LONG ISLAND HOUSING PARTNERSHIP, INC
DONGAN TRAILS
FIRST-TIME HOME BUYER AFFORDABLE
HOUSING PROGRAM
PROGRAM GUIDELINES
Please read carefully and
retain these guidelines as they contain important program information.
FIRST-COME FIRST-SERVED APPLICATIONS ARE
BEING ACCEPTED COMMENCING 9:00 AM ON JUNE 9, 2026.
THE APPLICATION PERIOD WILL BE OPEN UNTIL FURTHER
NOTICE. PLEASE CONSULT LIHP’S WEBSITE FOR UPDATED INFORMATION
Kelly Real Estate Inc. (the “Sponsor”), in
cooperation with the Long Island Housing Partnership (LIHP), and the Town of Brookhaven
(“Town”), is pleased
to announce that it is accepting Applications, on a first-come first-served
basis, for (1) one newly constructed affordable home in the complex known as “Dongan
Trails” in Manorville. Set forth herein are the Program Guidelines with respect
to eligibility for the unit. THERE IS A $50.00 NON-REFUNDABLE FEE TO APPLY.
LIHP is responsible for implementing and administering the application and qualification process for the one unit 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.
Employees
of LIHP and their immediate family members are precluded from participating in
the program. LIHP staff is available to assist with the application,
answer questions or provide any assistance regarding eligibility. We also provide free mortgage
counseling.
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 homeowner3@lihp.org before
applying.
Si
tiene alguna pregunta sobre cualquiera de las Pautas del Programa, o necesita
ayuda, incluidos servicios de traducción y/o interpretación oral, llame a LIHP
al 631-435-4710 o envíe un correo electrónico a LIHP a homeowner3@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 SPONSOR
OR TOWN.
LIHP IS
NEITHER THE OWNER, DEVELOPER, SPONSOR, SPONSOR, REALTOR 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 SPONSER.
PROGRAM
DESCRIPTION
General
The Sponsor
is constructing one (1) new
affordable single-family unit within the larger 11-unit subdivision known
as “Dongan Trails.” The unit is located at 1 Colonels Path, Manorville, NY. The Affordable
Unit numbers is 11. The home is
2-story with basement, 4-bedrooms, 2 ½ baths and 2 car garage. For further
info. on the home, please go to Sponsor’s website at kellyrealestateli.com .
Pursuant to Town requirements, the
Affordable Unit will be available to first-time home buyers with household incomes
that do not exceed 120% 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.
Purchase
Price
Pursuant to Town requirements, the purchase price of the home is $443,625.
Purchase price is subject to change based on Town/Sponsor
requirements and changes to the HUD annual income limits.
PROGRAM ELIGIBILITY
In order to be eligible
to participate in the Program, a homebuyer must meet all eligibility
requirements including income limits, first-time home buyer, 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 Town requirements,
the maximum permitted total annual household income for purchasers in the Program shall not exceed 120% of the area median income (AMI) as
determined by the United States Department of Housing and Urban
Development (HUD):
Maximum allowable income
at 120% AMI*:
*Based on 2026 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
Pursuant to Town requirements, purchasers 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 Town on an annual basis that they are occupying the home as
their principal residence.
Town Re-Sale
Restrictions
Pursuant to Town requirements, the units must remain affordable in
perpetuity. Therefore, there will be restrictions placed on the home in order to maintain affordability upon future home
re-sales pursuant to the Resale Restrictions set forth on Exhibit A. These Resale
Restrictions limit profit upon resale and will be documented and recorded
against the home.
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 will counsel
qualified applicants on 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 18 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.
FIRST-COME FIRST-SERVED APPLICATION
PROCESS
To be
considered for the Program, applicants must submit an Application, together with all required documentation and a
non-refundable application fee of $50.00 by the deadline. Applications will be reviewed on a first-come
first-served basis in the order in which they are received until the waitlist
is exhausted or a qualified buyer closes on the purchase of the properties
whichever occurs first. Upon sale of all
the Units subject to the Program, no further waitlist will be maintained.
First-Come First-Served Applications are available and
must be completed and submitted online through LIHP’s website at https://www.lihp.org/project/dongan-trails
The Application, all required documentation and
the fee must be submitted by the required timeframes to be considered for the
purchase of a home. If the required
documentation and fee is not submitted by such date, the applicant will be
deemed ineligible for the Program.
The $50 non-refundable application fee will be
paid through the secure payment service. Upon completing the online
application, you will be directed to the payment section. Please follow the payment instructions to make
payment by debit or credit card. Upon payment, you will receive an email
confirming payment and receipt of your application. Please note that your application cannot be
accepted as complete until payment is received.
Only one First-Come First-Served Application is allowed per household.
SUBMISSION
OF REQUIRED DOCUMENTATION OR DETERMINATION OF INCOME ELIGIBILITY DOES NOT
GUARANTEE ELIGIBILITY FOR A UNIT.
REVIEW
PROCESS/MORTGAGE COUNSELING
As
an applicant’s name is reached on the waitlist, LIHP will review the file to
determine if all required documentation was submitted. If not, then LIHP will send notice to the
applicant, by email indicating what documentation is missing with a link to
upload the missing documents. ALL
missing documentation must be received by LIHP by the date shown on the email
notification (10 calendar days). If ALL
documentation is not received within such 10-day period, the applicant will be
deemed ineligible. Should applicants be
deemed ineligible, LIHP will notify applicants by email and will move on to the
next name on the Ranked Waitlist, subject to a right of appeal.
Documentation
shall be deemed received by LIHP on the date of successful transmission and
receipt by LIHP.
If all documentation is received within
the timeframe as required, LIHP will then conduct an income and eligibility
review to determine if the applicant meets all Program Guidelines.
If
an applicant is deemed ineligible, LIHP will provide notice, by email, to the
applicant advising them of the applicant’s ineligibility, with a right of
appeal. LIHP will then move on to the
next name on the Ranked Waitlist.
If an applicant is deemed conditionally
eligible, the applicant must then complete Mortgage Counseling. LIHP will
notify the applicant, by email, providing information on the mortgage counseling process
and a link for applicants to submit required documentation. Applicants should not make an appointment for Mortgage Counseling
until the applicant has been notified by LIHP.
If
Mortgage Counseling is successfully completed, LIHP will notify the applicant
and the Sponsor, by email, advising them of applicant’s formal program
eligibility.
If
determined to be formally eligible, the applicant must confirm to LIHP their
intention to proceed and then work directly with the Sponsor to select a unit
and execute a Contract of Sale. If the
applicant does not comply with the Sponsor 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 five (5) 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.
PROCEDURE TO PROMOTE
FAIR AND EQUITABLE WAITLIST PROCESS
First-Come First-Served Waitlist: To be included and ranked on a
waitlist, 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. If it appears
that an applicant has submitted more than one application or intake form, then
LIHP may reject the additional subsequent submission(s) and the applicant will
retain the earliest ranking number.
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.
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 is to be rejected,
LIHP may, but is not required to, notify the applicant of same. The Program Guidelines advise applicants of
the above and, accordingly, applicants have prior notice of such procedures.
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.
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 homeowner3@lihp.org.
NOTICE VIA EMAIL
Applicants are
advised that notices will be delivered by LIHP to applicants to the email
provided by the applicant. All notices
will be deemed effectively delivered to the applicant when sent by LIHP (and
NOT upon opening by the applicant) unless LIHP receives electronic notice that
the email was undeliverable.
DISCLAIMER OF LIABILITY/RELEASE
APPLICANT ACKNOWLEDGES THAT LIHP IS NEITHER
THE OWNER, DEVELOPER, SPONSOR, 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.
***************
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 Town. 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 or, if you do meet
program requirements that a unit is available. Approval
is subject to ranking, asset and income restrictions and other program
requirements as set forth in Program Guidelines.
EXHIBIT A
to Program Guidelines
RESALE RESTRICTIONS/PROCESS (as per Town
requirements)
The following restrictions will be placed on the homes to maintain affordability upon future home re-sales and following processes must be
followed on resale:
a) Notification of Intention to Sell Unit:
Homeowners wishing to sell their home must complete a "Notice of Intention
to Sell" and return it to LIHP at the following address:
Long
Island Housing Partnership
180
Oser Avenue, Suite 800
Hauppauge,
NY 11788
b) Resale Price: Sale
Price may be set by the current owner, however, the sale price cannot exceed the original subsidized sale price
adjusted by the Consumer Price Index (CPI) from the Time of the Original Sale Price up until the Time of Resale plus
documented capital improvements to a maximum
of $20,000. All other program
requirements must be met by
new purchaser(s) such as the purchaser(s) cannot earn more than 120% of median income based upon household size.
i. CPI Inflation Calculator: Once the
"Notice of Intention to Sell" is received, LIHP will calculate the
resale price by using the Federal Bureau of Labor and Statistics CPI inflation
calculator located at https://data.bls.gov/cgi-bin/cpicalc.pl
ii. Maximum Resale Price: The price calculated
above is the MAXIMUM resale price for the Home by the Seller (hereinafter
referred to as “Seller”).
Notwithstanding the same, the maximum price per home may be increased by
an amount not to exceed 120% of the documented capital improvements made by the
seller as approved by LIHP up to a maximum of $20,000, or such other amount as
may be agreed to, in writing, by the Town.
iii. Time of Original Sale Price: The "time of
original sale price" will be the Homeowner/Seller's original closing date.
iv. Time of Resale: The "time of resale"
is the date that the LIHP receives the "Notice of Intention to Sell”.
v. Notification of Maximum Resale Price: LIHP
will notify a Seller in writing of the maximum resale price.
vi. Resale Price Negotiation: Sellers and a
purchaser of Seller’s Home (hereinafter referred to as “Buyer”) may negotiate
the price, but it cannot exceed the Maximum set by LIHP.
c) Finding a Buyer: Sellers can find a
buyer on their own. All buyers,
regardless of how they are found, must complete a Formal Program Application
with LIHP and comply with the Program Guidelines.
i. The Seller May Find His or Her Own Buyer:
The Seller is responsible for providing LIHP with the buyer’s contact
information. The buyer will be required
to qualify according to all Program Guidelines.
LIHP will only accept and review one potential buyer at a time. LIHP is not a realtor and is not responsible
for marketing a seller’s unit or finding a buyer.
ii. Use of a Real Estate Agent: Sellers who
choose to use a real estate agent shall not rely on the real estate agent to
provide the correct resale restrictions and Program Guidelines to the
buyer. Real estate agents are required
to follow resale procedures and program requirements.
iii. Buyer Approval: Buyers will be notified of
their eligibility status once all steps of the screening process have been
completed. Applicant screening is a
confidential process. LIHP is not allowed
to discuss the status of a potential buyer's application with the Seller or
anyone who is not the buyer(s).
d) Formal Program Application & Fee to
Buyer: Once a potential buyer is identified, they will be sent a formal
program application to be completed and returned to LIHP. There is a
non-refundable $100 application fee payable by the buyer to LIHP on Application.
i. Mandatory
Mortgage Counseling for Buyers: All applicants will be required to attend
program and mortgage counseling at the 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 a prescribed period of time 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.
ii Processing/Screening
Fee to LIHP: 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.
e)
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:
i. 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."
ii. 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.
iii. Copy
of Deed: The seller is responsible for
providing LIHP with a copy of the executed deed containing the resale covenants
and restrictions.
f) Grants:
If there are grants associated with the home that are being assigned to and
assumed by a buyer,
any requirements regarding same established by the funding source and/or LIHP must also be
complied with, as applicable.
The foregoing
procedures are subject to change in the event new requirements are adopted by
the Sponsor or the Town.