Eligibility requirements.

CFR · 2024-01-01 · US · Title 12

A Bank's Homeownership Set-Aside Programs shall meet the eligibility requirements set forth in this section. A Bank may not adopt additional eligibility requirements for its Homeownership Set-Aside Programs except for eligible households pursuant to paragraph (b) of this section. (a) (b) (1) Have incomes at or below 80 percent of the median income for the area at the time the household is accepted for enrollment by the member in the Bank's Homeownership Set-Aside Programs, with such time of enrollment by the member defined by the Bank in its AHP Implementation Plan; (2) Complete a homebuyer or homeowner counseling program provided by, or based on one provided by, an organization experienced in homebuyer or homeowner counseling, in the case of households that are first-time homebuyers; and (3) Are first-time homebuyers or households receiving AHP subsidy for owner-occupied rehabilitation, in the case of households receiving subsidy pursuant to the one-third set-aside funding allocation requirement in § 1291.12(b), and meet such other eligibility criteria that may be established (c) (d) (e) (f) (g) (h) (1) Such costs are incurred in connection with counseling of homebuyers who actually purchase an AHP-assisted unit; and (2) The cost of the counseling has not been covered by another funding source, including the member. (i)

official document · source cfr-2024 · id 12:§ 1291.42