Homeownership definition

Homeownership means ownership in fee simple title or a 99-year leasehold interest in a one- to four-unit dwelling or in a condominium unit, or equivalent form of ownership (which shall include cooperative housing and mutual housing project). For purposes of housing located on trust or restricted Indian lands, homeownership includes leases of 50 years. The ownership interest may be subject only to the following:

Homeownership means fee simple title on real property or a leasehold interest on real property that enables the lessee to make improvements on and encumber the property and has a term sufficient to secure the BEGIN Program loan. Homeownership also includes ownership of manufactured housing on a permanent foundation and membership, ownership and occupancy in a limited-equity co-op development.

Homeownership means ownership in fee simple title or a 99-year leasehold interest in a one- to four-unit dwelling or in a condominium unit, or equivalent form of ownership (which shall include cooperative housing and mutual housing project). The ownership interestmay be subject only to the following: (i) Restrictions on resale permitted in the Assistance Agreement; (ii) mortgages, deeds of trust, or other liens or instruments securing debt on the property; or (iii) any other restrictions or encumbrances that do not impair the good and marketable nature of title to the ownership interest. For purposes of housing located on trust or restricted Indian lands, homeownership includes leases of 50 years;

Examples of Homeownership in a sentence

• If the Participating Lender determines that it will not close a loan for which it has received a reservation number, the Participating Lender should notify the IHCDA Homeownership Department as soon as possible.

• If the file has already been underwritten by IHCDA the Participating Lender will need to contact the appropriate IHCDA Homeownership Department underwriter.

• If there is an intermediary bank involved, please contact the IHCDA Homeownership Department.

• The Participating Lender should contact the IHCDA Homeownership Department, and the appropriate changes will be made at that time.

• Homeownership remains the best path to building financial wealth for most Americans.

• Homeownership unit production appears to have peaked with the 2002 and 2003 year grants, although it remains a sizeable activity after this period.

• The 40% Homeownership / 60% Affordable Rental Housing split will be held for a twelve (12) month period, after which all unallocated funds will be combined into a single fund that can be used for either Homeownership or Affordable Rental Housing loans.

• CIP/CICA Advances totaled $142.8 million and CIP-related letters of credit (including interest) totaled $133.7 million.Member EngagementGoal: Ensure that 90-100 members are engaged with AHP, Homeownership Initiatives, small business grants, Community Mentors and other voluntary programs.Accomplishments: In 2023, 129 member financial institutions were engaged with community investment products, which is a 14% increase from 2022.

• Public Housing Homeownership Activity Description: Note: PHCD may request HUD to discontinue or terminate the Turnkey III and Section 5(h) Homeownership Programs and to permit PHCD to rent the remaining units under the Public Housing Program.

• Grants HUD the authority to change underwriting standards or premiums if the Fund is at risk.Makes insured mortgages that are used in conjunction with the Homeownership Voucher program the obligation of the MMIF, and makes reverse mortgages under Section 255 of the National Hous- ing Act obligations of the MMIF.

More Definitions of Homeownership

Homeownership means ownership in fee simple title in a 1- 4-unit dwelling or in a condominium unit, or equivalent form of ownership approved by HUD. The land may be owned in fee simple or the homeowner may have a 99-year ground lease. For manufactured housing, the ground lease must be for a period at least equal to the periodof affordability. Right to possession under a contract for deed, installment contract, or a land contract (pursuant to which the deed is not given until the final payment is made) is not an equivalent form of ownership. Homeownership in a cooperative or mutual housing project constitutes homeownership if allowed under Washington State law. For homeownership using HOME Investment Partnership funds, see 24 CFR § 92.2.

Homeownership means owning the house after Exercising the Option to Purchase (Section 31.0).

Homeownership means fee simple title on real property or a leasehold interest on real property that enables the lessee to make improvements on and encumber the property and has a term sufficient to secure a permanent loan. Homeownership also

Homeownership means ownership in fee simple title in a 1- to 4-unit dwelling or in a condominium unit, or equivalent form of ownership approved by HUD.