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Q

In what timeframe must HOME homebuyer housing units be sold to income-eligible homebuyers when the 2013 HOME Final Rule and the Consolidated and Further Continuing Appropriations Acts of 2012 and 2013 overlap? 

Date Published: November 2013

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A

The 2013 HOME Final Rule requires a ratified sales contract* with an eligible homebuyer for HOME-assisted housing within 9 months of the date of completion of construction or rehabilitation, while the Consolidated and Further Continuing Appropriations Acts of 2012 and 2013 establish a 6-month period for selling to an eligible homebuyer. HOME homebuyer projects funded with FY 2012 and FY 2013 HOME funds on or after the August 23, 2013 are subject to the more stringent provisions of the Consolidated and Further Continuing Appropriations Acts of 2012, Public Law 112-55 (Nov 18, 2011), and the Consolidated and Further Continuing Appropriations Acts of 2013, Public Law 113-6 (March 26, 2013) which establish a 6-month period for selling HOME homebuyer units or converting them to rental.

Once converted to rental, the unit is subject to the HOME rental housing requirements in accordance with §92.252.

*If the PJ has an established lease-purchase program and executes a lease-purchase agreement with an income-eligible tenant/homebuyer within the 6-month deadline, the property is considered to be under contract and in compliance with this requirement.


Tags: HOME Homebuyer Assistance - Deadlines

FAQ ID:

2299