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<br /> Administrative Plan 7/1/2025 <br />. <br />Page 15-29 <br />Contract of Sale <br />Before commencement of monthly homeownership assistance payments, a member or members <br />of the family must enter into a contract of sale with the seller of the unit to be acquired by the <br />family. The family must give the PHA a copy of the contract of sale. The contract of sale must: <br /> Specify the price and other terms of sale by the seller to the purchaser; <br /> Provide that the purchaser will arrange for a pre-purchase inspection of the dwelling unit by <br />an independent inspector selected by the purchaser; <br /> Provide that the purchaser is not obligated to purchase the unit unless the inspection is <br />satisfactory to the purchaser; <br /> Provide that the purchaser is not obligated to pay for any necessary repairs; and <br /> Contain a certification from the seller that the seller has not been debarred, suspended, or <br />subject to a limited denial of participation under 24 CFR part 24. <br /> A contract for the sale of a unit not yet under construction must meet all above requirements, <br />and requirements below. Commencement of construction in violation of the below <br />requirements voids the purchase contract. <br />- The purchaser is not obligated to purchase the unit unless an environmental review has <br />been performed and the site received environmental approval prior to commencement of <br />construction in accordance with 24 CFR 982.628; and <br />- The construction will not commence until the environmental review has been completed <br />and the seller has received written notice from the PHA that environmental approval has <br />been obtained. Environmental approval may be conditioned on the contracting parties’ <br />agreement to modification to the unit design or to mitigation actions. <br />Disapproval of a Seller <br />In its administrative discretion, the PHA may deny approval of a seller for the same reasons a <br />PHA may disapprove an owner under the regular HCV program [see 24 CFR 982.306(c)]. <br />EXHIBIT 1