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Social Sustainability

Affordable Ownership Frequently Asked Questions#

Do I qualify?highlight_off

In order to qualify, buyers of affordable units at Provincetowne, Avondale or Harmony Cottages must meet the minimum requirements of the program. These include income limits set for the U.S. Department of Housing and Urban Development (HUD) and the buyers' income to housing costs ratio may not exceed 38%.

By reviewing the 2021 Income Limits and completing the Affordable Unit Application, you can compare your income to the proposed monthly payment to help determine your eligibility.

What are the income limits?highlight_off

Income limits are set by the U.S. Department of Housing and Urban Development (HUD), based on Area Median Income.

2020 Income Limits Chart

How much can I list my property for?highlight_off

The maximum sale price as outlined by the covenant is typically in excess of the market demand for units at Provincetowne, Avondale and Harmony Cottages. The units may only be purchased by buyers who are income-eligible and units with asking prices above market demand will have fewer qualified buyers able to submit offers. Please work with your listing agenda to review comps in the area and contact the Social Sustainability department if further guidance is needed.

Can I pay cash?highlight_off

Yes, cash purchases are allowed. However, the buyer must still have verifiable monthly income within the allowed limits and demonstrate the ability to pay monthly mortgage and HOA expenses.

Can I purchase on behalf of a family member?highlight_off

Funds can be gifted or loaned to the buyer, but only those who will be occupying the unit may be included on the title.

Am I allowed to purchase with a co-signer?highlight_off

A cosigner may be used for loan purposes, but they cannot be included on the title (unless they will be occupying the unit) and all cosigners must still meet income requirements as outlined by the program.

How do I apply for a letter of eligibility?highlight_off

To qualify as an eligible buyer, please complete the Affordable Unit Application and return to the Social Sustainability Department via mail or email. If you are deemed eligible, you and/or your lender will receive a confirmation letter stating the maximum purchase price you qualify for.

How can I contact the Provincetowne HOA with questions?highlight_off

The Provincetowne HOA is managed by Michelle Bermejo at Onsite Property Management Services, and she can be contacted at michelle@onsiteproperty.com or 970-282-8281.

How many units are there at Provincetowne?highlight_off

There are a total of 141 units at Provincetowne and, currently, 63 of those units are deed restricted.