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:
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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.
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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;
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Examples of Homeownership in a sentence

  • Consideration of all necessary actions with regard to the Homeownership Programs.

  • Application status: (select one)Approved; included in the PHA’s Homeownership Plan/Program Submitted, pending approvalPlanned application4.

  • Capacity of the PHA to Administer a Section 8 Homeownership Program: The PHA has demonstrated its capacity to administer the program by (select all that apply): Establishing a minimum homeowner downpayment requirement of at least 3 percent of purchase price and requiring that at least 1 percent of the purchase price comes from the family’s resources.

  • If “No”, complete the Activity Description table below.) Public Housing Homeownership Activity Description (Complete one for each development affected)1a.

  • Homeownership Programs.Self Sufficiency Programs and Treatment of Income Changes Resulting from Welfare Program Requirements.

  • Homeownership opportunities, including, but not limited to, down payment assistance.

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

  • Application status: (select one) Approved; included in the PHA’s Homeownership Plan/Program Submitted, pending approval Planned application 4.

  • 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.

  • The Self-Help Homeownership Opportunity Program under section 11 of the Housing Opportunity Program Extension Act of 1996 (Pub.


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

  • Homeowners association” or “association” means a Florida corporation responsible for the operation of a community or a mobile home subdivision in which the voting membership is made up of parcel owners or their agents, or a combination thereof, and in which membership is a mandatory condition of parcel ownership, and which is authorized to impose assessments that, if unpaid, may become a lien on the parcel. The term “homeowners’ association” does not include a community development district or other similar special taxing district created pursuant to statute.

  • Homeowner means the owner(s) of the real property for which project is taking place and is a party to the contract.

  • Homeowners association means a person having the authority to enforce the provisions of a declaration.

  • Health care coverage means any plan providing hospital, medical or surgical care coverage for

  • Airship (9) means a power-driven airborne vehicle that is kept buoyant by a body of gas (usually helium, formerly hydrogen) which is lighter than air.

  • Residential care home or “RCH” means a residential care home as defined and licensed under the Residential Care Homes (Elderly Persons) Ordinance (Cap. 459), or as defined and issued with a licence or certificate of exemption under the Residential Care Homes (Persons with Disabilities) Ordinance (Cap. 613), or the boarding section of a special school subvented under the Education Bureau, or the residential facilities of the Skills Centre (Tuen Mun) of Vocational Training Council, or a nursing home as referred to in the Hospitals, Nursing Homes and Maternity Homes Registration Ordinance (Cap. 165) which provides residential services for persons aged 60 or above in Hong Kong.

  • Affordable housing development means a development included in the Housing Element and Fair Share Plan, and includes, but is not limited to, an inclusionary development, a municipal construction project or a 100 percent affordable development.

  • Health care worker means a person other than a health care professional who provides medical, dental, or other health-related care or treatment under the direction of a health care professional with the authority to direct that individual's activities, including medical technicians, medical assistants, dental assistants, orderlies, aides, and individuals acting in similar capacities.

  • Homecare Worker means a provider, as described in OAR 411-031- 0040, that is directly employed by a consumer to provide either hourly or live-in services to the eligible consumer.

  • Farmworker Household means a household of one or more persons wherein at least one member of the household is a Farmworker at the time of initial occupancy.

  • Scholarship means a Scholarship as set out in Rule C 3 (a) (i) of the rules of The FA.

  • Affordable housing program(s means any mechanism in a municipal Fair Share Plan prepared or implemented to address a municipality’s fair share obligation.

  • Home means work in the office in the expert’s country of residence. “Field” work means work carried out in the Client’s country or any other country outside the expert’s country of residence.

  • Family child care home means a private home in which 1 but fewer than 7 minor children are received for care and supervision for compensation for periods of less than 24 hours a day, unattended by a parent or legal guardian, except children related to an adult member of the household by blood, marriage, or adoption. Family child care home includes a home in which care is given to an unrelated minor child for more than 4 weeks during a calendar year. A family child care home does not include an individual providing babysitting services for another individual. As used in this subparagraph, "providing babysitting services" means caring for a child on behalf of the child's parent or guardian if the annual compensation for providing those services does not equal or exceed $600.00 or an amount that would according to the internal revenue code of 1986 obligate the child's parent or guardian to provide a form 1099-MISC to the individual for compensation paid during the calendar year for those services.

  • Family means with respect to an individual: (i) the individual; (ii) the individual’s spouse and former spouses; (iii) any other natural person who is related to the individual or the individual’s spouse within the second degree; and (iv) any other natural person who resides with such individual.

  • Health plan or "health benefit plan" means any policy,

  • Health Plans means any and all individual and family health and hospitalization insurance and/or self-insurance plans, medical reimbursement plans, prescription drug plans, dental plans and other health and/or wellness plans.

  • Healthcare shall have the meaning set forth in the introductory paragraph hereof.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Housing development as used in this section, means a development project for five or more residential units, including mixed-use developments. For the purposes of this section, “housing development” also includes a subdivision or common interest development, as defined in Section 4100 of the Civil Code, approved by a city, county, or city and county and consists of residential units or unimproved residential lots and either a project to substantially rehabilitate and convert an existing commercial building to residential use or the substantial rehabilitation of an existing multifamily dwelling, as defined in subdivision (d) of Section 65863.4, where the result of the rehabilitation would be a net increase in available residential units. For the purpose of calculating a density bonus, the residential units shall be on contiguous sites that are the subject of one development application, but do not have to be based upon individual subdivision maps or parcels. The density bonus shall be permitted in geographic areas of the housing development other than the areas where the units for the lower income households are located.

  • Substantial rehabilitation means, with respect to the SAIL Program, to bring a Development back to its original state with added improvements, where the value of such repairs or improvements (excluding the costs of acquiring or moving a structure) exceeds 40 percent of the appraised as is value (excluding land) of such Development before repair and less than 50 percent of the proposed construction work consists of new construction. For purposes of this definition, the value of the repairs or improvements means the Development Cost. To be considered “Substantial Rehabilitation,” there must be at least the foundations remaining from the previous structures, suitable to support the proposed construction.

  • Insurance Affordability Program means a program that is one of the following:

  • Hospitalization means admission in a Hospital for a minimum period of 24 consecutive ‘In- patient Care’ hours except for specified procedures/ treatments, where such admission could be for a period of less than 24 consecutive hours.

  • Orthodontic means a type of specialist dental treatment carried out by an orthodontist that diagnoses, prevents and corrects mispositioned teeth and jaws and misaligned bite patterns.

  • Home Health Care means the continual care and treatment of an individual if:

  • Residential care means the provision of care on a 24-hour day basis.