3. Nonprofit organizations will be required to provide written records of the following documentation with any contract that is negotiated: Internal Revenue Service 501 (c) 3 designation; Articles of Incorporation; State Corporation Certificate; Agency By-laws; and List of current Board Members. V. ADMINISTRATORS’ FINANCIAL AUDITS Administrators be responsible for submitting an annual, independent, organization-wide audit for each fiscal year in which the organization receives funding from DHCD. Organizations expending more than $500,000 in federal funds, from all sources, during their fiscal year are required to follow the federal requirements of OMB Circular A-133 for that audit. VI. REPORTING CHARACTERISTICS AND OUTCOMES OF THOSE COUNSELED FOR HOMEOWNERSHIP DHCD will collect data pertinent to those potential homebuyers who were unable to access and receive the benefit of HOME program funds as well as those who received the benefit. VII. PROCESS AND REQUIREMENTS There are three basic steps in the process to provide HOME program funds to homebuyers: Setting up or reserving the funds: disbursing the funds for their use in the final settlement or closing of their real estate transaction: and completing the activity in the HUD accounting system. 1. Set Up Report/Completion Report To Reserve or Commit Funds for the Homebuyer – submit the following completed forms and documents to DHCD: HUD Set Up/Completion Form (APPENDIX D) Copy of the Verification of Income, and/or pay stubs or tax returns Good Faith Estimate Financial Information Sheet (APPENDIX I) Copy of Homebuyer Agreement (APPENDIX H) Sales Contract Down Payment Assistance Analysis Worksheet (APPENDIX M) h. DPA Analysis Worksheet (APPENDIX M) i. Subsidy Layering Review Form (APPENDIX L) 2. Disbursement of the To Request that DHCD Disburse the Funds to either the – administrator or the settlement agent or attorney submit the following completed forms and documents to DHCD: Disbursement Request Form (APPENDIX E) Revised documents WHEN the loan commitment and or income have changed and the client still meets the eligibility requirements Copy of the Lender’s Loan Commitment Letter
3. Nonprofit organizations will be required to provide written records of the following documentation with any contract that is negotiated: Internal Revenue Service 501 (c) 3 designation; Articles of Incorporation; State Corporation Certificate; Agency By-laws; and List of current Board Members. V. ADMINISTRATORS’ FINANCIAL AUDITS Administrators be responsible for submitting an annual, independent, organization-wide audit for each fiscal year in which the organization receives funding from DHCD. Organizations expending more than $500,000 in federal funds, from all sources, during their fiscal year are required to follow the federal requirements of OMB Circular A-133 for that audit. VI. REPORTING CHARACTERISTICS AND OUTCOMES OF THOSE COUNSELED FOR HOMEOWNERSHIP DHCD will collect data pertinent to those potential homebuyers who were unable to access and receive the benefit of HOME program funds as well as those who received the benefit. VII. PROCESS AND REQUIREMENTS There are three basic steps in the process to provide HOME program funds to homebuyers: Setting up or reserving the funds: disbursing the funds for their use in the final settlement or closing of their real estate transaction: and completing the activity in the HUD accounting system. 1. Set Up Report/Completion Report – To Reserve or Commit Funds for the Homebuyer submit the following completed forms and documents to DHCD: HUD Set Up/Completion Form (APPENDIX D) Copy of the Verification of Income, and/or pay stubs or tax returns Good Faith Estimate Financial Information Sheet (APPENDIX I) Copy of Homebuyer Agreement (APPENDIX H) Sales Contract Down Payment Assistance Analysis Worksheet (APPENDIX M) h. DPA Analysis Worksheet (APPENDIX M) i. Subsidy Layering Review Form (APPENDIX L) 2. Disbursement of the – To Request that DHCD Disburse the Funds to either the administrator or the settlement agent or attorney submit the following completed forms and documents to DHCD: Disbursement Request Form (APPENDIX E) Revised documents WHEN the loan commitment and or income have changed and the client still meets the eligibility requirements Copy of the Lender’s Loan Commitment Letter
DPA%20HOMEownership%20Program%20Guidelines%20%20Application.docx