|
HOMEBUYER ELIGIBILITY
  
1. All units will be reserved for
households with incomes between 50% and 60% of the area
median income (AM]) for the Bridgeport Metropolitan Area.
Proof of income (current pay stubs and tax returns) will be
required. The maximum household income for family size is shown
below:
| |
|
|
50%
|
|
60% |
| Family Size |
1
|
Household
Income |
$26,300 |
|
$31,560 |
| |
2 |
|
$30,100 |
|
$36,120 |
| |
3 |
|
$33,850 |
|
$40,620 |
| |
4
|
|
$37,600 |
|
$45,120 |
| |
5
|
|
$40,600 |
|
$48,720 |
| |
6 |
|
$43,600
|
|
$52,320 |
| |
7 |
|
$46,600 |
|
$55,920 |
| |
9 |
|
$49,650 |
|
$59,580 |
Please note, the first phase of eight units (8), five (5:) units
will be reserved for families that have a maximum household income
at 50% of the area median income.
2. Sufficient income and credit history to secure a mortgage and
pay unit common charges will be required.
3. Priority will be given to first-time homebuyers. First-time
homebuyers are defined as applicants who have not owned a home for
the past three years.
4. First-time homebuyers will be required to complete homebuyer
counseling classes.
RESALE PRICE AND PURCHASER RESTRICTIONS
Resale Price Restrictions: Resale price
restrictions have been balanced to help homeowners build equity
while keeping units permanently affordable for future generations of
homebuyers. The maximum resale price of your unit will be restricted
to the higher_ of the original price plus the percentage increase in
the AMI -or- 2% for each year the seller has owned the unit.
[NOTE: Since 1992, the AM has increased an average of 3.5% per
year.]
Example: A unit purchased for $75,000 is held for
5 years and 3 months. During this time the 60% AMI has risen
from $52,500 for a family of 4 to $57,750, or a 10% increase. The
maximum sales price would be $82,875 - the higher of (a) $75,000
times 1.10% (AM increase) _ $82,500 or (b) $75,000 times 1.105% (2%
annual increase for5.25years) _ $82,875.
Purchaser Restrictions: For the first 15 years following the
initial purchase, the resale price of each unit will be limited to
new purchasers whose household incomes are at or below 60% of
Bridgeport's area median income. |
