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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter IX - Office of Assistant Secretary for Public and Indian Housing, Department of Housing and Urban Development |
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Part 982 - Section 8 Tenant-Based Assistance: Housing Choice Voucher Program |
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Subpart M - Special Housing Types |
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Homeownership Option |
§ 982.630 - Homeownership option: Homeownership counseling.
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§ 982.630 Homeownership option: Homeownership counseling.
(a) Pre-assistance counseling. Before commencement of homeownership assistance for a family, the family must attend and satisfactorily complete the pre-assistance homeownership and housing counseling program required by the PHA (pre-assistance counseling).
(b) Counseling topics. Suggested topics for the PHA-required pre-assistance counseling program include:
(1) Home maintenance (including care of the grounds);
(2) Budgeting and money management;
(3) Credit counseling;
(4) How to negotiate the purchase price of a home;
(5) How to obtain homeownership financing and loan preapprovals, including a description of types of financing that may be available, and the pros and cons of different types of financing;
(6) How to find a home, including information about homeownership opportunities, schools, and transportation in the PHA jurisdiction;
(7) Advantages of purchasing a home in an area that does not have a high concentration of low-income families and how to locate homes in such areas;
(8) Information on fair housing, including fair housing lending and local fair housing enforcement agencies; and
(9) Information about the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.) (RESPA), state and Federal truth-in-lending laws, and how to identify and avoid loans with oppressive terms and conditions.
(c) Local circumstances. The PHA may adapt the subjects covered in pre-assistance counseling (as listed in paragraph (b) of this section) to local circumstances and the needs of individual families.
(d) Additional counseling. The PHA may also offer additional counseling after commencement of homeownership assistance (ongoing counseling). If the PHA offers a program of ongoing counseling for participants in the homeownership option, the PHA shall have discretion to determine whether the family is required to participate in the ongoing counseling.
(e) If the PHA is not using a HUD-approved certified housing counselor. Any homeownership counseling agency provided to provide the counseling for families participating in the homeownership option, the PHA should ensure that its counseling program is consistent with the homeownership counseling provided under HUDin connection with this section must be conducted by a HUD certified housing counselor working for an agency approved to participate in HUD's Housing Counseling program.Program.
[65 FR 55163, Sept. 12, 2000, as amended at 89 FR 38304, May 7, 2024]