Glossary

Community Lenders
Lenders in the community that participate in GVRPC’s programs.
Click here to view list.

ELIGIBLE REPAIRS

• Repair or replacement of major housing systems
• Essential energy related repairs or improvements
• Adaptations to allow use by persons who are disabled or handicapped
• Lead hazard reduction
• Other repairs necessary to meet Housing Quality Standards
• Cosmetic repairs are not eligible.

FIRST-TIME HOME BUYER DEFINITION

• The homebuyer cannot own a home.
• An individual, or an individual and his or her partner, who have not owned a house during the 3-year period before the purchase of a home with "Program" assistance.
• A displaced homemaker (an adult who has not worked full-time, full-year in the labor force for a number of years, but has, during such years, worked primarily without remuneration to care for the home and family; and is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment) who, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse.
• A single parent who while married owned a home with his or her spouse or resided in a home owned by a spouse.
• An individual who owned or owns, as a principal residence during the 3-year period before the purchase, a substandard home with a structure:
  
  1. Not permanently affixed to a permanent foundation in accordance with local or other applicable regulations
     
     OR
      
  2. Not in compliance with State, local or model building codes, or other applicable codes, and that cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.

Housing Quality Standards (HQS)
Minimum standards that address issues of health, safety and basic structural integrity. A Program Inspector will make an appointment with the home owner to go through the home and complete an HQS report. This report becomes the basis of the Inspector’s determination of work needed to allow the home to meet the Housing Quality Standard. The inspector’s write up becomes the basis for securing bids from local contractors.

SOFT SECOND MORTGAGE

• An interest free Note and Mortgage must be signed by the buyers to secure the amount of the grant for a specific period of time, which varies by program (this is known as the "recapture period").
• There are no payments on the Note and Mortgage if the buyer lives in the home for the recapture period.
• If the buyer chooses to move out of the house before the time period is up, a pro-rated portion or all of the grant  must be repaid.
• Under certain circumstance the remaining mortgage may be assumed by a new qualified buyer.

GVRPC, Inc. is an Equal Opportunity Housing Provider.