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109.04.6-XIII. Homebuyer Assistance.

AR ADC 109.04.6-XIIIArkansas Administrative Code

West's Arkansas Administrative Code
Title 109. Development Finance Authority
Division 04. Multi-Family Housing
Rule 6. Compliance Monitoring Policies and Procedures Manual for the Home Program
Ark. Admin. Code 109.04.6-XIII
109.04.6-XIII. Homebuyer Assistance.
Homebuyer programs supported with HOME funds may only assist low-income homebuyers. Qualified households must be a low-income household; occupy the property as the principal residence; and purchase the property with an approved form of ownership. ADFA staff will confirm that homebuyers have obtained ownership interest permitted under the HOME program. The HOME program allows for fee simple title, 99-year leasehold interest, ownership or membership in a cooperative, or an equivalent form of ownership approved by HUD. Potential purchasers must be qualified before the sale. Appropriate Deed Restrictions must be executed.
The Compliance staff will review the following:
1. Homebuyer's affidavit that household will use the property as its principal residence;
2. Annual inspection reports or other evidence the exterior of the property meets minimum Housing Quality Standards (HQS);
3. Evidence of payment of real estate taxes and homeowners insurance throughout the affordability period.
The amount of homeowners insurance must be sufficient to cover replacement of the structure. Efforts to obtain copies of homeowners insurance policies and real estate tax receipts must include a minimum of two letters of request and one personal visit by the recipient or other designee. If these efforts are unsuccessful, ADFA reserves the right to take steps necessary to obtain the documents, up to and including recapture of funds or foreclosure.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.6-XIII, AR ADC 109.04.6-XIII
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