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04 040113 HA ADMINPLAN EX 2
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04 040113 HA ADMINPLAN EX 2
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3/28/2013 10:01:24 AM
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3/28/2013 9:36:46 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Date
4/1/2013
Destruction Year
2018
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• The family must comply with the obligations of a participant family described in 24 CFR <br />982.551, except for the following provisions which do not apply to assistance under the <br />homeownership option: 24 CFR 982.551(c), (d), (e), (~, (g) and (j). <br />15-VII.J. MAXIMUM TERM OF HOMEOWNER ASSISTANCE [24 CFR 982.634] <br />Except in the case of a family that qualifies as an elderly or disabled family, other family <br />members (described below) shall not receive homeownership assistance for more than: <br />Fifteen years, if the initial mortgage incurred to finance purchase of the home has a term of <br />20 years or longer; or <br />Ten years, in all other cases. <br />The maximum term described above applies to any member of the family who: <br />Has an ownership interest in the unit during the time that homeownership payments are <br />made; or <br />• Is the spouse of any member of the household who has an ownership interest in the unit <br />during the time homeownership payments are made. <br />In the case of an elderly family, the exception only applies if the family qualifies as an elderly <br />family at the start of homeownership assistance. In the case of a disabled family, the exception <br />applies if at any time during receipt of homeownership assistance the family qualifies as a <br />disabled family. <br />If, during the course of homeownership assistance, the family ceases to qualify as a disabled or <br />elderly family, the maximum term becomes applicable from the date homeownership assistance <br />commenced. However, such a family must be provided at least 6 months of homeownership <br />assistance after the maximum term becomes applicable (provided the family is otherwise eligible <br />to receive homeownership assistance). <br />If the family has received such assistance for different homes, or from different PHAs, the total <br />of such assistance terms is subj ect to the maximum term described in this part. <br />15-VII.K. HOMEOWNERSHIP ASSISTANCE PAYMENTS AND HOMEOWNERSHIP <br />EXPENSES [24 CFR 982.635] <br />The monthly homeownership assistance payment is the lower of: the voucher payment standard <br />minus the total tenant payment, or the monthly homeownership expenses minus the total tenant <br />payment. <br />In determining the amount of the homeownership assistance payment, SARA will use the same <br />payment standard schedule, payment standard amounts, and subsidy standards as those described <br />in elsewhere in this plan for the Housing Choice Voucher program. <br />SARA will pay homeownership assistance payments to a lender on behalf of the family. If the <br />assistance payment exceeds the amount due to the lender, SARA must pay the excess directly to <br />the family. <br />Homeownership assistance for a family terminates automatically 180 calendar days after the last <br />homeownership assistance payment on behalf of the family. However, a PHA may grant relief <br />7~02~~ 2 Page 15 -17 <br />
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