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Contact Data Oklahoma City Lodging Power 1700 Upper east Fourth Road Oklahoma City, Oklahoma 73117-3800 405-239-7551 Official Chief John H. Johnson Executive Renting/Rental Help Richard R. Marshall Family Independence Organizer/
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Contact Information Oklahoma City Housing Authority 1700 Northeast Fourth Street Oklahoma City, Oklahoma 73117-3800 405-239-7551 Executive Director John H. Johnson Director Leasing/Rental Assistance Richard R. Marshall Family Self-Sufficiency Coordinator/Section 8 Homeownership Coordinator Ryland R. Moore Table of Contents

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This presentation will most likely include group of onlookers examination, which will make activity things. Use PowerPoint to stay informed regarding these activity things amid your presentation In Slide Show, click on the right mouse catch Select “Meeting Minder” Select the “Action Items” tab Type in real life astonishingly up Click OK to release this case This will naturally make an Action Item slide toward the end of your presentation with your focuses entered. Segment 8 Homeownership Program Briefing Session Table of Contents

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Introduction What is Section 8? Chapter by chapter guide

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Introduction Cont. Segment 8 Programs are supported by the Department of Housing and Urban Development (HUD), and directed by open lodging organizations approved under government or state law to work lodging projects inside of a territory or purview. List of chapters

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Introduction Cont. Segment 8 is a free-decision way to deal with helped lodging. Chapter by chapter list

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Introduction Cont. Rather than the hustle of condo living one may lean toward the quietness of ... Chapter by chapter list

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Introduction Cont. … living in a home with your very own yard. Chapter by chapter guide

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Introduction Cont. A man chose to take an interest in the Section 8 Program is issued a Housing Choice Voucher and is sans then to find a residence unit suitable to the family\'s necessities and wishes in the private rental business sector. Chapter by chapter guide

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Both alternatives are accessible under the Section 8 Program. Presentation Cont. Condo Table of Contents

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Introduction Cont. Once the family chooses a unit, OCHA will assess the unit before starting renting and at any rate every year from there on to guarantee the unit meets HUD Housing Quality Standards (HQS). Chapter by chapter list

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Introduction Cont. Once the unit passes a HQS review, OCHA will go into a Housing Assistant Payment (HAP) Contract with the Owner who leases the unit to the gang. Chapter by chapter guide

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Introduction Cont. From that point, OCHA pays a rent\'s segment or HAP installment, specifically to the proprietor for the benefit of the crew. The inhabitant will pay the remaining part of the month to month rent, in light of his/her wage every month straightforwardly to the proprietor. Under the Housing Choice Voucher Program, the family is for the most part needed to pay pretty nearly 30% of balanced month to month salary toward rent and utilities. The HAP installment made by OCHA to the Owner by and large pays the staying 70% of the sanction contract rent. Chapter by chapter guide

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SECTION 8 HOMEOWNERSHIP PROGRAM (HOP) OVERVIEW Table of Contents

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Program Overview OCHA will help qualified Section 8 Housing Choice Voucher Program members to buy a home by offering a Homeownership Assistance Payment towards a home loan installment. OCHA will offer the HOP to FSS members first. OCHA will then offer the HOP to the Section 8 Program members. OCHA will figure out who is qualified/ineligible to take part in the project. List of chapters

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After the family is resolved qualified, and has finished the Homebuyer Education Class, a voucher on the HOP will be issued. The voucher will determine family necessities and the course of events for all exercises to be finished. OCHA and accomplices will help with ventures to secure... financing; find a property; get a home assessment; and close. Continuous directing will be offered as a deterrent measure and as required. Program Overview Cont. Chapter by chapter guide

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Participants will be obliged to keep on meeting qualification necessities which include: yearly recertification; and yearly property investigation. OCHA won\'t give money related help to buy a home other than the month to month Homeownership Assistance Payment. OCHA ACCEPTS NO RESPONSIBILITY FOR ANY FINANCIAL LOSS BY: the customer; moneylenders; or some other people all through the procedure. . Program Overview Cont. Chapter by chapter list

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Program Overview Cont. Investment DOES NOT GUARANTEE THE PURCHASE OF A HOME. List of chapters

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PROGRAM ELIGIBILITY Table of Contents

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The Family May Purchase a Home: Anywhere inside of the Oklahoma City jurisdictional territory. The system will be offered to Family Self-Sufficiency (FSS) members first . On the off chance that enough FSS members are not intrigued or qualified, we will then offer the remaining openings to all other Section 8 Program partipants. List of chapters

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To be qualified you should : be a Section\'s member 8 Housing Choice Voucher Program; and taking an interest in the FSS Program; or a Section\'s member 8 Housing Choice Voucher Program. be qualified to partake in OCHA programs by standard prerequisites; be in great remaining with all projects as of now taking part in; have no remarkable obligations to OCHA; and have a palatable rental installment history for no less than one year. Prerequisites Table of Contents

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Income Must have a base gross month to month salary of $5.15 X 2000 hours (aside from if there should be an occurrence of elderly or handicapped individual). Welfare help (aside from if there should be an occurrence of elderly or impaired) might not be tallied in deciding yearly salary. Welfare help should be numbered in deciding yearly salary for elderly and handicapped families; Families may be qualified to check the yearly HAP made for their sake as yearly wage; Table of Contents

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Income Cont. 125% x Housing Assistance Payment Example: Housing Assistance Payment=$400.00 $400.00 x 12 x 125% = $6,000.00 extra pay. Chapter by chapter list

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You must pass a preparatory credit screening procedure; and You must get Certification of finishing a Homebuyer Education Class. Checks Employment will be confirmed and can\'t be over 30 days old. Pre-credit Screening: Table of Contents

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To qualify as a “first-time homebuyer” the helped family may exclude: any individual who has claimed enthusiasm for part or entire of a living arrangement three years preceding beginning of homeownership help, or one who at present possesses title or agreeable participation offers. A “First-Time Homebuyer” is: A family that moves interestingly from rental lodging to a family-possessed home. Chapter by chapter guide

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Program Eligibility To buy the home a grown-up part must be utilized no less than 30 hours for each week and been working no less than 30 hours for every week for as far back as twelve (12) months. NOTE: Employment does not need to be with the same organization but rather neither can there be more than a thirty (30) sunrise in hours met expectations. Business prerequisites don\'t have any significant bearing to the elderly or debilitated. List of chapters

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Homeownership Voucher After qualification is resolved a family will have 120 days to: secure financing; close; and migrate to new home. On the off chance that family misses the 120 day due date: an augmentation may be asked for and is liable to survey and must be asked for before due date. On the other hand a rental voucher may be issued. Chapter by chapter list

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Financing OCHA will help the HOP member in: Application accommodation to the Lender; Selecting a loan specialist; and Referrals to suitable organizations. Members may utilize any FSS Escrow trusts aggregated without punishments; Participants are obliged to pay no less than 3% down. No less than 1% of the 3% must originate from the participant’s individual assets; Participant is obliged to acquire all financing for the home; Table of Contents

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Financing Cont. OCHA will make referrals to fitting organizations for extra money related help; Financing of the home must be given, protected or ensured by the state or government; Financing of the home must consent to auxiliary business sector endorsing necessities; or Table of Contents

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Financing Cont. Financing of the home must consent to by and large acknowledged private area endorsing benchmarks; OCHA won\'t be in charge of any financing or turn into a cosigner for any buys; “Balloon” installments are not worthy; Variable interest rates are not satisfactory; Table of Contents

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Financing Cont. Members are in charge of installment of all administrations needed for securing financing and genuine buy; Lease buy understandings are worthy; HOWEVER , All and any extra installments or charges in setting up or keeping up assention will be the family\'s obligation. Chapter by chapter guide

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Eligible Units for Purchase All properties must pass a HQS examination; All properties must pass an expert review chose by the family; OCHA may reject the property in view of the aftereffects of every assessment; All properties acquired must be either a solitary family unit, apartment suite or trailer; Can be a unit under development or effectively existing at the time the family gets to be qualified for homeownership help; and Must meet loan specialist prerequisites and determinations. Chapter by chapter list

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Contract of Sale Before homeownership help can start, the family must go into a “Contract of Sale”. A duplicate must be given to OCHA. Chapter by chapter list

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Contract of Sale Requirements Must meet bank necessities; Must indicate cost and different terms of offer; Must determine buyer will orchestrate pre-buy investigation; Must determine buyer won\'t be committed to buy the unit unless examination is acceptable to buyer and OCHA; Must d