ATTACHMENT 7

TORCA SHARED APPRECIATION LOAN PROGRAM

 

Acknowledgment of Determination of Loan Amount

 

 

 

The TORCA Shared Appreciation Loan Program Guidelines provide that the Loan Amount is based on the applicant’s borrowing capacity, assets available for down payment, household size, and unit price and size.  The loan amount shall be no more than is necessary to enable a Borrower to:  (1) obtain maximum affordable private financing, and (2) utilize personal assets to purchase the Assisted Unit.  In no case shall loans exceed 60% of the purchase price.

 

Every applicant may not need the maximum loan allowed under this program.  In many cases, borrowers will not need the maximum loan allowed under the program for their income and unit size, and the amount of the City loan will be less than the maximum allowed under the program for such a unit.  Your lender will assist you to estimate the amount of the City loan for which you may be eligible.  The City will determine the final amount of the City loan.

 

 

I hereby acknowledge that I am aware that I may not be entitled to the maximum City loan under the TORCA Shared Appreciation Loan Program.

 

 

 

 

 

By:  _____________________________ Date:__________________