1. (a) Occupancy requirement. The Applicant must occupy the home within sixty (60) days after the date of closing as his or her Residence. Borrower's receiving down payment assistance must repay the amount of assistance whenever they sell the property.
2. (b) Prohibited uses. Applicants may not use the property, or any part thereof, as an investment property, rental property, vacation or second home, or recreational home.
3. (c) Use for a business. Applicants may not use more than 15 percent of the residence in a trade or business (including childcare services) on a regular basis for compensation. If the residence is to be used, in part, for a trade or business, a schematic drawing from an appraiser must be provided.

Source Note:The provisions of this §27.5 adopted to be effective October 30, 2012, 37 TexReg 8503.