Individual homeowners—eligibility for HPG assistance.

CFR · 2024-01-01 · US · Title 7

The individual homeowners assisted must have income that meets the very low- or low-income definitions, be the owner of an individual dwelling at least 1 year prior to the time of assistance, and be the intended occupant of the dwelling subsequent to the time of assistance. The dwelling must be located in a rural area and be in need of housing preservation assistance. Each homeowner is required to submit evidence of income and ownership for retention in the grantee's files. (a) (b) (1) Full marketable title. (2) An undivided or divided interest in the property to be repaired, rehabilitated, or replaced when not all of the owners are occupying the property. HPG assistance may be made in such cases when: (i) The occupant has been living in the house for at least 1 year prior to the date of requesting assistance; (ii) The grantee has no reason to believe the occupant's position of owner/occupant will be jeopardized as a result of the improvements to be made with HPG funds; and (iii) In the case of a loan, and to the extent possible, the co-owner(s) should also sign the security instrument. (3) A leasehold interest in the property to be repaired, rehabilitated, or replaced. When the potential HPG recipient's “ownership” interest in the property is based on a leasehold interest, the lease must be in writing and a copy must be included in the grantee's file. The unexpired portion of the lease must not be less than 5 years and must permit the recipient to make modifications to the s

official document · source cfr-2024 · id 7:§ 1944.661