APPLY HERE
1159 South does not profit on its homes. But the sheer cost to complete a quality home is often more than a low-income working household is able to afford. Our home affordability subsidy operates to reduce the market price by up to $25,000 for otherwise-qualified low-income individuals or households who purchase one of our new homes. The amount of the subsidy is based upon the buyer’s unique circumstances (income, down payment ability, lender-approved interest rate, etc.) with a goal to keep housing costs below 30% of annual household income, which is an affordable housing benchmark. Although the subsidy helps to level the field by ensuring affordability, it does not guarantee that a subsidy-approved buyer will be selected to purchase a home.
Homebuyers who benefit from a subsidy will be required to repay the subsidy in full unless the home remains the homebuyer’s principal residence for at least five years (subject to limited extraordinary circumstances). After the 5-year owner-occupancy requirement has been met, the recapture contract provision and deed restriction expire automatically, and the subsidy will never have to be repaid.
Basic Eligibility
- Total Household Income Below 80% of Area Median Income (see below)
- Mortgage Loan Pre-Qualification (cannot be less than $25,000 below home’s list price)
- Documented Verification Household Income & Assets
- 5-Year Owner-Occupancy Commitment
Income Eligibility
