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To qualify as a first time homebuyer, no member of the qualifying Household shall have owned any interest in a home, including any interest in a Cooperative Corporation or a residential condominium unit, for the five (5) year period immediately prior to the Application Deadline.
Prior to qualification as an Eligible Buyer, each applicant for a Homeownership Affordable Housing Unit shall attend a first-time homebuyer course given by a provider that is approved by HPD, and must provide evidence of completion of such course to the Administering Agent. Approved providers of first-time homebuyer courses are listed on HPD's web site.
In addition to the preference categories stated in HPD's marketing guidelines, Homeownership Affordable Housing Units shall be marketed in accordance with the Internal Transfer Preference and the First Time Homebuyer Preference. The Internal Transfer Preference shall (i) take priority over the First Time Homebuyer Preference, and (ii) only be made available for the purpose of replacing an existing Homeowner's Homeownership Affordable Housing Unit, and not for the purpose of acquiring an additional Homeownership Affordable Housing Unit, whether for occupancy by the Eligible Buyer, his or her Household members, non-resident Family Members, or any other person.
(a) Owners of Homeownership Affordable Housing Units must occupy such Homeownership Affordable Housing Units as their primary residences, as determined by the Administering Agent, in accordance with DHCR's criteria for primary residence occupancy for rental units in Rent Stabilization.
(b) The Administering Agent will mail an owner occupancy letter to each Homeowner on an annual basis and such Homeowner shall annually certify under penalty of perjury the Homeowner's use of such Homeownership Affordable Housing Unit as his or her primary residence by signing and returning to the Administering Agent, within ten (10) business days from receipt, a notarized copy of such owner occupancy letter, with any supporting documentation.
(c) HPD may conduct audits of Homeownership Affordable Housing Units to ensure that all such units are being used as the primary residences of their respective Homeowners.
Notwithstanding the provisions of Section 23-962 of the Zoning Resolution, in a Generating Site that is a Partial Inclusionary Building, the Administering Agent may approve a Homeowner's request to sublet only if such subletting meets the subletting requirements in effect for all units at such Generating Site.
A Homeowner may (i) transfer title to a Homeownership Affordable Housing Unit upon Resale, or (ii) with the prior written approval of the Administering Agent, modify title to a Homeownership Affordable Housing Unit in order to add or delete a person from title due to marriage, domestic partnership, divorce, death or succession, provided that such Homeowner does not receive anything of value in connection with such modification of title, or (iii) with the prior written approval of the Administering Agent, modify title to a Homeownership Affordable Housing Unit for any other purpose approved in writing by HPD, provided that such Homeowner does not receive anything of value in connection with such modification of title. Before approving any title modifications, the Administering Agent must receive a written notarized notification from the Homeowner of his or her intent to modify title, along with documentation supporting any such proposed modification and an affirmation that no consideration in connection with such proposed modification has been or will be received.
(a) A Successor who qualifies as an Eligible Buyer may own a Homeownership Affordable Housing Unit in accordance with the requirements of the Program.
(b) If a Successor either: (1) qualifies as an Eligible Buyer but does not want to own the Homeownership Affordable Housing Unit, or (2) does not qualify as an Eligible Buyer, the Homeownership Affordable Housing Unit must be sold to another Eligible Buyer and the net proceeds from such sale shall be given to such Successor.
(c) The Administering Agent shall determine whether a Successor is an Eligible Buyer.
(d) Within three (3) months of inheriting a Homeownership Affordable Housing Unit, the Successor who wants to qualify as an Eligible Buyer must provide the Administering Agent with a valid death certificate, a valid will, if any, and other such proof of succession and the Successor's Annual Household Income.
(e) If a Successor is not determined on a date on or before two years from a Homeowner's death, the Homeownership Affordable Housing Unit shall be sold to an Eligible Buyer and the proceeds deposited in the estate of the deceased Homeowner.
(f) A Successor need not have occupied the Homeownership Affordable Housing Unit with the Homeowner. Notwithstanding the foregoing, a person who had been occupying the Homeownership Affordable Housing Unit with the Homeowner and who claims to be a Successor may remain in occupancy in the Homeownership Affordable Housing Unit, so long as all obligations, including Monthly Fees, are current, for a period that ends on the earlier to occur of: (1) a date that is two years from the death of the Homeowner, or (2) the date upon which a Successor is determined.
(g) Once a Successor has qualified as an Eligible Buyer, the Successor shall, under the Administering Agent's supervision, assume the Homeowner's interest in and obligations towards the Homeownership Affordable Housing Unit under the terms of the legal documents pertaining to such unit that were executed at the previous Sale Date. All loan documents must also be amended, at the Successor's expense, to reflect any changes to the title documents for the Homeownership Affordable Housing Unit.
(a) Homeowners may refinance existing Mortgages, subject to the following limitations:
(1) the value of the new loan must not exceed ninety percent (90%) of the Maximum Resale Price, calculated as of the date that a Homeowner notifies the Administering Agent of an intent to refinance;
(2) the new loan must be at a fixed interest rate;
(3) the new loan must be from an approved institutional lender; and
(4) the Administering Agent must approve such refinancing.
(b) If a proposed new loan will increase the amount of Mortgage Payments, the Administering Agent shall require the Homeowner to show that the Monthly Housing Costs are affordable to such Homeowner in accordance with the Program.
(c) A Homeowner that seeks to refinance an existing Mortgage must first submit an HPD-approved notice of intent to refinance form to the Administering Agent for approval.
(d) Within seven (7) business days from receipt of a notice of intent to refinance form, the Administering Agent must notify the Homeowner of the Maximum Resale Price and the permissible Mortgage, which is ninety percent (90%) of the Maximum Resale Price, as calculated pursuant to paragraph one of subdivision a of this section.
(e) Before the Homeowner accepts any refinancing product, such Homeowner must obtain the Administering Agent's approval of the refinancing product. The Administering Agent will review the refinancing product after a Homeowner has submitted, to the Administering Agent, a request for approval of the refinancing product form, along with information concerning the term of the refinancing product, the applicable interest rate and the lender.
(f) Within five (5) business days of receipt of a request for approval of a refinancing product form, the Administering Agent must approve or disapprove the proposed refinancing product.
(g) Prior to execution, all loan documents for the refinancing of a Homeownership Affordable Housing Unit must be reviewed by the Administering Agent for compliance with the above requirements. The Administering Agent shall review and make a determination as to whether such loan documents comply with the requirements of this section within ten (10) business days of receipt of such loan documents, and the Administering Agent shall inform the Homeowner and HPD of such determination within fourteen (14) business days of receipt of the loan documents. All loans must be subordinated to all Program requirements.
(a) Each Homeowner shall be obligated to maintain each Homeownership Affordable Housing Unit in accordance with Minimum Quality Standards and, to the extent required by law, the New York City Building Code and the New York City Housing Maintenance Code. Prior to any Resale, HPD or its designee shall inspect the Homeownership Affordable Housing Unit and shall:
(1) offer the Homeowner an opportunity before the Sale Date, to remedy any condition that violates such Minimum Quality Standards, or
(2) require retention of a portion of the Resale proceeds equal to the repair cost estimates established by HPD for remedying such condition(s).
(b) The Administering Agent shall ensure that a Homeownership Affordable Housing Unit meets the Minimum Quality Standards prior to its occupancy by any new Homeowner.
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