702.03C

Properties with Both Rent Restrictions and Income Restrictions

Requirements

By the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , you must verify the restricted units are occupied by households that qualify for 1 of the following rent and income restrictions:

  • 20% @ 50%:  at least 20% of all units are restricted:
    • to occupancy by households earning no more than 50% of AMI, as adjusted for family size; and
    • with rents not exceeding 30% of 50% of AMI, as adjusted for family size; or
  • 40% @ 60%:  at least 40% of all units are restricted:
    • to occupancy by households earning no more than 60% of AMI, as adjusted for family size; and
    • with rents not exceeding 30% of 60% of AMI, as adjusted for family size.