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from this requirement in those cases where automatic termination would result in extreme <br />hardship for the family. <br />SARA must adopt policies for determining the amount of homeownership expenses to be <br />allowed by SARA in accordance with HUD requirements. <br />Homeownership expenses (not including cooperatives) only include amounts allowed by SARA <br />to cover: <br />• Principal and interest on initial mortgage debt, any refinancing of such debt, and any <br />mortgage insurance premium incurred to finance purchase of the home; <br />• Real estate taxes and public assessments on the home; <br />• Home insurance; <br />• SARA allowance for maintenance expenses; <br />• SARA allowance for costs of major repairs and replacements; <br />• SARA utility allowance for the home; <br />• Principal and interest on mortgage debt incurred to finance costs for major repairs, <br />replacements or improvements for the home. If a member of the family is a person with <br />disabilities, such debt may include debt incurred by the family to finance costs needed to <br />make the home accessible for such person, if SARA determines that allowance of such costs <br />as homeownership expenses is needed as a reasonable accommodation so that the <br />homeownership option is readily accessible to and usable by such person; <br />Land lease payments where a family does not own fee title to the real property on which the <br />home is located; [see 24 CFR 982.628(b)]. <br />For a condominium unit, condominium operating charges or maintenance fees assessed by <br />the condominium homeowner association. <br />Homeownership expenses for a cooperative member may only include amounts allowed by <br />SARA to cover: <br />• The cooperative charge under the cooperative occupancy agreement including payment for <br />real estate taxes and public assessments on the home; <br />• Principal and interest on initial debt incurred to finance purchase of cooperative membership <br />shares and any refinancing of such debt; <br />• Home insurance; <br />• SARA allowance for maintenance expenses; <br />• SARA allowance for costs of major repairs and replacements; <br />• SARA utility allowance for the home; and <br />7/02/12 Page 15-18 <br />