Income Qualified For The Land Trust Program

120 1 person 53 900 64 680 2 persons 61 600 73 920 3 persons 69 300 83 160 4 persons 76 900 92 280 5 persons 83 100 99 720 6 persons 89 300 107 160.

Income qualified for the land trust program. You have enough income after other debts to afford a. Sales go through the land trust. Buyers only have to income qualify at the time of original purchase. Upon resale cht homeowners receive their original contribution plus 25.

Cht s shared equity program sells homes on trust owned land to prospective homeowners who meet certain income and asset requirements. Maximum income to qualify to purchase aro cclt units created prior to october 2015 100 maximum income to qualify to purchase aro cclt units created after october 2015. Mortgage ability means you have good credit. The income limits are based on the taxable gross income of all adults who will be living in the household at the time of purchase regardless of whether or not they will be on the mortgage.

When land trust homeowners sell their homes they receive the amount they originally paid for the house plus twenty five percent of how much the property house and land appreciated in value. But land trust supporters say many who buy through the program would be locked out of home ownership entirely without some kind of affordable option. Who we serve on biteable. The cclt is an income qualified affordable housing program.

But the organization is flexible. The maggie walker community land trust mwclt is a 501 c 3 nonprofit organization that seeks to develop and maintain permanently affordable homeownership opportunities for low and moderate income households the organization was formed in 2016 and is governed by a volunteer board of directors. In order to qualify for acceptance into a clclt program you must earn less than 80 of the area median income ami which varies based on your household size. All income is counted including regular employment wages plus child.

Income is based on the household s gross annual income and all individuals 18 years living in the home must supply income documentation. For example the rondo community land trust typically approves people who make less than 80 percent of the area median income and have a credit score above 640. When homeowners move they agree to pass on the benefits they received by selling their home below market price to another income qualified buyer. See the table to the right.