LONG ISLAND HOUSING PARTNERSHIP, INC
WESTHAMPTON PINES CONDOMINIUM “SENIOR”
SOUTHAMPTON RESALES
2026 PROGRAM GUIDELINES
Please read carefully and retain these guidelines as they
contain important program information.
The Long Island Housing Partnership (LIHP) and the Town of
Southampton 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. There
is a $100 application fee for this program.
Application fees will not be refunded.
I. Income Guidelines
|
Maximum
Gross Annual Income - 80% AMI
Household Size Annual Income*
1 $ 92,350
2 $105,550
3 $118,750
4 $131,900
|
2-bedroom/2 bath homes are limited to senior households
of no more than four (4) persons and are to be sold to those households with
incomes at or below 80% of AMI as determined annually by HUD. The current
incomes are as follows. 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
family’s 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. Income limits are based on the 2025 HUD
Income Limits and are subject to change annually.
II. Asset Limitation Policy
THE FOLLOWING MAXIMUM ASSET POLICY AND PROCEDURE APPLIES
TO THIS SENIOR HOMEOWNERSHIP PROGRAM:
After deducting down payment and estimated closing costs,
any household with net liquid assets of more than 2 and ½ times the purchase
price will be referred to the specific program’s committee. The committee will examine the applicant’s
full economic situation and other possible extenuating circumstances to
determine if they would be able to purchase a home without the assistance of
the Affordable Senior Housing Program.
If it is determined that because of its assets, a household would be
able to purchase a home without the assistance of the Affordable Senior Housing
Program and if no relevant extenuating circumstances exist, the household will
be deemed ineligible for the program to which it applied. Equity in real
property IS INCLUDED in the asset calculation. Please note that an applicant
shall be required to sell any residences prior to closing on an affordable
unit.
III. Purchase Price.
The purchase price as established by the Town is
$233,000.00
IV. Monthly Carrying Charges
Homes located in Westhampton Pines affordable senior
program will have monthly Carrying Charges.
Monthly Carrying Charges will include Taxes of approximately $1,313,58
and Common Charges of approximately $1,090.
These are estimates only from the owner and purchaser shall
independently verify. LIHP has no role
in these charges.
V. Age Restrictions.
Occupancy of a home may only be for residential purposes
and shall be limited to the following persons: (i) persons who shall have
attained the age of fifty-five (55) years or older (hereinafter “senior
citizen”); (ii) the spouse of said senior citizen; (iii) children or
grandchildren of said senior citizen or of the spouse of said senior
citizen, where one of said parents or
grandparents with whom the child or grandchild is residing is fifty-five ( 55)
years of age or older, provided each child has attained the age of nineteen
(19) years; (iv) adults under fifty-five
(55) years of age if it is established to the satisfaction of the Town
Board that the presence of such person is essential for the physical care of a
senior citizen residing the Senior Residential Community.
VI. Re-Sale Restrictions.
Please note there will are restrictions on these homes to
maintain affordability upon future home re-sales. If you are interested in selling your home,
please contact the Town of Southampton to initiate the sales process. 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. 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 Sponsor and LIHP will develop
resale procedures consistent with the Program Guidelines.
VII. 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 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 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.
A rule of thumb in mortgage processing is that an
applicant should spend no more than 33% of their monthly gross (before taxes)
income for loan principal, interest, taxes and insurance; and no more than 38%
of their monthly 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 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.
VIII. 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.
IX. Occupancy.
Buyers are required to occupy the unit as their principal
residence and cannot rent the premises. Please note that an applicant shall be
required to sell any residences prior to closing on an affordable unit.
X. Application Process.
Applications are accepted on a first-come first-served
basis. The Formal Program Application,
together with required documentation and a non-refundable $100.00 fee, must be
submitted and reviewed for eligibility.
Each applicant is screened for Program eligibility. The screening is
completed by LIHP staff.
A letter 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, veteran’s 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 need 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 info@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.
It is also understood that entry into the program is not a guarantee
that you meet all program requirements to purchase a home.