Town Of Babylon North Amityville

HOMEOWNERSHIP
OPPORTUNITY
NEW
CONSTRUCTION
FOR FIRST TIME HOME BUYERS
North Amityville, NY
▪3 Bedrooms
▪1 & ½ Bathrooms
▪1200-1400 Square Feet
▪Attached Garage
▪Energy Star® Appliances
▪Hardwood Flooring and Ceramic Tile
Purchaser will have choice of colors from builder’s selections
Prospective purchasers will need to meet
eligibility criteria and are required to receive
homeownership education and training.
For more information call
(631)471-1215 x211
Located in Washington Estates area;
easy access to Route 110 and Sunrise
Highway.
Energy Efficient
New Construction
CDCLI Housing Development Fund Corporation
2100 Middle Country Road ▪ Centereach ▪ New York ▪ 11720
We Invest in Your DreamsSM
www.cdcli.org
ELIGIBILITY CRITERIA
Potential Applicants MUST:
▪ Be a first time home buyer. (Must not have owned a home within the past 3 years)
▪ Agree to occupy the residence as their primary residence.
▪ Be income eligible: gross annual income does not exceed the income limits for the area listed
below. Depending upon resources available for down payment, we expect the minimum income
affordability to be in the $55,000 to $65,000 range.
▪ Have sufficient resources to cover required down payment and closing costs. (A minimum of
$5,000 in savings)
▪ Complete home buyer education at CDCLI or approved alternate and qualify to secure a mortgage
from a regulated financial institution, to cover the gap between subsidized and purchase price.
Private mortgages are not acceptable.
▪ Comply with the asset policy as defined by the New York State Affordable Housing Corporation.
Total assets cannot be more than 25% of the subsidized purchase price which is expected to be
approximately $160,000.
▪ Adhere to all other applicable program guidelines.
80% AREA MEDIAN INCOME (AMI) GUIDELINES 2014:
Family Size Maximum Income at 80% AMI
1 ..................... $ 58,880
2 ..................... $ 67,280
3 ..................... $ 75,680
4 ..................... $ 84,080
STAY SOCIAL!
Family Size
Maximum Income at 80% AMI
5 ....................... $ 90,880
6 ....................... $ 97,600
7 ....................... $104,320
8 or more ........ $111,040