meaning given that term in 24 CFR 5.603.
HOME funds means funds made available under this part through allocations and reallocations, plus program income.
Homebuyer counseling has the same meaning as homeownership counseling in 24 CFR 5.100, and is a type of housing counseling.
Homeownership means ownership in fee simple title in single family housing or an equivalent form of ownership approved by HUD.
(1) The land upon which the housing is located may be owned in fee simple or the homeowner may have a ground lease for the lowest of the following time periods, as applicable:
(i) For housing, the ground lease must be for 99 years or more;
(ii) For housing located in an insular area, the ground lease must be 40 years or more;
(iii) For housing located on Indian trust or restricted Indian lands or a Community Land Trust, the ground lease must be 50 years or more; or
(iv) For manufactured housing, the ground lease must be for a period at least equal to the applicable period of affordability in § 92.254.
(2) Right to possession under a contract for deed, installment contract, or land contract (pursuant to which the deed is not given until the final payment is made) is not an equivalent form of ownership.
(3) The ownership interest may be subject only to the restrictions on resale required under § 92.254(a); mortgages, deeds of trust, or other liens or instruments securing debt on the property as approved by the participating jurisdiction; or any other restrictions or encumbrances that do not impair the good and marketable nature of title to the ownership interest.
(4) The participating jurisdiction must determine whether or not ownership or membership in a cooperative or mutual housing project constitutes homeownership under State law; however, if the cooperative or mutual