LEASE-PURCHASE PROGRAM - NeighborWorks Americalease-purchase程序neighborworks美国.pptVIP

A LEASE-PURCHASE PROGRAM DESIGN Presented By: Kevin Smith, President CEO Community Ventures Corporation Lexington, KY Program Intentions To Expand Homeownership Opportunities To Low-to-Moderate Income Households Who Are Not Able To Secure A Traditional First Mortgage To Revitalize Neighborhoods Through The Acquiring And The Rehabilitating Of Vacant Properties That Will Be Leased With Intent To Own. Key Agency Personnel Counselor Assesses Potential Lease Purchase Clients Creates Home Buyer Plan With Clients Monitors Home Buyer Plan with Clients - Monthly or Quarterly Key Agency Personnel Property Manager Does Pre-Purchase Home Review Approves Purchase of Unit Enters into Purchase Agreement and Lease with Client Hires Sub-Contractors To Perform Any Needed Repairs or Improvements To Property during Initial Purchase Ensures Property is Maintained During Lease Period Key Agency Personnel Housing Finance Manager Performs Final Mortgage Ready Assessment Identifies Financing Plan Best Suited For Client Obtains Loan Approval And Funds Loan Loan Servicing Clerk Services All Payments Monitors Clients Payment Patterns Informs Counseling Department If Post-Purchase Counseling Is Necessary Property Characteristics Age Of Property Built After 1978 (Lead-Based Paint Avoided) Plumbing Avoid Galvanized Pipe (Rots From Inside, Reduces Water Pressure) Windows Avoid Steel and/or Single Pane Windows For Better Energy Efficiency And Warmth To Occupants Structure Avoid Structural Defects (Foundation Cracks) Floors Need To Be Level (No Bowing) Property Eligibility Inspections Purchase Price Limit (ie. $150,000) Home Must Meet HUD Standards Housing Quality Standards (HQS) Inspection Required When HOME Funds Involved Independent Home Inspection Required Must Pass Local Code Inspection Property Not Located In Flood Hazard Area Single-Family Units Only Participant Eligibility Household Income Limitation Not To Exceed 80% Area Medium Income (120% un