HOMEfires - Vol. 1 No. 10, December 1, 1998
Q: How will the recently passed Quality Housing and Work Responsibility Act of 1998 affect income eligibility requirements for participants in HOME-funded lease-purchase housing programs?
A:Section 599B of the Quality Housing and Work Responsibility Act of 1998 amends Title II, Section 214(2) of the Cranston-Gonzalez National Affordable Housing Act by striking "at the time of occupancy, or at the time funds are invested, whichever is later," from the statute. The Act removes the provision that HOME-assisted homebuyers must requalify as income eligible at the time of occupancy or when the HOME funds are invested whichever is later. The new language reiterates the current language for existing housing but establishes a new standard for lease-purchase or contract-to-purchase housing to be constructed for qualifying HOME-assisted homebuyers as income eligible:
While the amendment is effective as of October 21, 1998, the Department will amend the HOME regulation regarding these provisions, 24 CFR 92.254 (a)(7) (http://edocket.access.gpo.gov/cfr_2004/aprqtr/24cfr92.254.htm), to be consistent with this statute.
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