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Most of the affordable housing threads are about rentals. For anyone that has purchased or knows someone that has purchased an affordable condo from HPD, I have a couple of questions. Is there a penalty for someone that decides to sell the condo in the future? If so, is the penalty forever or only for a certain number of years? Also, is there usually some type of tax abatement for residents. If so, how long does tax exemption usually last? Thanks in advance.
Bought a co op with the help of HPDs homefirst grant program which helped with closing costs. They require me to live in the co op as my.primary residence for 10 years. The grant (up to 6%) of closing costs has to be repaid if this is not adhered to...although I'm not sure if it's the entire amount or prorated. There was also language regarding a.recapture tax from my vague recollection. I get a letter every other year about that has to be notarized certifying I live there as my primary residence.
Bought a co op with the help of HPDs homefirst grant program which helped with closing costs. They require me to live in the co op as my.primary residence for 10 years. The grant (up to 6%) of closing costs has to be repaid if this is not adhered to...although I'm not sure if it's the entire amount or prorated. There was also language regarding a.recapture tax from my vague recollection. I get a letter every other year about that has to be notarized certifying I live there as my primary residence.
Thanks for the information. Do you also pay a maintenance or just the mortgage?
From what I understand, there's a timeframe of how long you must live there, such as 15 or 20 years. If you decide to move on and needs to sale the house you got from HPD, then you have to let them know, and they will look for candidate that who might still qualify under the same program that you initially qualify for. Once you pass that time frame, then you can sell it just like you own it without getting the subsidy from HPD. Everything else is pretty much the same, you pay your monthly maintenance fee, your monthly mortgage, duty of paying off the mortgage lender if you decide to sell it.
From what I understand, there's a timeframe of how long you must live there, such as 15 or 20 years. If you decide to move on and needs to sale the house you got from HPD, then you have to let them know, and they will look for candidate that who might still qualify under the same program that you initially qualify for. Once you pass that time frame, then you can sell it just like you own it without getting the subsidy from HPD. Everything else is pretty much the same, you pay your monthly maintenance fee, your monthly mortgage, duty of paying off the mortgage lender if you decide to sell it.
Thanks so much, nybklyn. I am trying to see if the mortgage and maintenance will be too much for me to qualify.
Very smart of you. That's exactly the part that a lot of people didn't take into consider.
I'm trying to look at this from all angles. Right now I pay over 2000 for rent, which may be about the same amount for this condo's mortgage (The Sutton, where market price is over 1 million but the hpd price is 340,000 - 380,000. The maintenance fee would make it doable, but uncomfortable for me. Also, I make 7.00 (seven) dollars less than the minimum, and on one of these forums I saw that they are incredibly strict when it comes to the numbers. My dti may be too high anyway. Just thinking out loud before I get all the paperwork together.
Luckily, I am also on the wait list for Penn South, so I just have to be patient!
I'm trying to look at this from all angles. Right now I pay over 2000 for rent, which may be about the same amount for this condo's mortgage (The Sutton, where market price is over 1 million but the hpd price is 340,000 - 380,000. The maintenance fee would make it doable, but uncomfortable for me. Also, I make 7.00 (seven) dollars less than the minimum, and on one of these forums I saw that they are incredibly strict when it comes to the numbers. My dti may be too high anyway. Just thinking out loud before I get all the paperwork together.
Luckily, I am also on the wait list for Penn South, so I just have to be patient!
Thanks again!
By the way, you may qualify for the first time homeowner assistance program provided by HPD. Is call Down Payment Assistance. Here is the website. Definitely check it out and see if you qualify for it. Wish you the best of luck.
Remember that they impute some income from any assets you may have, so you may be over by that measure. But I wouldn't self-disqualify.
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