How the Process Works
Applications are due by 4:30pm on Friday, August 30, 2024
Qualified individuals who meet the required criteria are asked to submit an application to purchase one of the three Holyoke homes being offered for sale by OneHolyoke CDC: 278 Pine Street, 291 Walnut Street and 299 Walnut Street, each priced at $225,000.
Criteria to Apply:
- The applicant’s household income does not exceed 80% of the Average Median Income in the Greater Springfield Metropolitan Area (see application for specific income requirements).
- The applicant must have a mortgage pre-approval from a bank, credit union or other traditional mortgage lender that is equal to or greater than $218,250.
- The applicant is prepared to use one of the purchased home’s units as their primary residence for 10 years.
- The applicant is a first-time homebuyer, which means they have not owned a home within the last three years.
- The applicant needs to have completed homebuyer counseling from a Program-Approved Housing Counselor, or is scheduled to complete homebuyer counseling.
Applicants who meet all the required criteria will be entered into the OneHolyoke lottery for the opportunity to purchase one of the three homes for sale. Applicants can rank their choice of property on their application. On August 31, 2024, OneHolyoke will select at random three “winners” from the pool of qualified applicants who will then be offered the opportunity to purchase a home, following a complete review of income documentation, and will enter into a mutually acceptable purchase and sale agreement with OneHolyoke.
Required Materials to Submit Along with Your Application:
- Mortgage Pre-qualification Letter
- Homebuyer Training Certification (or evidence of enrollment)
- Copy of proof of identification
Submitting your application:
Applications, along with supporting documentation, can be dropped off or mailed to 70 Lyman St, Holyoke MA 01040 or emailed to georgianna.brown@oneholyoke.org
Required Materials if You are Selected as a Winner:
These documents are not required to be entered into the lottery, but if your application is selected, you will be required to produce these documents before receiving a purchase offer.
- Previous Two Years Signed Tax Returns
- Most recent 90 days of consecutive paystubs from each income source (i.e. employment, Pension Check, Social Security Letter, Court Ordered Alimony, Child Support, etc.)
- Copy of three month’s bank statements (most recent) for each: bankbooks, checking account, bank statements, and retirement account statements
- Homebuyer Education Certificate
- Landlord Education Certificate
- Lender Pre-Approval Letter
- Copy of state-issued identification for head of household and co-head of household
Lottery Drawing
The drawing for the lottery will be held Saturday, August 31st at our #HolyokeProud Community Walk and Resource Fair
We will be drawing the winners at the resource fair, beginning at 12:00 p.m. at 164 Race Street.
To learn more about the walk, click here: OneHolyoke Thrives Community Walk