Instructions For Form Hud-40096 Homeownership Assistance Project Completion Report Page 2
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3B should be the total cost of the project. The total amount of HOME
(2) Owner Cash Contributions. Enter the amount of all cash
funds reported in the block titled “Total HOME Funds (Total Items (1)-
contributions provided by the project owner.
(5)”) of Part B must equal the total amount disbursed by the C/MI
(3) Private Grants.
Enter the amount of cash contributions
System for this project.
provided by private organizations, foundations, donors, etc.
1. HOME Funds. Include HOME program income on line 4 below
Total Private Funds. Enter the total of items (1) through (3) as the
titled “HOME Program Income” only.
Do not include HOME
amount of Private Funds expended on this project.
program income in any of the following 5 HOME categories.
4. HOME Program Income. Enter the total amount of funds provided
(1) Direct Loan. Enter the amount of HOME funds provided for this
from HOME income. Note: Exclude all program income repre-
project in the form of a direct loan. Enter the loan’s interest rate
senting homeowner downpayment assistance, which is entered
and amortization period. If there are multiple loans, enter the
under PART C, Line 4, “HOME Program Income”.
interest rate and term of the largest loan.
5. Total Project Cost. Enter the sum of totals for HOME funds, Public
(2) Grant. Enter the amount of HOME funds provided without any
funds and Private funds and HOME Program Income. (Totals from
repayment requirements. (Note: A grant may be used to
the above items 1 through 4.)
reduce the principal amount borrowed, a principal reduction
Part C. Financial Assistance to Homebuyer
payment, or the effective interest rate, an interest subsidy
Complete Part C for first-time homebuyer projects only.
payment, on a privately originated loan.)
1. Initial Purchase Price. Enter the price paid by the first-time
(3) Deferred Payment Loan (DPL). Enter the amount of HOME
homebuyer for the property as evidenced on the deed of trust note.
funds provided through loans where payment of principal and
interest is deferred until a future time and enter the interest rate
2. Appraised Value. Enter the estimated appraised value after any
and amortization period, if any. A DPL is some times called a
repair.
conditional grant (e.g., repayment is required when the project
3. HOME Funds for Downpayment Assistance. Enter the amount
is sold, or is forgiven if the owner does not sell the project for
of HOME Program funds, if any, provided as downpayment assis-
a specified number of years or repayment of principal and
tance to the homebuyer according to the following 4 categories:
interest starts after the bank loan is repaid).
(Note: Do not include HOME funds provided as construction
(4) Community Housing Development Organization (CHDO)
financing. HOME funds provided as construction financing should
Loan.
be reported in Part B of this form.) For definitions of the four
categories, refer to the description of HOME funds in Part B.
a. Technical Assistance (TA) Loan. Enter the amount of
HOME funds provided as a CHDO TA loan for the project.
(a) Direct Loan
Reference 24 CFR 92.301(a).
(b) Grant
b. Seed Money Loan. Enter the amount of HOME funds
(c) Deferred Payment Loan
provided as a CHDO seed loan for the project. Reference
(d) Other
24 CFR 92.301(b).
4. HOME Program Income. Enter the amount of HOME Program
Total CHDO Loan. Enter the total of the amounts entered on cited
income provided as downpayment assistance to the homebuyer
on 4a and 4b.
only. Note: Do not double count.
(5) Other. Enter the total amount of HOME funds provided for
5. Total HOME Funds for Downpayment Assistance. Enter the
subsidy funding that is other than the type of loan/grant
amount of HOME Program funds provided as downpayment
assistance identified in the above items listed as (1) through
assistance to the homebuyer (items 3 and 4).
(4).
Part D. Homeownership Rehabilitation Projects Only
Total HOME Funds. Enter the total of items (1) through (5) as the
The information requested below pertains only to those projects that
amount of HOME funds expended on the project.
have been checked in Part B of this form as rehabilitation only or as
2. Public Funds. Enter in blocks (1) through (3), the total amount of
acquisition and rehabilitation.
public funds expended on this HOME-assisted project.
1. After Rehabilitation Value. Enter the dollar value of the property.
(1) Other Federal Funds. Exclude any HOME funds expended on
The dollar value is the appraised value of the property before
this project.
rehabilitation plus the total rehabilitation cost (i.e. all materials,
(2) State/Local Appropriated Funds.
supplies and labor costs directly related to the rehabilitation of the
(3) State/Local Tax Exempt Bond Proceeds.
property).
Total Public Funds. Enter the total of items (1) through (3) as the
2. Single Family Mortgage Limit.
Enter the applicable section
amount of Public Funds expended on this project.
203(b) FHA mortgage limit. If a higher limit has been authorized
3. Private Funds.
for HOME for your jurisdiction, enter that higher limit.
(1) Private Loan Funds. Enter the amount of all of the costs for this
Part E. Household Characteristics
project that have been paid with funds obtained from private
Complete the first line for the unit to be occupied by an owner. Fill out
financial institutions, such as banks, savings and loans, and
the second (third/fourth) line(s) for the rental unit(s), if any. For an
credit unions, and enter the interest rate and amortization
unoccupied unit, enter unit number, number of bedrooms and total
period of the loan. If there are multiple loans, enter the interest
rent and “9” as instructed.
rate and term of the largest loan. (Do not double count.)
Instructions Page 2 of 3
form HUD-40096 (6/93)
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