O-2002-2599 - Laserfiche WebLink

Browse Search

VII. PROSECT REOUIREMFty'I'S A. Property Standards (1) The Subrecipient must follow the property standards requirements of 24 C.F.R. § 92.251 for housing constructed or rehabilitated with HOME funds. The housing must meet all applicable local codes, rehabilitation standards, ordinances and zoning ordinances at the time of project completion. (2) Newly constructed housing must meet the current edition of the Model Energy Code (MEC) published by the Council of American Building Officials. (3) The housing must meet the accessibility requirement at 24 C.F.R. Part 8, which implements Section 504 of the Rehabilitation Act. (4) Construction of all manufactured housing must meet the Manufactured Home Construction and Safety Standards established in 24 C.F.R. Part 3280. B. Affordabilitv Period The Subrecipient must follow the affordability requirements of 24 C.F.R. § 92.254 (a)(4) of the HOME Program, as applicable. Failure to meet the affordability requirements for the specified periods will require repayment of HOME funds. In addition, to ensure affordability, the Grantee has imposed the recapture requirements at 24 C.F.R. § 92.254(a)(5)(ii), which recoups all or a portion of the HOME assistance to the homebuyers, if the housing does not continue to be the principal residence during the period of affordability. ' Amount of Assistance Provided Affordability Period <S15,000 5 years S 15,000 - 540,000 10 years >540,000 15 vears I C. Recapture Reouirements The Subrecipient must inform homebuyers that housing purchased with HOME Program funds must be acquired by a homebuyer whose family qualifies as a low- income family and that the housing must continue to be the principal residence of the assisted homebuyer for the full affordability period, as required by 24 C.F.R. 92.254 (3). To ensure that the Grantee recoups all or a portion of the HOME assistance to homebuyers in accordance with 24 C.F.R. § 92.254(a)(5)(ii)(A)(5) if the housing does not continue to be the principal residence of the family for the duration of the period of affordability, the Grantee will reduce the HOME investment amount to be recaptured on a pro -rata basis for the time the homeowner has owned and