40B HousingProgram Requirements
40B Housing Program Requirements
This article is a continuation in our 40B series on our blog
As we discussed last time, affordable housing such as 40B programs covers a wide range of affordable housing possibilities. For more information on 40B please visit our 40B affordable housing lottery overview page here.
Here are a few more of the 40B program requirements. A home purchased through an affordable housing program could be purchased for under $200,000 and, possibly double in value on the open market. However, you as the owner cannot sell the home at market rate later on and keep the difference.
If you decide to sell the home or refinance up the road, please be aware that there is a limit on both. That limit on the resale is determined by something called the Deed Rider and, before you sell or refinance you have to notify the community the house is located in, as well as, the assigned monitoring agent.
It is the monitoring agent who determines what the allowed maximum resale or refinancing mount is within the requirements in the Deed Rider. Usually, the resale sales price will be determined by what the stated resale multiplier on Deed Rider specifies.
To illustrate, a 3 bedroom home which was priced at over $180,00 and, the median income adjusted for the family’s current size of just under $60,000 then, the resale multiplier would equal around 3.05 plus any monitoring agent approved improvements made to the home.
Still have questions or, wondering if your household qualifies for affordable 40B housing? Contact Delphic Associates today for more information!
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