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CDBG-DR Homeowner Rehab Written Agreement - HUD … - first time home owner tax credit



Written AgreementHomeowner Rehabilitation Implementation Tool #3Description: To be signed by the grantee and the homeowner prior to receiving assistance. As part of the Disaster Recovery Homeowner Rehab Program Design Toolkit, the homeowner rehabilitation written agreement should spell out program requirements in addition to the homeowner’s responsibilities and be signed by the grantee and the homeowner prior to receiving assistance. Depending on local goals and disaster recovery policy objectives, the agreement may include requirements that incentivize participants to retain ownership of their rehabbed home and live there as an owner-occupant for an extended period of time. Modification of Source Documents Provided by: State of Texas, General Land OfficeCaveat: This is an informational tool and/or template that should be adapted to each grantee’s specific program design.8420105057775For More InformationThis resource is part of the Disaster Recovery Homeowner Rehab Program Design Toolkit. View all of the Disaster Recovery Toolkits here: https://www.onecpd.info/resource/2853/cdbg-dr-toolkits. For additional information about disaster recovery programs, please see your HUD representative. 00For More InformationThis resource is part of the Disaster Recovery Homeowner Rehab Program Design Toolkit. View all of the Disaster Recovery Toolkits here: https://www.onecpd.info/resource/2853/cdbg-dr-toolkits. For additional information about disaster recovery programs, please see your HUD representative. This is not an official HUD document and has not been reviewed by HUD counsel. It is provided for informational purposes only. Any binding agreement should be reviewed by attorneys for the parties to the agreement and must conform to state and local laws.U.S. Department of Housing and Urban DevelopmentCommunity Planning and Development, Disaster Recovery and Special Issues DivisionWRITTEN AGREEMENTAgreementWhereas, __________________________________________ (“Homeowner”) is receiving Community Development Block Grant Disaster Recovery (CDBG-DR) Program financial assistance from <insert grantee name> (“Grantee”) in the amount of $ __ to provide funding to rehabilitate home located at <insert address> in compliance with <insert City name> building codes. Now, therefore, the Grantee has an option to recoup assistance used on the above described property upon the terms, conditions and contingencies herein set forth.Owner OccupancyHomeowner agrees that if during the <insert occupancy period> the Homeowner uses the property as (1) an investment property or (2) the Homeowner uses the Property as a recreational house or “second” home, then the Grantee may require immediate payment in full of the entire loan amount provided by the Grantee. Homeowner agrees that if during the <insert occupancy period> he/she/they sell part or all of the property without Grantee’s prior written consent then the Grantee may require payment in full the amount of the loan outstanding at time of sale. Insurance Proceeds and Federal BenefitsHomeowner agrees that if he/she receives further insurance proceeds and/or federal benefits for rehabilitation, repairs or reconstruction to their primary residence in connection with <insert disaster event>, the homeowner will report receiving benefits by emailing <insert email address> or calling <insert phone number> within one (1) month of receipt of additional proceeds and/or benefits. If homeowner fails to report additional insurance proceeds and/or federal benefits, then Grantee may require immediate repayment in full of the entire loan amount provided by the Grantee. Income Eligibility Homeowner certifies that he/she has provided complete, accurate, and current information regarding household income to demonstrate Homeowner’s eligibility to receive CDBG funds. Enforcement The Homeowner and the grantee acknowledge that the grantee has the right and responsibility to enforce this agreement.Whereas, if the Homeowner does not violate any of the terms listed in this agreement, then this agreement will be considered pad in full on the of and the Note will be released. IN WITNESS WHEREOF, the undersigned homeowner(s) has/have affixed his/her signature(s) and seal(s) this day of ______________.igned, sealed and delivered inthe presence of:_____________________________________ _________________________________Witness Borrower_____________________________________ _________________________________Notary Public BorrowerCommission Expiration Date:AttachmentAward Calculation, including documentation of Duplication of BenefitsScope of Work

How to claim first time homebuyer credit? Topics Qualifying home Find out if your home qualifies. Persons with disabilities You do not have to be a first-time home buyer. Completing your tax return How to claim the home buyers' amount.