Income Eligibility. Income eligibility means that the applicant's income is one hundred forty percent (140%) or less of the County of Maui's annual median income, as determined by the United States Department of Housing and Urban Development("HUD").
Eligible Home. The home must be a leasehold home on a lot owned by NHOM.
Maximum NHOM Matching Grant Per Unit. The maximum amount of NHOMMG Program grant funds per unit is $10,000. This amount must be matched, or exceeded, by buyer's funds for the down payment and closing costs.
Affordability period. The affordability period for the NHOMMG shall run for a period of fifteen (15) consecutive years.
Grant Repayment. Grantees are not required to repay NHOM for the NHOMMG Program grant funds unless one of the events in Grant Repayment Restriction section below occurs.
Grant Repayment Restriction. Immediate repayment of the grant shall occur in the event that:
The Grantee refinances the first mortgage loan on the eligible home;
The Grantee no longer uses the home as his/her principle residence; or
The Grantee sells home during the fifteen (15) year affordability period.
Restriction From Additional Debt. Grantee shall be restricted from incurring any additional mortgage loans or loans requiring the home as collateral for the entire term of the grant.
Release of Lien. The Grant Agreement shall terminate at the time that the affordability period ends or at the time Grantee repays the grant. Upon termination of the Grant Agreement, NHOM will execute a Release of Lien.
Applicant Selection. In addition to the above requirements, applicants will be approved based on financial need for down payment and closing cost assistance.