LONG ISLAND HOUSING PARTNERSHIP, INC
THE
GABLES AT WESTHAMPTON BEACH
FIRST-TIME HOME BUYER AFFORDABLE
HOUSING PROGRAM
PROGRAM GUIDELINES
Please read carefully
and retain these guidelines as they contain important program information.
LOTTERY APPLICATION PERIOD: 9:00 AM MAY 2,
2025 TO 5:00PM JUNE 2, 2025
The Long Island Housing Partnership (LIHP), in
cooperation with The Gables at Westhampton Ltd.
(Sponsor), and the Village of Westhampton
Beach (Village), is pleased to announce that it is accepting Lottery
Applications for seven (7) new affordable 2- bedroom condominium units (the
“Affordable Units”) within the development known as “The Gables at Westhampton
Beach.”
LIHP is responsible for implementing and administering the application and qualification process for the Affordable Units
on behalf of the Sponsor. LIHP
strictly complies with
these Program Guidelines and applicants are urged to read them
thoroughly. Applications will
be reviewed for compliance and
completeness.
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 homeowner5@lihp.org before applying.
Si
tiene alguna pregunta sobre cualquiera de las Pautas del Programa, o necesita
ayuda, incluidos servicios de traducciĂłn y/o interpretaciĂłn oral, llame a LIHP
al 631-435-4710 o envĂe un correo electrĂłnico a LIHP a homeowner5@lihp.org antes
de presentar su solicitud.
Submission of an application or determination
of income eligibility does not guarantee the purchase of a home. PLEASE BE ADVISED THAT THE PROGRAM GUIDELINES
ARE SUBJECT TO CHANGE IN THE EVENT NEW REQUIREMENTS ARE ADOPTED BY THE VILLAGE OR
SPONSOR.
LIHP
IS NEITHER THE OWNER, DEVELOPER, SPONSOR OR MANAGER OF THE COMPLEX. LIHP’S ROLE IS LIMITED TO INCOME QUALIFYING
APPLICANTS. ANY REQUEST FOR A REASONABLE ACCOMMODATION REGARDING ANY UNIT MUST
BE CONVEYED TO AND PROCESSED BY THE OWNER.
PROGRAM
DESCRIPTION
General
The Sponsor will construct seven (7) new affordable condominium homes within the larger 45-unit
condominium complex known as “The Gables at Westhampton Beach” located at 12
Depot Road, Westhampton Beach, NY. The Affordable Unit numbers are 204,
304,404,504, 601, 604 and 605. Each home will contain two (2) bedrooms and two and one half
(2.5) baths. The development also offers
a luxurious amenity package including a clubhouse with a gym, outdoor swimming
pool, and walking trail.
Pursuant to Village requirements, the
Affordable Units will be available to first-time home buyers with household incomes
that do not exceed 130% of the Area Median Income (AMI) for Nassau/Suffolk
County, adjusted for household size, as determined by the U.S Department of
Housing and Urban Development (HUD). Additional eligibility requirements apply
as set forth herein.
Condominium
Complex
The Gables at Westhampton Beach is a condominium
complex. Therefore, applicants are also
urged to consult and review the Offering Plan prepared and submitted by
Sponsor, as available.
Purchase Price
The purchase price of the homes is estimated to be $507,625.
Purchase price is
subject to change based on Village/Sponsor requirements and changes to the HUD
annual income limits.
Monthly Taxes, Common Charges and Maintenance
Charges
All units will have monthly carrying charges. Estimated monthly carrying charges will
include:
Common Charges: $750
Real Estate Taxes: $195-301
Please note that these are estimates as provided by the Sponsor only and the applicant shall
independently confirm same
with
Sponsor. Please consult the
Offering Plan for a detailed breakdown of all applicable charges and fees. LIHP
has no role in the determination of these fees and charges.
PROGRAM ELIGIBILITY
In order to be eligible to participate in the Program, a homebuyer
must meet all eligibility
requirements including income limits, age restriction, homebuyer contribution
requirements and have an acceptable credit history as defined
by the standards
contained in these guidelines. These standards
reflect the objective that the
housing being developed
is affordable to and
sustainable by the homeowner.
Income
Guidelines
Pursuant to Village requirements, the maximum permitted total annual household income for purchasers in the Program shall not exceed 130% of the area median income (AMI) as
determined by the United States Department of Housing and Urban
Development (HUD):
Maximum allowable income at 130% AMI*:
Household
Size
|
Maximum
Total Annual
Household Income **
|
1
|
$142,150
|
2
|
$162,450
|
3
|
$182,750
|
4
|
$203,050
|
5
|
$219,300
|
*Based on 2024 HUD median income guidelines. Income limits
change annually based on
HUD established Nassau/Suffolk median guidelines and for
purposes of rounding adjustments.
Income includes all income – overtime, bonuses,
pensions, social security, 401K distributions, tips, etc. Total household income minus allowable exclusions cannot exceed
the maximum annual
income listed above for your household size. LIHP must project the income that will be received
for the upcoming 12-month
period. Tax returns will be
required for all household members
whose earnings will be
used as part of the income qualification.
Asset Limitation
Policy
The mission of LIHP
is to provide affordable housing opportunities to those who, through the
ordinary, unaided operation of the marketplace, would be unable to secure
decent and safe homes. Therefore, 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 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 two (2) years prior to the date that this Program’s
application was signed by the applicant will be included in the asset
calculation.
First Time Home
Buyer Requirement
This
program is limited to first-time homebuyers only as described below:
•
A household that has not owned a home
during the three-year period immediately prior to the date of application for
assistance is considered to be a first-time homebuyer.
•
Applicants may own vacant land or a
vacation timeshare provided that they have not received the benefits of the
mortgage interest deduction and/or property tax deduction during the prior
three years from date of application for assistance.
•
Applicants who do not hold title to a
home but did receive the benefits of the mortgage interest deduction and/or
property tax deduction during the prior three years from date of application
are not considered first-time homebuyers.
• Please
contact LIHP with any questions regarding this requirement.
Home Buyer
Contribution
Applicants, at time that the application is submitted to LIHP, must have a minimum
of 3% of the purchase
price in savings and/or checking
accounts (not a gift) or verifiable liquid assets from their
own funds to apply towards the down
payment. The amount required for a 3% down
payment must be shown in the most recent bank statements. The bank statements submitted must show
the bank name, account holder’s name and account number with a detailed list of
transactions. At a minimum, the
applicant should expect to need sufficient funds of 5-10% of the sales price
for down payment and closing costs.
Gift Letter
LIHP will allow a
gift letter from an immediate
family member stating that the money provided
is in the form of a gift and will not have to be repaid. This letter must be signed,
notarized and submitted with
the Formal Program Application. This
gift contribution cannot be used towards meeting the required minimum 3%
home buyer down payment contribution referenced above.
Principal Residence
Requirement
Applicants must occupy
the property as their primary residence and shall not rent or lease the
premises or any portion thereof to others.
Occupants who purchase a home may
be required to certify to the Village on an annual basis that they are
occupying the home as their principal residence.
Re-Sale Restrictions;
Village Right of First Refusal
Pursuant to Village
requirements, the units must remain affordable in perpetuity. Therefore, there will be restrictions placed on the homes in order to maintain affordability upon future home
re-sales pursuant to the Resale Restrictions attached hereto as Exhibit A and requirements of
the Village set forth at Chapter 40 of the Village Code, as each may be amended
from time to time or at any time, as Sponsor and/or Village may determine. These Resale Restrictions limit equity upon resale, restrict capital
improvements, limit profit upon resale and will be documented and recorded
against the home by the Village. The Village retains a right of first refusal
to purchase any Affordable Home on resale.
Buyer Benefit Lien
Pursuant to Village requirements as set forth
on Chapter 40 of the Village Code, the Village will obtain, at its cost and
expense, an appraisal of the unit to determine its fair market value. The difference between such appraised value
and the purchase price is referred to by the Village as the “Buyer
Benefit.” At closing, the Village
will place a lien in the amount of the
Buyer Benefit on the unit to be recorded against the unit.
Additional Village Requirements
The sale and
occupancy of the Affordable Units is subject to Chapter 40 of the Village Code
and other applicable provisions. Applicants are advised to consult same for
additional restrictions and requirements concerning the Affordable Units.
Pre-Purchase Home Ownership Counseling
Eligible applicants are required to attend homebuyer pre-purchase
home ownership counseling. Certified counselors through LIHP will conduct the
counseling. There is no charge for the counseling.
Please do not make an appointment for
counseling until you receive a formal letter from LIHP that you are eligible
for the program.
Mortgage Ability
Applicants must have
adequate resources and credit to qualify for a home mortgage, if applicable. LIHP can assist qualified applicants in
securing a mortgage. However, it is the sole
responsibility of the applicant to secure a mortgage. Applicants must submit to LIHP all standard
documentation required for mortgage processing, including signed copies of the
last three years of their Federal Income Tax Returns, W-2 forms, 1099
statements, four (4) most recent consecutive pay stubs, two (2) most recent,
consecutive months bank statements (all pages) and investment accounts showing
assets needed for down payment and closing costs.
This documentation is
required for all household members age 19 and over. Applicants should also have a good credit
record and stable earnings history. LIHP
will conduct a mortgage ability analysis to assess an applicant’s ability to
obtain a mortgage and to sustain homeownership.
Factors to be considered in this analysis include income, employment,
down payment, credit history and adherence to Program Guidelines. All loans to finance the purchase of the home
will be reviewed to ensure that they meet program guidelines.
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.
Affordability
Affordability of the unit will vary
depending on income, sales price, insurance requirements, interest rates,
property taxes, and buyer down payment. To purchase the home, applicants must
have:
·
Sufficient income to pay the monthly mortgage
payment, including property taxes, common charges, and insurance premiums.
Applicants must also have sufficient funds for a down payment and closing costs
estimated at 5-10% of the sales price; and
·
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%.
Credit History
Standards
The following credit history standards
will be analyzed
in conjunction with income limits to determine program eligibility:
·
Applicants must have an overall good pattern of credit behavior including a history of timely payments
for rent, automobile and installment loans, credit cards and revolving loans as described below. If a good payment pattern has been maintained, isolated cases of slow/late
payments may not disqualify an applicant
for program eligibility.
-
Applicant must not have been late on rental payments
in the last 12 months.
-
Payments on automobiles and installment loans should reflect no late payments in recent 24 months.
-
Payments on revolving loans
or credit cards should
not have any late payments
in recent 24 months.
·
Applicants must have a satisfactory income,
credit and employment history.
·
At a minimum, a bankruptcy must have been discharged
at least three years from date of
application and credit re-established.
·
At a minimum, a foreclosure sale or a transfer of title in a deed in lieu of foreclosure must be at least three to five years old from date of application.
·
No outstanding collection accounts or judgments.
·
As part of the credit history and mortgage
ability review, LIHP will utilize the middle credit score of all borrowers
from three national
credit repositories. At a minimum
this credit score must be at least 580. (Higher
credit scores may be required by lenders).
·
The credit standards listed above are to determine program eligibility
and do not represent a mortgage approval. The applicant is responsible for
securing a mortgage approval through a responsible lending institution.
Citizenship
Each applicant
must be either a U.S. Citizen or a Qualified Alien, as defined at 8 USC
1641.
THE
LOTTERY/WAITLIST PROCESS
All applicants will be randomly ranked and
considered for the Program through the use of an electronic random number generator
lottery and not on a first-come, first-served basis unless
the
number of applications received during the
initial
Lottery application
period
is less than
the total number of units available.
As soon as possible following the close of the
application period, LIHP will conduct the electronic lottery. Names
will be randomly ranked and placed on a Waitlist in ranked order (the “Ranked
Waitlist”) from the electronic lottery.
Applicants will be reviewed for eligibility in the order in which they
are randomly ranked from the electronic Lottery.
LIHP will notify each applicant, by email of
their ranking from the Lottery. Applicants
will be notified, by email of the date, time, location, and manner when the
rankings from the lottery will be announced.
Applicants are advised that their names will be publicly announced at
the Lottery.
If units
are
still available after exhausting the
list of applicants from the lottery,
additional eligible applicants
will be offered units pursuant to Village requirements. Once all
affordable units are sold, no waitlist will be maintained.
LOTTERY
APPLICATION SUBMISSION
Lottery Applications
are
available through LIHP’s website at www.lihp.org/developments.html (click on
tab for The Gables at Westhampton). Lottery
Applications must be completed
and submitted online at www.lihp.org/developments.html (click on tab for The
Gables at Westhampton).
Lottery Applications must be received by
5:00 pm on JUNE 2, 2025.
Only one Lottery Application is allowed per household.
SUBMISSION OF REQUIRED
DOCUMENTATION OR DETERMINATION OF INCOME ELIGIBILITY DOES NOT GUARANTEE
ELIGIBILITY FOR A UNIT.
LOTTERY
APPLICATION REVIEW PROCESS
As an applicant’s name is reached on the
Ranked Waitlist, LIHP will send notice to the applicant, by email, to submit ALL required documentation. The notice will contain a link to submit
documentation. LIHP will provide the applicant with a Checklist of required
documentation. ALL required
documentation must be completed and received by LIHP within ten (10) calendar
days of the notice date. If required
documentation is missing, LIHP will provide applicant notice, by email, of what
is missing and applicant will be required to submit such documentation within ten
(10) calendar days of the notice date.
If all the documentation is not received within such 10-day period, the
applicant will be deemed ineligible, with a right of appeal.
If all documentation is received as
required, LIHP will then conduct an income and eligibility review to determine
if the applicant meets all Program Guidelines.
If an applicant meets the eligibility requirements, LIHP will provide
notice, by email, to the applicant and the Owner advising them of the
applicant’s eligibility, subject to completion of Mortgage Counseling. 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.
If all requirements are met, and the applicant
is fully eligible, the applicant will then work directly with the Sponsor to
select a unit and execute a Contract of Sale. If the applicant does not comply with the
Owner requirements for execution of a Contract of Sale, the Sponsor will advise
LIHP that the applicant is no longer eligible for the Program. Should the applicant be deemed ineligible,
LIHP will move on to the next name on the Waitlist, with no right of appeal. Requirements regarding the Contract of Sale
are solely those of the Sponsor and LIHP has no role or obligation in
connection therewith.
APPEALS
Under some circumstances as
provided herein, applicants who are deemed ineligible may appeal the
determination by submitting a request to LIHP. The appeal request must be in
writing and must be received (together will all documentation) by LIHP
within three (3) calendar days of the date of LIHP’s notice to applicant of the
determination of ineligibility. The appeal must state the basis of the appeal
and contain documentation to support the appeal. Please note that, if the
applicant was deemed ineligible due to failure to submit required documentation
within the required time frame, then, no appeal will be granted unless the
applicant submits the remaining required documentation with the appeal request
within the timeframe required. The appeal will be promptly reviewed and the
applicant advised of the final determination by email. Notice to LIHP of an
appeal request can ONLY be submitted via a file-specific link that will be
provided by LIHP.
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. 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 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 language assistance such as
translation and/or oral interpretation services, please contact the LIHP at info@lihp.org.
DISCLAIMER OF
LIABILITY/RELEASE
APPLICANT
ACKNOWLEDGES THAT LIHP IS NEITHER THE OWNER, DEVELOPER, SPONSOR, OR MANGER.
LIHP’S ROLE IS LIMITED TO REVIEWING YOUR HOUSEHOLD INCOME TO DETERMINE IF YOU
MEET THE HOUSEHOLD QUALIFICATIONS FOR THE PROGRAM. THE COMPLEX IS/WAS
CONSTRUCTED AND IS OPERATED INDEPENDENTLY BY THE SPONSOR AND LIHP HAS NO ROLE
IN UNIT OCCUPANCY, UNIT SELECTION, CONTRACT OF SALE, UNIT CONSTRUCTION OR
FEES/CHARGES BY SPONSOR, THEIR AFFILIATES OR AGENTS, OR THE OPERATIONS,
STATEMENTS, AND POLICIES/PROCEDURES, OF THE COMPLEX OR THE SPONSOR AND ITS
AFFILIATES OR AGENTS WHATSOEVER, INCLUDING, WITHOUT LIMITATION, IN CONNECTION
WITH ANY REQUEST FOR REASONABLE ACCOMMODATION (THE “OWNER RESPONSIBILITIES”).
WITHOUT LIMITING THE FOREGOING, YOU ACKNOWELDGE THAT LIHP HAS NO ABILITY OR
RESPONSIBILITY TO ADDRESS ANY REQUEST YOU MAY HAVE FOR A REASONABLE
ACCOMMODATION/MODIFICATION REGARDING A UNIT AND ANY SUCH REQUEST WILL BE MADE
BY YOU DIRECTLY TO THE OWNER/MANAGER FOR PROCESSING.
ACCORDINGLY,
YOU AGREE THAT LIHP, ITS AFFILIATES, EMPLOYEES, AGENTS, OFFICERS, MEMBERS, AND
DIRECTORS (COLLECTIVELY, “LIHP”) ARE NOT LIABLE FOR ANY CLAIMS OR CAUSES OF
ACTIONS ARISING FROM ANY OF THE OWNER RESPONSIBILITIES AND, FOR GOOD AND VALUABLE
CONSIDERATION, YOU HEREBY RELEASE AND WAIVE ALL CLAIMS OR CAUSES OF ACTION YOU
NOW HAVE OR MAY HAVE AGAINST LIHP ARISING OUT OF OR RELATED TO THE OWNER
RESPONSIBILITIES.
YOU HAVE READ
THIS DOCUMENT, UNDERSTAND THAT YOU MAY HAVE GIVEN UP SUBSTANTIAL RIGHTS THEREBY
AND HAVE PROCEEDED FREELY AND WITHOUT ANY INDUCEMENT OR ASSURANCE OF ANY NATURE
AND INTEND IT TO BE A COMPLETE AND UNCONDITIONAL RELEASE OF ALL LIABILITY TO
THE GREATEST EXTENT ALLOWED BY LAW. IF ANY PROVISION OF THIS DOCUMENT IS
UNENFORCEABLE, IT SHALL BE MODIFIED TO THE EXTENT NECESSARY TO MAKE THE
PROVISION VALID AND BINDING, AND THE REMAINDER OF THIS DOCUMENT SHALL REMAIN
ENFORCEABLE TO THE FULL EXTENT ALLOWED BY LAW.
PROCEDURE TO PROMOTE
FAIR AND EQUITABLE LOTTERY PROCESS
Prior to Lottery:
Applicants will only be permitted to submit one
application or intake form, as applicable.
To this end, LIHP will endeavor, but is not required to, review all
submissions prior to the lottery. If it appears that an applicant has submitted
more than one application or intake form, then LIHP may reject the additional
submission(s). Items to be reviewed
include, but are not limited to, (1) submissions from the same address; (2)
submissions that list the same household members; (3) submissions that list the
same names but with different addresses; (4) submissions that utilize the same email address; (5)
submissions that utilize the same phone numbers (home and cell); and (6) such
other items as may be determined in LIHP’s sole discretion.
Following
a Lottery:
Applicants will only be assigned one ranking number
from the lottery. Therefore, if, for
whatever reason whatsoever, LIHP becomes aware that more than one submission by
an applicant has been entered into the lottery and been assigned a ranking
number, then the applicant’s ranking will automatically default to the highest
ranked number and the applicant will lose the lower ranked position. For
example, if an applicant’s ranking is #10 and #100 from the lottery, the
applicant’s position at #10 will be rejected and the applicant will remain
ranked as #100.
General
Provisions:
LIHP may contact the applicant regarding any
uncertainty as to whether more than one application or intake form has been
submitted. LIHP may rely upon such
certifications, documentation or other information as it deems reasonable, in
its sole discretion, in assessing whether more than one submission has been
made. If LIHP, in its sole discretion, determines that a submission or ranked
position is to be rejected, LIHP may, but is not required to, notify the
applicant of same. Nothing herein shall
preclude more than one application from the same address provided the
applicants will not be part of the same household for purposes of the program
applied for. LIHP makes no guarantee
that each duplicate will have been identified and removed from the
program.
***************
Disclaimer:
It is understood that this is not an
offer and that terms and conditions may be changed at any time by the Long
Island Housing Partnership, Inc., and Affiliates, the Sponsor or the Village. 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 lottery is not a guarantee
that you meet all program requirements to purchase a home.
EXHIBIT A
to Program Guidelines
VILLAGE RESALE
RESTRICTIONS
THE GABLES
AT WESTHAMPTON
Pursuant
to Chapter 40 of the Village of Westhampton Beach Code
The resale of the Affordable Units
shall be undertaken in accordance with and subject to all regulations affecting
Affordable Units as provided under Chapter
40 of the Village Code (or any successor code provisions and amendments
governing affordable housing units), which regulations provide in part as
follows:
(1) The Village
shall the right to purchase the Affordable Unit before it is offered for sale.
(2) Purchase of any
of the Affordable Units shall be limited to eligible purchasers and at a
purchase price determined under Chapter 40.
(3)
Resale of purchased units is also limited as set forth in Chapter 40.
(4) At the time of any and all subsequent
transfers of the unit, a new Buyer Benefit lien shall be placed upon the unit by
the Village under the same requirements as set forth in Chapter 40.
LIHP Role:
1) If
LIHP is designated by the Village to conduct the eligibility review of a
potential purchaser on resale,
the Village will notify LIHP and LIHP will send buyer
a Formal Program Application
to be completed and returned to LIHP together with a non-refundable application fee of $100 to be paid by the
buyer.
2) Mandatory
Mortgage Counseling for Buyers: All applicants will be required to attend program and mortgage counseling at LIHP.
The program is conducted free of charge.
Homeownership counseling
is mandatory for all applicants applying through a home ownership program administered by LIHP. Once an applicant is qualified to purchase a
unit, LIHP will send an email to
the applicant advising them they have 5 days to schedule the counseling and make an appointment. The counseling must be completed prior to the
applicant being able to close
on the home. If the applicant does not
attend mortgage counseling, does not
complete mortgage counseling within the designated time frame or is declined for mortgage ability by LIHP
counselors, the applicant will be declined the ability to purchase a home.
3) Processing/Screening
Fee to LIHP: In addition, a fee of 1.0% of the Resale
Purchase Price/Contract Price will be paid by the Seller at closing for
services rendered by LIHP in screening applicants for program eligibility.
4) Contract
& Closing: The seller is responsible for providing the following
documentation to LIHP and
should provide a copy of these resale procedures to their attorney to ensure compliance:
(a) Contract of Sale - The seller is
responsible for providing LIHP with a copy of the
fully executed Contract of Sale. The
Contract of Sale must include a rider that states:
"This sale is contingent on
seller's payment at closing to LIHP of a fee equal to 1.0% of the Purchase Price/Contract Price."
(b) Copy of Contract & Notification of
Closing Date - The seller is responsible for notifying
LIHP of the closing date, place and time. A representative of LIHP may attend the closing.
(c) Copy of Deed- The seller is
responsible for providing LIHP with a copy of the executed deed containing the resale covenants and
restrictions.