Income Guidelines (100% AMI)
|Family Size||Maximum Annual Household Income|
|More than 8 add per person||$9,150|
For a family size of one, a person can make a maximum of $73,780. If you exceed this amount, you no longer qualify. However, you can make less if you qualify for a mortgage.
• Homebuyers are expected to reside in the home for 15 years as an owner occupant.
• Home is not permitted to be a rental property or Airbnb.
If the first homebuyer resells the property before the 15-year compliance period, then they must come back to the Land Bank and a.
a. The Land Bank will calculate the resale price based on the recorded Declaration of Restrictive Covenants (DoRC); Also,
b. The second homebuyer must be income-qualified by the Land Bank before any sale can happen.
c. Second homebuyer must accept the 15-year resale restriction.