§ 950.1021 - Supporting documentation.

The following supporting documentation shall be submitted to HUD with the proposed homeownership plan, as appropriate for the particular plan:

(a) Estimate of value. An estimate of the fair market value of the property, including the range of fair market values of individual dwellings, with information to support the reasonableness of the estimate. (The purpose of this information is merely to assist HUD in determining whether, taking into consideration the estimated fair market value of the property, the plan adequately addresses any risks of fraud and abuse, pursuant to § 950.1013, and windfall profit on resale, pursuant to § 950.1014. A formal appraisal need not be submitted with the proposed homeownership plan.)

(b) Physical assessment. An assessment of the physical condition of the property, based on the standards specified in § 950.1006.

(c) Workability. A statement demonstrating the practical workability of the plan, based on analysis of data on such elements as purchase prices, costs of repair or rehabilitation, homeownership costs, family incomes, availability of financing, and the extent to which there are eligible residents who are expected to be interested in purchase. (See § 950.1004(a).)

(d) IHA commitment and capability. Information to substantiate the commitment and capability of the IHA and any other entity with substantial responsibilities for implementing the plan.

(e) Resident planning input. A description of resident consultation activities carried out pursuant to § 950.1005 before submission of the plan, with a summary of the views and recommendations of residents and copies of any written comments that may have been submitted to the IHA by individual residents and resident organizations, and any other individuals and organizations.

(f) Nondiscrimination certification. The IHA's certification that it will administer the plan on a nondiscriminatory basis, in accordance with applicable civil rights laws and implementing regulations, as described in § 950.115, and will assure compliance with those requirements by any other entity that may assume substantial responsibilities for implementing the plan.

(g) Legal opinion. An opinion by legal counsel to the IHA, stating that counsel has reviewed the plan and finds it consistent with all applicable requirements of Federal, tribal, State, and local law, including regulations as well as statutes. In addition, counsel shall identify the major legal requirements that remain to be met in implementing the plan, if approved by HUD as submitted, indicating an opinion about whether those requirements can be met without special problems that may disrupt the timetable or other features contained in the plan.

(h) Board resolution. A resolution by the IHA's Board of Commissioners, evidencing its approval of the plan.

(i) Other information. Any other information that may reasonably be required for HUD review of the plan. Except for the IHA-HUD implementing agreement under § 950.1019, HUD approval is not required for documents to be prepared and used by the IHA in implementing the plan (such as contracts, applications, deeds, mortgages, promissory notes, and cooperative or condominium documents), if their essential terms and conditions are described in the plan. Consequently, those documents need not be submitted as part of the plan or the supporting documentation. (Approved by the Office of Management and Budget under control number 2577-0201).