3 - PUBLIC HEARING ANNUAL ACTION PLAN

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Administrative Plan 4/1/2016 Page 15-12 PART VII: HOMEOWNERSHIP [24 CFR 982.625 through 982.643] 15-VII.A. OVERVIEW [24 CFR 982.625] The homeownership option is used to assist a family residing in a home purchased and owned by one or more members of the family. A family assisted under this option may be newly admitted or an existing participant in the HCV program. SAHA must have the capacity to operate a successful HCV homeownership program as defined by the regulations. There are two forms of homeownership assistance a SAHA may offer under this option: monthly homeownership assistance payments, or a single down payment assistance grant. PHAs may choose to offer either or both forms of homeownership assistance, or choose not to offer either. If a SAHA offers both forms of assistance, a family must choose which form of assistance to receive. SAHA must offer either form of homeownership assistance if needed as a reasonable accommodation so that the program is readily accessible to and usable by persons with disabilities. It is the sole responsibility of SAHA to determine whether it is reasonable to implement a homeownership program as a reasonable accommodation. SAHA must determine what is reasonable based on the specific circumstances and individual needs of the person with a disability. SAHA may determine that it is not reasonable to offer homeownership assistance as a reasonable accommodation in cases where SAHA has otherwise opted not to implement a homeownership program. SAHA must approve a live-in aide if needed as a reasonable accommodation so that the program is readily accessible to and usable by persons with disabilities. 15-VII.B. FAMILY ELIGIBILITY [24 CFR 982.627] The family must meet all of the requirements listed below before the commencement of homeownership assistance. SAHA may also establish additional initial requirements as long as they are described in SAHA administrative plan. • The family must have been admitted to the Housing Choice Voucher program. • The family must qualify as a first-time homeowner, or may be a cooperative member. • The family must meet the Federal minimum income requirement. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2000, based on the income of adult family members who will own the home. SAHA may establish a higher income standard for families. However, a family that meets the federal minimum income requirement (but not the PHA's requirement) will be considered to meet the minimum income requirement if it can demonstrate that it has been pre-qualified or pre-approved for financing that is sufficient to purchase an eligible unit. • For disabled families, the minimum income requirement is equal to the current SSI monthly payment for an individual living alone, multiplied by 12. 3-334