LONG ISLAND HOUSING PARTNERSHIP,
INC
TOWN OF SOUTHAMPTON AFFORDABLE
SENIOR HOUSING PROGRAM RESALES
EAGLES WALK CONDOMINIUM, EAST QUOGUE, 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 first-floor condominium within the complex
known as Eagles Walk. The home contains 2 bedrooms, 2 baths and a detached 1
car garage. The home is located at: 601 Aerie Way, East Quogue, NY
11942.
Purchase Price
$ 363,080 (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.
Sale of Residence
Please note that an applicant shall be required to sell any residences
prior to closing on an affordable/workforce senior condominium unit
Re-Sale Restrictions
Please note there 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. The sale
price can include the costs of permanent fixed improvements as defined under
the covenants for Eagles Walk, 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 and Town 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 Eagles Walk
affordable senior program will have
Carrying Charges. As per the
Town, Carrying Charges will include: Annual taxes of approximately $2,402
(w/out exemptions) and monthly Common Charges of approximately $547. 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%.
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. Please note that an applicant shall be required to sell any
residences prior to closing on an affordable unit.
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 .
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