The following are the four basic criteria for eligibility to qualify as an applicant to an IHT program.
1. Income restrictions are based on the U.S. Department of Housing and Urban Development’s area median income calculations.
a. Ripples Hill preferred applicants should earn 120% or less of area median household income. For 2018, 120% of area median household income for the State of Maine equals $81,720 for a family of four or fewer.
Note: Applicant households with income greater than 120% of AMI for Maine may qualify providing they meet certain other requirements and conditions.
b. HOAP applicants should earn no more than 160% of area median household income. For 2018, 160% of area median household income for the State of Maine equals $108,960 for a family of four or fewer. Preference is given to first time homebuyers.
2. Applicants must agree to live in the house year-round and agree to abide by our affordability covenants.
3. Applicants must be capable of obtaining bank financing.
4. 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 (or equal to or greater than $13,620 for a family of four or fewer for 2018. Note that the upper end of the income range is adjusted for each additional household member in excess of 4).
IHT applications are processed on a first-come, first-served basis. Funds or lots are available to the next in queue with a complete application.