Following are the five basic criteria for eligibility to qualify as an applicant to an IHT program. (Additional requirements for HOAP funding).
Preferred applicants should earn between 130% (1-member household) to 160% (4-member household) or less of area median household income (AMI). For 2018, the U.S. Department of Housing and Urban Development’s area median income is $68,100; income guidelines based on AMI and household size are listed below.
a. $108,960 (160% of AMI) or less for a 4-person household
b. $102,150 (150% of AMI) or less for a 3-person household
c. $95,350 (140% of AMI) or less for a 2-person household
d. $88,530 (130% of AMI) or less for a 1-person household
Note: Applicant households with income greater than the guidelines may qualify providing they meet certain other requirements and conditions. Preference is given to first time homebuyers.
Applicants must agree to live in the house year-round.
Applicants must be capable of obtaining bank financing.
Applicants must have at least one adult in the household who has earnings from employment on MDI equal to or greater than 20% of the area median household income (equal to or greater than $13,620 for a family of four or fewer for 2018).
Review and agree in writing to abide by affordability covenants; this includes Right of First Refusal and a resale formula.
IHT applications are processed on a first-come, first-served basis. Properties and HOAP funds are available to the next in queue with a complete application.
NOTE: applications for IHT’s Sylvan Road and Beech Hill Road houses will be accepted through Monday, 2/25/19, and offered for sale to qualified applicants through a blind selection process.