INCOME-RESTRICTED, AFFORDABLE HOMES AT CENTRAL PARK
HOW DO YOU QUALIFY FOR AN INCOME-RESTRICTED FOR-SALE HOME?
1) Maximum household income*
Affordable homes are also called income-qualified or income-restricted homes because they are for individuals or families whose gross (before-tax) annual income is at or below the figures below:
1-person: $54,950 2-person: $62,800
3-person: $70,650 4-person: $78,500
5-person: $84,800 6-person: $91,100
* These maximum income figures are subject to change based on U.S. Department of Housing & Urban Development annual updates. (5/19)
2) Primary residence
Your affordable home must be your only home, where you live full-time.
You must meet your mortgage lender’s requirements for income, debt and credit. Depending on your lender and the kind of mortgage you have, you may also have to supply a down payment and closing costs.
Affordable homes at Central Park are provided through a partnership with the City & County of Denver. The City of Denver also wants to ensure that homes are affordable to buyers. The standard for “affordable” is that a household does not pay more than about a third of their income on a housing payment. Denver requires that affordable homebuyers spend no more than 35% of their total household income on a mortgage payment and HOA dues.
This may be different than what your mortgage lender is able to approve, so it is important to understand the housing payment to income requirements of both the City of Denver and your mortgage lender. Another area of difference is that the City of Denver’s affordable housing requirements take into account the total income of all household members who will be living in the home, while your mortgage lender takes into account the income of those responsible for the mortgage. As a result, the income that the City of Denver uses to verify eligibility may be different than that used by your mortgage lender. The key to a successful affordable home purchase is to understand these differences and make sure that you provide the requested documentation for each type of application.
JUST TO BE CLEAR
The thing about buying an affordable home is that it stays affordable for you and anyone who buys your home. When you buy an income-restricted home at Central Park, you agree that your home will appreciate at no more than 3.5%* annually, which helps maintain the home’s affordability for the next family who lives there.
* The 3.5% appreciation cap lasts for a period of 15 years following the home’s initial sale, after which the home may be sold at market value.
WHAT KIND OF HOMES ARE WE TALKING ABOUT?
Well-designed. Carefully crafted. Super energy-efficient. Surrounded by all the good stuff that Central Park is known for. And priced for people with moderate incomes, so everyone can afford a home at Central Park.
Read December 2017 Press Release – Forest City Delivers 864 New Affordable Homes in Central Park Denver
DOES AN AFFORDABLE HOME FIT YOUR LIFE?
Maybe you’re retired and on a fixed income. Or you work in the highly important (but not highly compensated) fields of community or customer service. Or maybe you’re simply tired of watching your rent payment go up year after year. If any of these sound like you, keep reading.
LEARN MORE ABOUT THE AFFORDABLE HOMES AT CENTRAL PARK:
Income-restricted and affordable homes from the mid $100s