LONG ISLAND HOUSING PARTNERSHIP,
INC
TOWN OF SOUTHAMPTON AFFORDABLE
HOUSING PROGRAM RESALES
SOUTHAMPTON POINTE CONDOMINIUM, SOUTHAMPTON, NY
PROGRAM GUIDELINES
2026
Please read carefully and retain these guidelines as they contain important program
information.
The
Long Island Housing Partnership (LIHP) welcomes applications from individuals
and families whose incomes are within the income guidelines listed below. The Long Island Housing Partnership strictly
complies with the Program Guidelines below.
Applicants must be a qualified homebuyer at 80% or less of the HUD
established area median income. Applications
will be reviewed for compliance and completeness. Noncompliant and/or incomplete
applications will not be accepted. A
non-refundable $100 application fee is required for prospective buyers.
If you have any questions regarding
any of the Program Guidelines or need assistance including translation and/or
oral interpretation services, please call LIHP at 631-435-4710 or email LIHP at
info@lihp.org. Si
tiene alguna pregunta sobre cualquiera de las Pautas del Programa, o necesita
ayuda, incluidos los servicios de traducción y/o interpretación oral, llame a
LIHP al 631-435-4710 o envíe un correo electrónico a LIHP a info@lihp.org
General
This home is a Town of Southampton (“Town”) Community
Benefit home and is subject to the requirements established by the Town and Section
216 of the Town Code. This home is an upper level condominium within the complex known as Southampton
Pointe. The home contains 2 bedrooms and 1 ½ baths. The home is located at: 29 Village
Green Drive, Southampton, NY 11968.
Purchase Price
$ 306,061.00 (as established by the Town).
Income Guidelines
Before
applying, be certain you conform to all guidelines.
Applicants
must have household incomes at or below 80% of Area Median Income
(AMI) as determined annually by the U.S Department of Housing and Urban
Development (HUD). The current 2026 incomes are as follows
Gross
Family
Maximum
Annual Income - 80% AMI
Household
Size Annual
Income*
1 $92,050
2 $105,200
3 $118,350
4 $131,450
Includes all
income – wages, overtime, bonuses, pensions, social security, 401K
distributions, tips, etc. Your gross
income cannot exceed the maximum annual income for your family’s size. LIHP must project the income that will be
received for the upcoming 12-month period.
Asset Limitation Policy
There is an established limit on the amount of assets a household may
have to be eligible for this program. After deducting the purchaser’s cash
investment and estimated closing costs, any household with net liquid assets
and equity in real property of more than 25% of the purchase price will be
deemed ineligible for this program. Equity in real property IS INCLUDED in
the asset calculation. Transfers of real property made up to 2 years
prior to the date that this program’s application was signed by the applicant
will be included in the asset calculation.
The
program is limited to First–Time Homebuyers (Defined in this program as not
having owned any type of home or property within the last three (3)
years).
Re-Sale Restrictions
Please note that the Town has
established resale and other restrictions on these homes to maintain
affordability upon future home re-sales.
Buyer Benefit Liens may also be required by the Town. Please contact the
Town of Southampton to initiate the sales process, establish the maximum sale
price, and obtain all required
information regarding the restrictions and other requirements for the home. Upon resale of a home, the sales price may
be set by the current owner, however, the sale price cannot exceed the original
sales price increased by the Consumer Price Index (CPI) from the time of the
original sale until the resale. The sale price can include the costs of
permanent fixed improvements as defined under the Town requirements, plus
reasonable and necessary resale expenses.
Sales price shall be deemed to be the subsidized sales price. Upon
resale the Seller will pay to LIHP a fee equal to 1% of the subsidized sales
price at the time of resale for LIHP’s cost of administering the program and
screening potential purchasers for eligibility. All other
program requirements, such as income limits, must be met by the new
purchaser(s) of the home. The Town will
develop resale procedures consistent with the Program Guidelines and the Town
Code.
Monthly
Carrying Charges
Homes located in the development will have Carrying Charges. As per the Town, Carrying Charges will
include: Annual taxes of approximately $2,139.48 (w/out exemptions) and monthly
Common Charges of approximately $550.11.
These figures have been provided by the Town. LIHP has no role in establishing such charges
and buyers must independently verify same.
Mortgage Ability Guidelines
Applicants must have adequate resources and credit to qualify for
a home mortgage. Eligible Applicants
will be required to attend LIHP’s pre-purchase mortgage counseling
program. LIHP will counsel
applicants on 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 signed
copies of the last three years of their Federal Income Tax Returns, copies of
the last three years W-2 forms, last four (4) current consecutive pay stubs,
and most recent two (2) months bank statements and investment accounts, showing
assets needed for down payment and closing costs. The ratio of total monthly housing
cost (i.e. mortgage payments, property taxes, insurance premiums plus other
debt (e.g. credit cards, car payments, school loans, etc.) to monthly household
income may not exceed 45%. Additionally, applicants should
have approximately 5%-10% of the sales price available for down payment and
closing costs (of which 3% must come from your own funds not a gift –
remaining 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.
Mortgage
Restrictions
First
mortgages must be with a recognized lending institution. Non-occupying Co-Borrowers
are
not permitted. The following types of mortgages are not permitted:
1. Private mortgages;
2. “No
Doc” Loans, 100% financing,
and 80/20
loans;
3. 203K loans;
and
4. Adjustable rate
or interest only loans.
Occupancy
Buyers
are required to occupy the unit as their principal residence and cannot rent
the premises.
Application Process
The
Formal Program Application, together
with required documentation and application fee of $100 must be submitted and
reviewed for eligibility. Each applicant is screened for Program eligibility in the
order in which the Formal Program Application has been received.
An
email from LIHP detailing the eligibility or ineligibility will be sent to each applicant after a full review of their Formal
Program Application has been
conducted.
Please note, only completed
Formal Program Applications with ALL required documentation that meet ALL the program guidelines will be eligible. After
being submitted, any
changes to an application must be requested in writing
and must be approved by the program review committee. Formal Program Applications submitted after the
specified date will not be considered.
If you are separated from your spouse, a
legal separation or divorce decree must be provided in order to complete your application.
Applicants should not make an appointment
for mortgage counseling until the applicant has received a formal letter from
LIHP stating that the applicant is eligible for the Program.
FAIR
HOUSING AND NON-DISCRIMINATION
LIHP
is committed to promoting fair housing, equal opportunity, and
non-discrimination in compliance with all federal, state and local laws,
including, but not limited to, the Fair Housing Act, as amended by the Housing
for Older Americans Act, the Americans with Disabilities Act, the Civil Rights
Act, and the New York State Human Rights Law and all Fair Housing Laws will be
followed. The LIHP staff is available to
assist with the application, and answer questions about eligibility
requirements. In furtherance of this
policy, LIHP shall not discriminate on the basis of race, creed, color,
national or ethnic origin, sex, sexual orientation, gender identity, familial
status, source of income, religion, disability, veterans status, age, or any
other basis prohibited by law.
LIMITED ENGLISH PROFICIENCY AND
ACCOMMODATIONS
LIHP will take reasonable steps to ensure
that persons with Limited English Proficiency (LEP) and persons who are in need
of assistance or who have a limited ability to speak, read, or write English,
will have meaningful access and an equal opportunity to participate in the
Program. Interpreters, translators and other aids needed to comply with this
policy shall be provided as reasonably necessary. If you have any questions regarding the
guidelines, or need assistance including translation and/or oral interpretation
services, please call LIHP at 631-435-4710 or contact LIHP at resales@lihp.org .
***************
Disclaimer: It
is understood that this is not an offer and that terms and conditions may be
changed at any time by the Town or Long Island Housing Partnership, Inc., and
Affiliates. It is further understood
that notices by the Long Island Housing Partnership, Inc., and Affiliates may
be made in such manner as Long Island Housing Partnership, Inc., and Affiliates
may determine, including solely by advertisement or email.