04 - HAADMIN PLAN 2 - Laserfiche WebLink

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SAHA must adopt policies for determining the amount of homeownership expenses to be allowed by SAHA in accordance with HUD requirements. Homeownership expenses (not including cooperatives) only include amounts allowed by SAHA to cover: ~ Principal and interest on initial mortgage debt, any refinancing of such debt, and any mortgage insurance premium incurred to finance purchase of the home; ~ Real estate taxes and public assessments on the home; ~ Home insurance; ~ SAHA allowance for maintenance expenses; ~ SAHA allowance for costs of major repairs and replacements; ~ SAHA utility allowance for the home; ~ Principal and interest on mortgage debt incurred to finance costs for major repairs, replacements or improvements for the home. If a member of the family is a person with disabilities, such debt may include debt incurred by the family to finance costs needed to make the home accessible for such person, if SAHA determines that allowance of such costs as homeownership expenses is needed as a reasonable accommodation so that the homeownership option is readily accessible to and usable by such person; ~ Land lease payments where a family does not own fee title to the real property on which the home is located; [see 24 CFR 982.628(b)]. ~ For a condominium unit, condominium operating charges or maintenance fees assessed by the condominium homeowner association. Homeownership expenses for a cooperative member may only include amounts allowed by SAHA to cover: ~ The cooperative charge under the cooperative occupancy agreement including payment for real estate taxes and public assessments on the home; ~ Principal and interest on initial debt incurred to finance purchase of cooperative membership shares and any refinancing of such debt; ~ Home insurance; ~ SAHA allowance for maintenance expenses; ~ SAHA allowance for costs of major repairs and replacements; ~ SAHA utility allowance for the home; and 11 /29/10 Page 15-16