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<br />99 <br /> <br />22.0 HOJ\1EO\VNERSHII) OPTION PROGRAlVl <br /> <br />The lv1artinsville Redevelopment and Housing Authority (i'vlRHA) hereby t:stablishcs a <br />Section 8 tenant based homcowncrship option in l'vlartinsvillei Henry County. pursuant <br />to the L. S. Department of Housing and Urban Development's (lIUD) final rule dated <br />October 12.2000 and Section 555 oftllc Quality Housing and Work Responsibility Act <br />of 1998 under Section 8 (y). Homeo\\nership Option. <br /> <br />Pm-ticipatioll Qualification (24CFR 982.626.982.627) <br /> <br />Any Section 8 eligible or program participant who has been issued J Section 8 housing <br />voucher Illay utilize the subsidy to purchase rather than rent a home. subject to the <br />following: <br />I) <br /> <br />2) <br /> <br />3) <br /> <br />A family must meet the requirements for admission to or continued <br />pal1icipation in the l\'fH.HA Section 8 Tenant Based Program. <br />The homeownership option \vill be induded in all briding and rc - <br />housing sessions us well as media and community announcements. <br />Current Section 8 participants must be in complianccwitb their lcaSl~ and <br />program requirements and must terminate their current lease arrangement <br />in compliance \\'ith the lease. <br />A family in w'hich the head of household or co -- head has previously <br />received assistance and has defaulted on a mongage obtained through the <br />IIomeO\....nership Option is barred from pal1icipalion. <br />Participant families must be any of the following: "lirSl time <br />homeo\vners," in which no fami!)' member o\\lll::d any present ownership <br />interest in a residence of any family member the last three years; residents <br />of limited equity cooper<ltives~ or. a family of which a member is a person <br />'with disabilities, and use of the Homeownership Option is needed a.s a <br />reusonable accommodation. (Title to a mobile home is not considered as <br />homeo\....nership for purposes of this option). <br />Participants in the Section 8 Homeownership Option must attend and <br />satisfactorily complete the pre - purchase bomco\-vnership 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 homeowncrship counseling. At a <br />minimum, the counseling will cover the following: <br /> <br />4) <br /> <br />5) <br /> <br />. I-Iome maintenance <br />. Budgeting and money management <br />. Credit counseling <br />. Negotiating the purchase of a home <br />. Financing <br />. Locating the home <br />