne Buyer pown Payment Assistance Program . <br /> Dear Cecil: <br /> In anticipation of the upcoming council meeting,I thought I would provide you with an update�n the <br /> 2000 Assist program for first-time hon�ae buyers in Decatur. <br /> We are working with the following Decatur-area lenders on the rolt out of the 2000 program: � <br /> First National Bank of Decatur <br /> National Ciry Bank <br /> ' Soy Capital Bank <br /> Union Planters Bank <br />, Wa anticipate making funds available to home buyers not later than April 25,2000. And like last yeaz � <br /> � the p�ogram will provide a home buyer with a 30-yeac,fixed rat�mortgage,cither conventional or <br /> • FHA,NA,with an inurest rate approximately 1.00%below markei and 4.75%of cash assistance which is <br /> used as an offset to down payrreent and/or closing costs. We believe that more than 125 families wil� <br /> raka advantage of the program in D�catur thiis year with an average hortac purchase price of <br /> approximately a52,000. The lncome and purcbase price limits for the 2000 ptogram are as follows: . <br /> � Noa-Tar�eeted Aress <br /> lncome Limits purchase Price Limiu � <br /> 1 or 2 persoces 3 or more New 1�omes Existing Homes _ <br /> $49,600 $57,050 $139,730 $85,910 <br /> Tar�eted Ate�s <br /> lncome Limits Purchase Price Limits . ' <br /> 1 or 2 persons 3 or more New Homes �xisting Honnes <br /> $59,520 $69,440 5170,790 $98,530 � <br /> 1 look forward to the eity's participation in th�2000 program. Please call if you have any qvcsiions. <br /> Si re1y, <br /> 1-) � <br /> David S.Rasch <br /> Exexutive Vice Pcesid�nt <br />� IIO Wfll HY/!!ll .t1�CC( <br /> Sr:u 540 Bnit . <br /> CAicujv, !L b0610 , <br /> T�l. 312•66�•S6S6 • <br /> Po: 3/I-66�-3650 <br />