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<br />2 <br /> <br />A. Eligible Recipients <br /> <br />Recipients meeting the following criteria shall be eligible for a First-Generation Homebuyer <br />Grant: <br /> <br />1. The applicant is a first-generation homebuyer household approved for an established <br />mortgage program designated for first-generation homebuyers. <br /> <br />2. The applicant household is purchasing their home in Washington County, Minnesota. <br /> <br />3. All individuals named on the mortgage or note for the home purchase have attended a <br />HomeStretch Workshop provided by the Washington County Community Development <br />Agency, unless a waiver for attendance through another provider has been approved in <br />the sole discretion of the Agency. <br /> <br />4. All individuals named on the mortgage or note for the home purchase have completed <br />homebuyer advising through the Agency, unless a waiver for completion through another <br />provider has been approved in the sole discretion of the Agency. <br /> <br />5. To promote sustainable homeownership, the debt to income ratio for the applicant <br />household is no greater than 43%, as demonstrated by the final underwriting and <br />transmittal summary or other documentation acceptable to the Agency. <br /> <br />B. Grant Amounts and Terms <br /> <br />First-Generation Homebuyer Grants of $5,000 are available to each eligible applicant <br />household. Partial grant funds may be awarded if insufficient funds are available for a full grant <br />award. <br /> <br />Grants shall be structured as a gift awarded to the applicant household with a gift letter provided <br />for closing. First-Generation Homebuyer Grant funds shall be provided directly to the title <br />company administering the mortgage closing for the applicant household unless an alternative <br />disbursement method has been approved by the Agency in its sole discretion. <br /> <br />Policy Amendments <br /> <br />This policy may be amended from time to time by the Executive Director of the Agency to <br />address administrative updates or to reflect the requirements of funding sources or applicable <br />regulations. Substantive policy amendments shall be approved by the Agency Board. <br /> <br />Reporting <br /> <br />The Agency shall report annually to Washington County on First-Generation Homebuyer Grant <br />awards funded with State and Local Affordable Housing Aid. <br /> <br /> <br /> <br /> <br /> <br />