9208.1 Once the Applicant Family has found a home and executed a purchase agreement, the household shall provide the HCV/HOAP or designee with the following required documents for review and/or approval:

1. (a) Verification of funds for the 3% initial down-payment;
2. (b) The executed purchase agreement or contract of sale;
3. (c) The professional home inspection report.

9208.2 Based on the purchase amount identified in the purchase agreement and the loan terms of the mortgage pre-approval submitted by the Applicant Family, the HCV/HOAP shall determine the amount of the HOAP Subsidy and the Total Tenant Payment, taking into account:

1. (a) The family composition;
2. (b) The bedroom size of the home;
3. (c) The applicable Payment Standard;
4. (d) The Family Income as determined on the last annual recertification;
5. (e) The estimated homeownership expenses, taking into account the projected mortgage payment, insurance and taxes, and homeownership expenses, calculated in accordance with Subsection 9212.2, hereof.

9208.3 HCV/HOAP shall review the seller against the debarment and suspension lists provided by HUD and disapprove the contract if the seller appears on such lists.

9208.4 HCV/HOAP shall issue a Notice of Approval or Disapproval of Inspection under the provisions in Section 9209, below.

9208.5 Unless the purchase contract is disapproved or the Inspection is for Disapproval, the HCV/HOAP shall issue a Final Certificate of Assistance, which the Applicant Family shall submit to their Participating Lender in applying for a mortgage loan.

SOURCE: Notice of Final Rulemaking published at 49 DCR 5767 (June 21, 2002); as amended by Final Rulemaking published at 52 DCR 6180 (July 1, 2005).