Homeownership. No member of a family purchasing a home constructed or substantially rehabilitated under the program may have owned a home at any time during the three years be- fore the date of purchase. [54 FR 22258, May 22, 1989. Redesignated at 61 FR 42953, Aug. 19, 1996] § 280.45 Sales contract and downpay- ment requirements.
Homeownership. Owning a home is a staple in village life although we equally value our many good citizens who are renters. Most of us have mortgages that we pay on time. So the idea of letting struggling homeowners, as the new $275 billion package out of Washington does, renegotiate their mortgages with lenders for more favorable interest rates in order to avoid foreclosure and loss of their homes at the expense of those who were frugal, saved and responsibly made payments on time will be bitterly received by some. Under this plan average homeowners will be subsidizing those who purchased over their heads but, in truth, government via taxpayer money has been subsidizing homeownership since the end of WWII, although not with this kind of extravagance. While I continue to argue that bailouts will fuel profligacy rather than tame it and that the current stimulus will be a small boost with a staggering price tag, it is clear that widespread mortgage foreclosures have had the single most crippling effect on the country’s financial institutions. So provided we stay within the stated guidelines and don’t reward the unscrupulous, I’m cautiously supporting Xxxxxxxxx Xxxxx’x foreclosure plan, risky as it is, since I don’t see any other way to stop or slow the downward spiraling of home prices that is sucking the oxygen out of the economy. Grasping the science of economics can, at times, be like trying to understand spiritualism or mysticism; it defies the powers of ordinary comprehension and experience. The only thing to do when navigating unchartered waters is not to be rash and to approach our best laid plans humbly, with a dose of healthy skepticism and always ready to change course. An economic plan promising salvation must be tempered by the wise observation of the great economist Xxxxxxxx Xxxxx who noted that the curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Homeownership. To be consistent with current practice, the Office of General 39 Counsel has determined that participants in the Section 8 Homeownership program 40 are ineligible to participate in FSS. To clarify, families moving toward 41 homeownership may be in FSS, but they should be exited from the FSS program 42 (graduation or other exit) once the voucher is being used for homeownership 43 payments (once the home has been purchased). However, be reminded of 24 CFR 44 984.303(j): Transitional supportive service assistance. A PHA may continue to offer 1 to a former FSS family who has completed its contract of participation and whose 2 head of family is employed, appropriate FSS supportive services in becoming self- 3 sufficient (if the family still resides in public housing, or Section 8-assisted housing), 4 or in remaining self-sufficient (if the family no longer resides in public, Section 8- 5 assisted housing, or other assisted housing).
