Home$tart - Compliance

Members must submit the following documentation for each homebuyer receiving a Home$tart grant:

  • Final HUD-1 settlement statements, within 30 days of the closing of the home purchase.
  • A Deed of Trust and Retention Agreement, recorded upon the purchase of a home. A recorded copy must be returned to the Seattle Bank within 90 days of the closing of the home purchase. (Exception: Homes purchased in Multnomah County, Oregon or located in the state of Hawaii are permitted up to six months to provide a copy of the recorded Mortgage and Retention Agreement.) This agreement ensures that a pro-rata share of the Home$tart grant will be returned to the Seattle Bank if the Home$tart-assisted home is sold before the end of the five-year retention period. The original recorded Deed of Trust is not required for compliance purposes, but should be submitted to the Seattle Bank in order to expedite reconveyance of the Home$tart lien upon completion of the five-year retention period.

Click on the appropriate state to download a Deed of Trust and Retention Agreement:

The Seattle Bank will request semi-annual certifications around the end of June and December to verify whether enrolled households remain interested in receiving the Home$tart grant.

Homebuyers must purchase a home within one year of being enrolled in Home$tart or their reservation will be withdrawn and the funds set aside for them will be made available for new enrollments on a first-come, first-served basis. Members may request up to two six month extensions for homebuyers.

For detailed information regarding program requirements, please refer to our Home$tart and Home$tart Plus 2009 Member Policies and Procedures (pdf), or contact Community Programs Analyst Craig Horton (206.340.2436).