Agenda - 01-20-2000 - 9g - Laserfiche WebLink

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In the event that property rehabilitation is not necessary, the sponsor will certify that the dwelling meets Section 8 Housing Quality Standards (HQS) prior to the disbursement of loan funds. All prospective property and proposed rehabilitation work must be assessed to determine any potential environmental impacts to the community. At a minimum, each property will be assessed to determine historic significance by collaborating with the local Historic Property Commission or the State Department of Cultural History. If the property is of historic significance, the applicable guidelines of the local or state governments must be followed in the acquisition/rehabilitation project. The County will have primary responsibility for completing this task but may solicit the assistance of the sponsor as necessary. Environmental review will begin at the time that the initial request for loan funds is submitted to the County. Prone Values The value of identified property to be acquired by a homebuyer must have a value that does not exceed 95% of the area median purchase price for that type of housing. HUD makes these purchase value limits available to all participating jurisdictions each year. The before and after rehabilitation value must be established by: • An appraisal by a qualified independent appraiser; • Tax assessments may be used to establish value, but only if they are current and can be computed at 100% of market value. • Transfer of property that includes rehabilitation requires an appraisal. Values established will be reviewed by qualified review appraiser at the expense of the County. If the review appraiser does not accept an appraisal, it will be necessary to obtain a second full appraisal. The property sales price cannot exceed the established property value. The organization sponsoring, developing, or serving as an advocate for the potential homebuyer must provide: 1. A detailed description of the loan fund request; 2. Certification that the buyer meets all eligibility criteria;* 3. Evidence that primary financing has been obtained by the homebuyer; 4. A Certification signed by the sponsor and the homebuyer applicant that the program guidelines have been fully explained; 5. Copies of all building inspection reports;