Title
Resolution to Approve Amendment to the Housing Voucher Administrative Plan Chapter 15: Special Housing Types: Section VII: Homeownership
Memorandum
The Ann Arbor Housing Commission's Housing Choice Voucher program offers Homeownership as a special housing type. The homeownership option is used to assist a family residing in a home purchased and owned by one or more members of the family. A family assisted under this option may be newly admitted or an existing participant in the HCV program.
Participants of the homeownership program, receive homeownership assistance payments in lieu of assistance with monthly unit rent. In administration of the homeownership voucher type AAHC must adopt policies for determining the amount of homeownership expenses to be allowed in accordance with HUD requirements. Staff recommend the board approval the AAHC to amend the policy to include a monthly allowance of $300 for major repairs and replacements.
Current Policy
PHA Policy
The PHA will allow the following homeownership expenses:
* Monthly homeownership payment. This includes principal and interest on initial mortgage debt, taxes and insurance, and any mortgage insurance premium, if applicable.
* Utility allowance. The PHAs utility allowance for the unit, based on the current HCV utility allowance schedule.
* Monthly maintenance allowance. The monthly maintenance allowance will be $50.
* Monthly co-op/condominium assessments. If applicable, the monthly amount of co-op or condominium association operation and maintenance assessments.
* Monthly principal and interest on debt for improvements. Principal and interest for major home repair, replacements, or improvements, if applicable.
Revised Policy
PHA Policy
The PHA will allow the following homeownership expenses:
* Monthly homeownership payment. This includes principal and interest on initial mortgage debt, taxes and insurance, and any mortgage insurance premium, if applicable.
* Utility all...
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