Affordable Home Ownership Frequently Asked Questions
Here you can find answers to commonly asked questions about the application and lottery process. Please reach out if you have any questions that aren’t answered here!
What are the income guidelines for being eligible to purchase one of the three homes?
Applicants must fall within the guidelines outlined below, depending on the size of the household:
For a 2-person household: $70,100 income limit
For a 3-person household: $78,850 income limit
For a 4-person household: $87,600 income limit
For a 5-person household: $94,650 income limit
For a 6-person household: $101,650 income limit
For a 7-person household: $108,650 income limit
For an 8-person household: $115,650 income limit
I’ve owned a home in the past or currently own a home, do I qualify for this lottery?
All lottery applicants must certify that they meet the definition of a first-time homebuyer, as determined by the U.S. Department of Housing and Urban Development (someone who hasn’t owned a home for three years before the purchase of a residence) and that they have completed program-approved homebuyer education courses.
Is there an amount of time that I need to live in the home?
For a period of ten years (the “Affordability Period”) all purchasers must use one of the residential units as the primary residence of their household.
Do I need to take any courses prior to entering the lottery?
Applicants must complete homebuyer counseling from a Program-Approved Housing Counselor within the last two years to be eligible to participate in this lottery, or schedule attendance at an approved program prior to submitting an application.
What steps do I need to take with a bank prior to applying for this lottery?
All lottery applicants must obtain a pre-approval letter from a bank, credit union or other traditional mortgage lender that is acceptable to OneHolyoke CDC for an amount that is equal or greater than $218,250.
What do I need to provide relative to household income information?
In order for OneHolyoke CDC to complete income certification for a home purchase, lottery winners will be required to provide information and documentation regarding all household income sources. Income includes all employment, earnings, social security payments, child support, alimony, pension, public benefits, etc
I still have questions. Who do I contact for assistance with my application?
Call ONEHOLYOKE CDC at (413) 533-7101 x101 for help or to schedule an appointment