Eligible Property Key NAHTF Requirement Documentation Property Type Eligible property types If two-to-four units, indicate include: status of non-owner-occupied units the application. One-to-four unit property; Condominium unit; or Manufactured or mobile home Property Location Property must be located in Client application must program area as designated in contain address. approved program guidelines. Eligible Property Key NAHTF Requirement Documentation NAHTF Minimum & A minimum of $1,000 in Maintain records Maximum Subsidy funds must be invested in each demonstrating that each unit assisted unit. assisted received at least $1,000 in NAHTF assistance Assistance must not exceed but not more than the NAHTF subsidy limit on a maximum NAHTF subsidy unit-by-unit basis. allowed. Property Value Sales price must not exceed Document method for applicable pre-stimulus 203(b) determining value in file. limit or 95 percent of area median sales price limit. Copy of sales price or value estimate in file. If rehabilitating property, after rehabilitation value must not exceed the applicable 203(b) limit or 95 percent of area median sales price limit. Property Standards If acquisition only, property Document local code or model must meet the Department’s code used. Rehabilitation Standards. Maintain written rehab If rehabilitation, property must standards in program files. be free of safety and health hazards to occupancy or Include inspection report or within 6 months of property certification by inspector in transfer, whichever is sooner. client file.
Eligible Property Key NAHTF Requirement Documentation Property Type Eligible property types include: One-to-four unit property; Condominium unit; or Manufactured or mobile home If two-to-four units, indicate status of non-owner-occupied units the application. Property Location Property must be located in program area as designated in approved program guidelines. Client application must contain address. Eligible Property Key NAHTF Requirement Documentation NAHTF Minimum & Maximum Subsidy A minimum of $1,000 in funds must be invested in each assisted unit. Assistance must not exceed NAHTF subsidy limit on a unit-by-unit basis. Maintain records demonstrating that each unit assisted received at least $1,000 in NAHTF assistance but not more than the maximum NAHTF subsidy allowed. Property Value Sales price must not exceed applicable pre-stimulus 203(b) limit or 95 percent of area median sales price limit. If rehabilitating property, after rehabilitation value must not exceed the applicable 203(b) limit or 95 percent of area median sales price limit. Document method for determining value in file. Copy of sales price or value estimate in file. Property Standards If acquisition only, property must meet the Department’s Rehabilitation Standards. If rehabilitation, property must be free of safety and health hazards to occupancy or within 6 months of property transfer, whichever is sooner. Document local code or model code used. Maintain written rehab standards in program files. Include inspection report or certification by inspector in client file.
Chapter_04_-_Homebuyer_Activities_04_19_2010.docx