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Instructions for the Property Completion Form: HOPE 3 Program Cash & Management Information (C/MI) System

A Property Completion form must be completed for each property

Item 3. Other Property Costs: Enter in the appropriate boxes

(or unit, as applicable) assisted with HOPE 3 Grant funds, and

the actual HOPE 3 funds, match contribution and other

submitted to HUD when all activities are completed related to the

funds used for other property costs associated with the

property or within 30 days of the final drawdown request. Indicate

acquisition and/or rehabilitation activities, including archi-

whether the form is an original submission or a revision to an earlier

tectural and engineering, and temporary or permanent

form. Send one copy of the form to:

relocation costs. (See lines 0130, 0150, and 0160 of form

HOPE 3 - Dept of Housing & Urban Development

HUD-40102-B.)

L’Enfant Plaza Station

Item 4. Recipient’s Property Transfer Costs:

Enter in the

PO Box 23997

appropriate boxes the actual HOPE 3 funds, match con-

Washington, DC 20026

tribution and other funds used for recipient’s closing costs

Contact your local HUD Field Office if your have additional ques-

at time of sale of property to the homebuyer. (See line

tions.

0120 on form HUD-40102-B.)

Item 5. Totals: Enter the total Hope 3 (column A), Match contri-

Part A: Recipient Information

bution (column B) and other funds (column C).

Item 1. LOCCS Program Area: The program code for HOPE 3

(HOP3) is preprinted in this block.

Part D: Homebuyer Financing Information

Item 2. Original / Revision: Enter "1" for an original submission,

Complete item 1 of this part only if the transfer is by lease/purchase.

or "2" for a revision.

The information for other transfers was reported on the Property

Item 3. Recipient Organization’s Name: Enter lead appliant

Transfer Form, item 2 (a) through (e).

identified in grant agreement who is legally responsible for

Item 1. Sale of Property to Homebuyer:

completion of the HOPE 3 Program activities.

(a) Fair Market Value at Sale: Enter the as-is fair market

Item 3a. Recipient Organization’s Tax Identification Number:

value of the property at time of transfer of ownership

Enter the recipient’s Tax (Employer) Identification Num-

interest to homebuyer. Sales price to homebuyer cannot

ber shown in Item 6 of the SF 424.

exceed fair market value.

Item 4. Grant Number: Enter the recipient’s grant number shown

(b) Sales Price: Enter the actual sales price of the

in the Grant Agreement.

property to the homebuyer.

Item 5. Property Number: Enter the 12-digit property number

assigned for this property at time of Property Set Up.

(d)

HOPE 3 Promissory Note Amount:

Enter the

amount of the HOPE 3 Promissory Note, if any, executed

Part B. Property Information

at time of transfer of ownership interest to homebuyer.

Item 1. Homebuyer Name: Enter the complete name of the

The Promissory Note must be provided if the sales price

homebuyer(s).

is below the fair market value or if other substantial

Item 2. Property Address: Enter the street address, including

assistance is provided to the family as described in Sec-

unit number, city, State, and zip code of the completed

tion 572.130(d) of the regulations.

property.

(e) Monthly PITI: Enter the homebuyer’s monthly expen-

Item 3. If lead based paint was removed from this property,

diture for principal, interest, taxes and insurance. The

check appropriate box.

PITI must not be less than 20% and no more than 30% of

Item 4. The property must meet the higher of the local housing

the adjusted income of the eligible family as described in

code or Section 8 Housing Quality Standards (HQS)

Section 572.120 of the regulations.

within two(2) years of transfer to the homebuyer.

Item 2. Homebuyer Financing of Purchase and Rehabilita-

Item 5. Lease/Purchase: For lease/purchase arrangements only,

tion.

enter the date of sale to the homebuyer.

(a)

For properties transferred under lease/purchase,

enter all financing sources used by the homebuyer to

Part C: Recipient's Costs to Acquire and Prepare the Property

purchase the property in column (a).

for Sale

Indicate in appropriate box whether or not the cost of

Enter all the actual HOPE 3 funds, match contributions and other

rehabilitation was included in the purchase price.

funds provided for this property. Do not include financial assis-

If the answer is “No”, complete column (b), “Homebuyer's

tance to the homebuyer.

Financing for Rehabilitation.”

Item 1. Acquisition: Enter in appropriate boxes the actual HOPE

(b) For all other properties (not lease/purchase), enter the

3 funds, match contribution and other funds used for the

actual rehabilitation financing in column (b) if not included

acquisition of the eligible property, excluding recipient’s

earlier in Part D of the Property Transfer Form, form HUD-

closing costs and architectural and engineering costs.

40104. Column (b) should include the financing sources

Item 2. Rehabilitation: Enter in the appropriate boxes the actual

used by homebuyer to rehabilitate the property, if not

HOPE 3 funds, match contribution and other funds used

included in the purchase price.

for the hard and related soft costs (i.e., costs writeups,

Item 3. Type of Homebuyer Financing: Mark all sources of

donated labor and materials) of the rehabilitation of the

financing used by the homebuyer to purchase the prop-

eligible property.

erty.

Item 4. Name and Phone Number: Enter the name and phone

number of the person preparing this form.

Page 3 of 3

form HUD-40105 (7/94)

Form Hud-40105 - Instructions For The Property Completion Form - Dept Of Housing & Urban Development

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