What are the covenant requirements for homeowners who choose Option 1?
• Applicants must promise to use the property as their primary residence within three years from the date of their closing, and may not use it for any other purposes, which means the property cannot be used for rental or business purposes • The home must be owner-occupied as their primary residence at some point WITHIN three years of the date of closing. • Applicants must also agree to maintain flood insurance on their homes if it is in a Special Flood Hazard Area. ** • Applicants are also required to maintain hazard insurance on their homes. **Please note: If it is a requirement that the property maintain flood insurance and it does not, it could result in the applicant having to repay their entire compensation award. Further, if the applicant fails to carry the proper amount of insurance on the property and in the event of a future disaster, the property may not be eligible for federal disaster relief for repair, replacement or restoration of damage due to flooding. • What are the Op
