Item HA 03 - Update to the Housing Choice Voucher Administrative Plan

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Administrative Plan 7/1/2025 . Page 15-33 15-VII.K. HOMEOWNERSHIP ASSISTANCE PAYMENTS AND HOMEOWNERSHIP EXPENSES [24 CFR 982.635] The monthly homeownership assistance payment is the lower of: the voucher payment standard minus the total tenant payment, or the monthly homeownership expenses minus the total tenant payment. The payment standard amount may not be lower than what the payment standard amount was at commencement of homeownership assistance. In determining the amount of the homeownership assistance payment, the PHA will use the same payment standard schedule, payment standard amounts, and subsidy standards as those described elsewhere in this plan for the Housing Choice Voucher program. The payment standard for a family is the greater of (i) The payment standard as determined at the commencement of homeownership assistance for occupancy of the home, or (ii) the payment standard at the most recent regular reexamination of family income and composition since the commencement of homeownership assistance for occupancy of the home. The PHA must adopt policies for determining the amount of homeownership expenses to be allowed by the PHA in accordance with HUD requirements. Homeownership expenses (not including cooperatives) may only include amounts allowed by the PHA to cover:  Principal and interest on initial mortgage debt, any refinancing of such debt, and any mortgage insurance premium incurred to finance purchase of the home;  Real estate taxes and public assessments on the home;  Home insurance;  The PHA allowance for maintenance expenses;  The PHA allowance for costs of major repairs and replacements;  The PHA utility allowance for the home;  Principal and interest on mortgage debt incurred to finance costs for major repairs, replacements or improvements for the home. If a member of the family is a person with disabilities, such debt may include debt incurred by the family to finance costs needed to make the home accessible for such person, if the PHA determines that allowance of such costs as homeownership expenses is needed as a reasonable accommodation so that the homeownership option is readily accessible to and usable by such person;  Land lease payments where a family does not own fee title to the real property on which the home is located [see 24 CFR 982.628(b)];  For a condominium unit, condominium operating charges or maintenance fees assessed by the condominium homeowner association. EXHIBIT 1