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<br />99 <br /> <br />22.0 HOMEOWNERSHIP OPTION PROGRAM <br /> <br />The Martinsville Redevelopment and Housing Authority (MRHA) hereby establishes a <br />Section 8 tenant - based homeownership option in Martinsvillel Henry County, pursuant <br />to the U. S. Department of Housing and Urban Development's (HUD) final rule dated <br />October 12, 2000 and Section 555 of the Quality Housing and Work Responsibility Act <br />of 1998 under Section 8 (y), Homeownership Option. <br /> <br />Participation Qualification (24C~R 982.626,982.627) <br /> <br />Any Section 8 eligible or program participant who has been issued a Section 8 housing <br />voucher may utilize the subsidy to purchase rather than rent a home, subject to the <br />following: <br />1) <br /> <br />2) <br /> <br />A family must meet the requirements for admission to or continued <br />participation in the MRHA Section 8 Tenant - Based Program. <br />The homeownership option will be included in all briefing and re - <br />housing sessions as well as media and community announcements. <br />Current Section 8 participants must be in compliance with their lease and <br />program requirements and must terminate their current lease arrangement <br />in compliance with the lease. <br />A family in which the head of household or co - head has previously <br />received assistance and has defaulted on a mortgage obtained through the <br />Homeownership Option is barred from participation. <br />Participant families must be any of the following: "first - time <br />homeowners," in which no family member owned any present ownership <br />interest in a residence of any family member the last three years; residents <br />oflimited equity cooperatives; or, a family of which a member is a person <br />with disabilities, and use of the Homeownership Option is needed as a <br />reasonable accommodation. (Title to a mobile home is not considered as <br />homeownership for purposes of this option). <br />Participants in the Section 8 Homeownership Option must attend and <br />satisfactorily complete the pre - purchase homeownership counseling <br />program, and be deemed to be "mortgage ready" before a homeownership <br />voucher will be issued. Participants are also required to attend and <br />complete post - purchase, ongoing homeownership counseling. At a <br />minimum, the counseling will cover the following: <br /> <br />3) <br /> <br />4) <br /> <br />5) <br /> <br />· Home maintenance <br />· Budgeting and money management <br />. Credit counseling <br />· Negotiating the purchase of a home <br />· Financing <br />. Locating the home <br />