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oil <br />PROr'ECT REOUIREMFNTc <br />A. Pronerty Standards <br />(1) The Subrecipient must follow the property standards requirements of 24 C.F.R. § <br />92.251 for housing constructed or rehabilitated with HOME funds. The housing <br />must meet all applicable local codes, rehabilitation standards, ordinances and <br />zoning ordinances at the time of project completion. <br />(2) <br />(3) <br />(4) <br />A <br />Newly constructed housing must meet the current edition of the Model Energy <br />Code (MEC) published by the Council of American Building Officials. <br />The housing must meet the accessibility requirement at 24 C.F.R. Part 8, which <br />implements Section 504 of the Rehabilitation Act. <br />Construction of all manufactured housing must meet the Manufactured Home <br />Construction and Safety Standards established in 24 C.F.R. Part 3280. <br />Affordability Period <br />The Subrecipient must follow the affordability requirements of 24 C.F.R. § <br />92.254 (a)(4) of the HOME Program, as applicable. Failure to meet the <br />affordability requirements for the specified periods will require repayment of <br />HOME funds. In addition, to ensure affordability, the Grantee has imposed the <br />recapture requirements at 24 C.F.R. § 92.254(a)(5)(ii), which recoups all or a <br />portion of the HOME assistance to the homebuyers, if the housing does not <br />continue to be the principal residence during the period of affordability. <br />Amount of Assistance Provided Affordability Period <br /><S 15.000 5 years <br />S 15,000 - $40,000 10 years <br />>S40.000 15 vears I <br />Recapture Requirements <br />The Subrecipient must inform homebuyers that housing purchased with HOME <br />Program funds must be acquired by a homebuyer whose family qualifies as a low- <br />income family and that the housing must continue to be the principal residence of <br />the assisted homebuyer for the full affordability period, as required by 24 C.F.R. § <br />92.254 (3). <br />To ensure that the Grantee recoups all or a portion of the HOME assistance to <br />homebuyers in accordance with 24 C.F.R. § 92.254(a)(5)(ii)(A)(5) if the housing <br />does not continue to be the principal residence of the family for the duration of <br />the period of affordability, the Grantee will reduce the HOME investment amount <br />to be recaptured on a pro-rata basis for the time the homeowner has owned and <br />