To reduce the, pot ntial financial burden, each
homesteader. shall be encouraged to perform some
of th rk. I n the ent"s eat equity" is being
performed, .neighborhood organizations shall be
encouraged to out; on beh If of the home­
steaOl!l", technical expertise in Y rious asp ts of the
re bilitation. The 80 rd ill deYe op a working
. t ith the City of Benton H rbor
Oepartm t or ott- appropriate
agency(s) to ist homestead s in m ing correct
nd sound repairs.
a. If sold within first y ar since obtaining
title, 90%:
2. 0 s of the b. If sold during second year since obt ining
xecution 's Agr ' ent. .. title, 6a..;
c. If sold during third year since obtaining
it s StiCh plumb- g, heating� title, 3011t.
...... -+r ...• sl sh I be corrected ithin 90
d of rk comm cement. In the event of a hardship, the City/Board may
Occupancy may oet commence until those waive the repayment provision upon the recommen-
ting to the heal nd safety of the dation of the Board.
h been cOrreCted and an occu-
ifica issued by t City. (9) In the nt the homesteader should be
required to vacat the property prior to
th obtaining fth! simple title, the City/BOard shall
make every effort to nsure that the home­
studer is able to reeo r expenses encount r­
ed tating to the progress that the home­
stead achieved to ard rehabilitating the
structure.
n hom
(6) The homes shall be ouraged to
occupy the property for a period of three
years after obtaining fee simple titte.
(7) Because this program is in nded to prov 0 de
homeo ship opportunities. th . home-
stead may not v cate the property and
retain 0 ship of th property and �tiliz
it to produce income.
(8) In the t the homestead sells the proper-
ty with in thr years from th date on wh ich
the homestud . shall pay to the City a per­
cent of any increased value the homestead-
may r upon the sale of that property.
Th ount to which that percen would
be applied would be derived by subtracttng
the indebtedness which he homesteader
origin lIy incurred at th time ot property
purch sa (total of mort principal, if
any, nd reh bilitation 10 principal) plus
any expenses incurred by t homest to
market the property. from the price at which
homestead sold the property. The p -
centage paid to the City sh II be based upon
the fol 0 iog schedule:
( 10) I n cases here properties are rece 0 ed by t e
Benton Harbor Housing Commission through
Section 810 of th Housing and Community
o elopment Act of 1974, provisions No. 8
d o. 9 as cited above shalt no apply. In
these casesthe homesteader shall be required
5. to occupy the property for a period of three
(3) years commencing with the date on which
the property is occupied by th homesteader,
subject to the following conditions:
a. I f the homeste�r vacates the property
prior to receiving titl ,t Board sh II
To further reduce the pot
to the homeste , t first P2lUf'n.'rt".n
provided throu t City's Housi
th n "h property
thr ur hom d e
subsequen homest sh I be proces-
sed for assumption of th initial re bili­
tation 10 or (2) comp te t e reh bil't.
tion work, re-market th property with
permanent mort� financing and repay
t e rem ining b I nc o� the initial retia .
litation loan.
b. t f the homestead vacates he property
after receiving title, but prior to the
expiration of the thr yea occup ncy
periOd. title to th property shall r
to the City. The Board all then it
(1) re-m rk the property throug ur
homes ading nd th su t home-
ste sh II processed for mption
of the initial rehabilitation 10 or (2)
re-market the property "th perm t
rt.ortgage financing and repay th rem in­
ing balance of th initial f'i abilitation
10 n.
(ll)The homestead sh I a to m Ontain t
d lling after completion of rehabilit ion so
as to satisfy all electrical, plumbing. buildi ,
fire pr intlon, and r lated co
. (12)Ouring the reh bilit tion period, th City
s all intain equate" II perils" insurance
on th property. Once rece· ing title to th
property, the homestead shall to carry
adequate perils nd liability insurance on the
structure at all times. The City sh II be
named s co-insured -on such co as 10 g
1S the City is maintained s th m.ortga
(13) In the ent the homest ader is an 0 n -
occup nt of the property in hich the hom
steader currently resides. the homestea
shall be required to sell th pr iously OCOJ­
pied property after assuming occup Gy of
e omestead property in ord to relieve
the potential burd of 0 ing and m intain­
ing both properti
t14)The homeste der to comply ith.
such additional reason b terms s e 80 rd
may designate in ord to insure that th
rehabilitation of the property is suce ssfully
completed.
(IS)lf, during any time ile the agr upon
reh bilitation is being performed: n inspec­
tion reveals the homestea '5 inability or
un illingness to complete the required wor •
the homeste er may be required to contract
the work (either ith a contrKtor or a
ighborhood group) or to v cate th pro
ty und th rem " pro ided in t "Ho
st 's Agr-"rwIn
's