This monthly report is an Excel spreadsheet to assist PJs in tracking compliance with the homebuyer sales deadline. The HOME Final Rule requires that all HOME-assisted homebuyer projects to which funds were committed on or after August 23, 2013 be sold to an eligible homebuyer within 9 months of construction completion. If the homebuyer activity is identified as a 2012 or 2013 action plan project (i.e., setup in IDIS under a 2012 or 2013 program year), and funds were committed prior to August 23, 2013, the FY 2012/FY2013 Appropriations Law requirements apply, and the activity is subject to a 6-month sales deadline.
PJs can use this report to view homebuyer activities (1) that were set up in IDIS on or after August 23, 2013, in final draw status, or have more than 90 percent of the HOME funds drawn yet no draws have been processed in the past six months; or (2) that have activities with a 2012 or 2013 program year in IDIS that are in final draw status, or have more than 90 percent of the HOME funds drawn yet no draws have been processed in the past six months. The homebuyer sales deadline (9 months or 6 months) begins at construction completion, but the construction completion date is not captured in IDIS. As such, “final draw” and “90 percent drawn yet no draws in the past 6 months” serve as proxies for construction completion to assist PJs in tracking compliance with the deadline. For compliance purposes, HUD will determine the actual start date of the sales deadline based upon the date of construction completion (as evidenced by the date of the certificate of occupancy, or other equivalent certification).
In addition, the applicability of the 9-month or 6-month sales deadline is based on the date the written agreement was executed for the project. While the “Initial Funding Date” in IDIS serves as a proxy for the commitment date when identifying projects on this report, HUD will determine compliance with the deadline based upon the written agreement date.
Please contact the HUD Exchange regarding any questions about these reports.
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