PARTNERSHIP FOR NEW HOMES AT VILLAGE OF PATCHOGUE - COPPER BEECH VILLAGE RE-SALES

PROGRAM GUIDELINES 2015/2016 Please Read Carefully

The Village of Patchogue, Suffolk County, New York State AHC, and the Long Island Housing Partnership, Inc., (LIHP) and affiliates, welcomes applications from individuals and families whose incomes are within the income guidelines listed below. The LIHP strictly complies with the Program Guidelines below. Applications will be reviewed for compliance and completeness. Noncompliant and/or incomplete applications will not be accepted. Application fees will not be refunded.

I. Income Guidelines Due to all of the homes consisting of 2 bedrooms, the program is limited to households of no more than four (4) persons.

A) Homes to be sold at or below 80% of AMI B) Homes to be sold at or below 120% of AMI (Before applying, be certain you conform to all guidelines) (Before applying, be certain you conform to all guidelines)

*Includes all income - overtime, bonuses, pensions, social security, 401K distributions, tips, etc. Your gross income cannot exceed the maximum annual income for your familys size. LIHP must project the income that will be received for the upcoming 12-month period. All income documentation will be required for all household members listed on the application whose earnings will be used as part of the income qualification. Any person whose earnings will be used to qualify for the program will be required to sign a 4506 tax release form to verify their tax returns with the Internal Revenue Service.

II. First-Time Hombuyer Guidelines

The program is limited to firsttime homebuyers (defined in this program as not having owned any type of home or property within the last 3 years). Single, custodial parents may be given special consideration. LIHP adheres strictly to equal opportunity guidelines.

III. Asset Guidelines

LIHP HAS THE FOLLOWING MAXIMUM ASSET POLICY AND PROCEDURE FOR ALL HOMEOWNERSHIP PROGRAMS:

Any household with net liquid assets, after deducting down payment and estimated closing costs of more than 25% of the average unsubsidized sales price of units within a program, shall not be approved for the program. If requested, the applicant will be referred to the specific programs Committee. The committee will examine the applicants full economic situation and other possible extenuating circumstances to determine if they would be able to purchase a home without the assistance. If it is determined that because of its assets, a household would be able to purchase a home without the assistance and if no relevant extenuating circumstances exist, the household will be deemed ineligible for the LIHPs program to which it applied.

Gross Family Household Size Maximum Annual Income*

1 $61,050 2 $69,800 3 $78,500 4 $87,200

Gross Family Household Size Maximum Annual Income*

1 $91,550 2 $104,650 3 $117,700

4 $130,800

PARTNERSHIP FOR NEW HOMES AT VILLAGE OF PATCHOGUE - COPPER BEECH VILLAGE RE-SALES

PROGRAM GUIDELINES

IV. Re-Sale Restrictions

Please note there will be restrictions placed on these homes to maintain affordability upon future home sales. LIHP shall administer and qualify applicants for the re-sales at Copper Beech. At the time of re-sale, a fee of .75% of the selling price will be paid to LIHP by the Seller for LIHPs services. Selling Price shall be deemed to be the subsidized sales price.

V. Re-Sale Home Price Pursuant to the guidelines set forth in the Special Considerations Section of the Copper Beech Offering Plan: the Owner shall be required to set a sales price that does not exceed the original sales price adjusted by the annual Consumer Price Index (CPI) for the local area for each year from the time of the original sale up until the time of the re-sale. All other program requirements must be met by the new purchaser such as the income guidelines set forth herein. Sales price shall be deemed to be the subsidized sales price.

VI. Mortgagibility Guidelines

Applicants must have adequate resources and credit to qualify for a home mortgage. Eligible Applicants will be required to attend LIHPs pre-purchase mortgage counseling program. The LIHP assists qualified applicants in securing a mortgage. However, it is the responsibility of the applicant to secure a mortgage. Applicants must submit to the LIHP all standard documentation required for mortgage processing, including copies of the last three years of their Federal Income Tax Returns, W-2 forms, last four current pay stubs, and bank statements showing assets needed for down payment and closing costs.

A rule of thumb in mortgage processing is that an applicant should spend no more than 33% of gross (before taxes) income for loan principal, interest, taxes and insurance; and no more than 38% of the gross income for mortgage payments plus other monthly charges such as credit card debts and loans that have more than 10 payments left. Additionally, applicants should have approximately 5%-10% of the subsidized sales price available for down payment and closing costs (of which 3% must come from your own funds and not a gift the remaining amount may be a gift). A good credit record and stable earning history is also required to qualify. If you do not currently have a good credit record or a stable earning history it is not a good idea to apply at this time.

VII. Complete Application Guidelines

A non-refundable application fee of $100 made payable to the Long Island Housing Partnership, Inc. is required with the application. Therefore, before you make an application for entrance into this program, read the guidelines thoroughly to be certain that you qualify.

*Please note, only completed applications with ALL required documentation that meet all program guidelines will be considered on a first come, first served basis.

The partnership staff is available to assist with the application, answer questions or provide any assistance regarding eligibility. We also provide free mortgage counseling. If you have any questions regarding any of the guidelines, please call the Long Island Housing Partnership, Inc. at (631) 435-4710 before applying.

Disclaimer: It is understood that this is not an offer and that the terms and conditions may be changed at any time by the Long Island Housing Partnership, Inc. It is further understood that notices by the Long Island Housing Partnership, Inc. may be made in such manner as Long Island Housing Partnership, Inc. may determine, including solely by advertisement.

APPLICATION DEADLINE: FIRST COME, FIRST SERVED

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ACKNOWLEDGEMENT

Applicant(s)

(To be filled out and returned with application)

By signing below, I certify that I have read, understand and agree to the Partnership for New Homes at Village of Patchogue Copper Beech Village Condominium Program Guidelines.

______________________________ Owner/Applicant Name (Please Print)

______________________________ ________ Owner/Applicants Signature Date