Welcome to the Responsible Home Ownership Down Payment Gift Program

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Community Housing & Development Corp.

Authority

Responsible Home Ownership, Inc. is a for profit corporation that arranges down payment assistance through various 501(C) (3) charitable organizations including but not limited to Churches and Religious Organizations.

Using the Responsible Home Ownership Program provides the ultimate source of Down Payment Assistance for Residential, Multi Family, Government and non Government, Commercial and Industrial Loan Products.

It's Business As Usual!

The Responsible Home Ownership Program

A Qualified Residential Buyer

The RESPONSIBLE HOME OWNERSHIP PROGRAM provides Grants in the form of Gift Funds from COMMUNITY HOUSING AND DEVELOPMENT CORP.(a non-profit public benefit charity) , or another approved Charity, for down payment and closing costs to Qualified Buyers purchasing Participating Properties.

GIFT FUNDS Funds provided to buyers by Charities are a Gift. The Not for Profit Entity does not record a lien against the home and there is NO expectation of repayment! Neither RHO or the Non Profit underwrites loans.

FINAL SALES PRICE The Final Sales Price under the Responsible Home Ownership Program is the Final Contract Price for a Participating Home.

PARTICIPATING PROPERTY A Participating Property is a Property owned by a Seller who has entered into a Participating Home Agreement.

Service Fee

SERVICE FEE A Service Fee is charged under the Responsible Home Ownership Program to the Seller of a Participating Property and is paid at close of Escrow, only if the home is sold under the Responsible Home Ownership Program and to a Buyer receiving grant assistance from an approved Charity. At no time is this fee to be construed as any form of real estate commission. The Service Fee is earned for efforts to educate, publish and prepare documents, advertising and internet interphase. The Service Fee is a fee for services and may be treated for income tax reporting purposes by the Seller as a cost of the sale of the property, not a charitable deduction. Click here for important tax information.It's Business as usual. Community Housing and Development Corporation retains it's 501(c) (3) tax exempt status .

Effective Feb. 29, 2008, in a ruling by Judge Karlton, the HUD regulation ending down payment assistance has been denied.

Judge Karlton's ruling permanently sets aside the HUD regulation, and because of HUD Secretary Alphonso Jackson's prejudice, he is disqualified from participating in any rule making process in the future.

This is a big win for DPA and it can continue to do business indefinitely.

Community Housing and Development Corp. is a 501(c) (3) publicly supported charity in good standing with the IRS.

A Qualified Residential Buyer is a Buyer that is a low-income individual who has the employment history and financial history necessary to qualify for a mortgage, and would so qualify but for the lack of a down payment. All assistance is for housing in the United States. No funds are provided for offshore interests. In addition, the Buyer must meet the following criteria:

(1) Be Credit Approved for a Qualifying Loan Program.

(2) Read our "Online" Home Ownership Counseling Course. (3) Purchase a Participating Home.

Non Government Loans and Commercial Loan Buyers are exempt from these requirements.

HOME OWNERSHIP COUNSELING Every prospective residential recipient of a Grant of Gift Funds should successfully complete an approved Home Ownership Counseling Course. Our "Online" course is easy and consists of reading 5 pages. On the last page, an online form is submitted by the home buyer. It's simple and informative. A 15 page printable version in Adobe Acrobat is available.(click here) For access"Online"

The Real Estate Agent submits a completed, original Participating Home Application Form signed by all Sellers on title to Closing Agents along with a copy of the Purchase and Sale agreement signed by the Parties.

It's Business As Usual!