 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 14. HOUSING |
|
Chapter 14-92. HOUSING CHOICE VOUCHER/HOME OWNERSHIP ASSISTANCE PROGRAM (HCV/HOAP) |
Section 14-9208. REVIEW OF PURCHASE CONTRACT AND ISSUANCE OF FINAL CERTIFICATE OF ASSISTANCE
-
9208.1Once the Applicant Family has found a home and executed a purchase agreement, the household shall provide the HCV/HOAP or designee with the following required documents for review and/or approval:
(a)Verification of funds for the 3% initial down-payment;
(b)The executed purchase agreement or contract of sale;
(c)The professional home inspection report.
9208.2Based on the purchase amount identified in the purchase agreement and the loan terms of the mortgage pre-approval submitted by the Applicant Family, the HCV/HOAP shall determine the amount of the HOAP Subsidy and the Total Tenant Payment, taking into account:
(a)The family composition;
(b)The bedroom size of the home;
(c)The applicable Payment Standard;
(d)The Family Income as determined on the last annual recertification;
(e)The estimated homeownership expenses, taking into account the projected mortgage payment, insurance and taxes, and homeownership expenses, calculated in accordance with Subsection 9212.2, hereof.
9208.3HCV/HOAP shall review the seller against the debarment and suspension lists provided by HUD and disapprove the contract if the seller appears on such lists.
9208.4HCV/HOAP shall issue a Notice of Approval or Disapproval of Inspection under the provisions in Section 9209, below.
9208.5Unless the purchase contract is disapproved or the Inspection is for Disapproval, the HCV/HOAP shall issue a Final Certificate of Assistance, which the Applicant Family shall submit to their Participating Lender in applying for a mortgage loan.