Title
AN ACT CONCERNING HOMEOWNERSHIP EQUITY PROGRAM for the purpose of establishing the Homeownership Equity Program for County residents; providing for the purposes and uses of the Homeownership Equity Program within the Housing Investment Trust Fund; providing for the funding and administration of the Homeownership Equity Program; providing for eligibility, terms, funding, property requirements for buyers; providing for loans for persons in select groups; providing for application intake, underwriting, closing support, post-purchase follow-up and approval of administrative rules and program guidelines; and generally regarding the Homeownership Equity Program.
Background
This bill establishes the Homeownership Equity Program for County residents. The bill provides for the purposes and uses of the Homeownership Equity Program within the Housing Investment Trust Fund as well as the funding and administration of the Homeownership Equity Program. Program eligibility, terms, funding, property requirements for buyers and loans for persons in select groups are set forth in the bill. Application intake, underwriting, closing support, post-purchase follow-up and approval of administrative rules and program guidelines are also set forth in the bill.