| FACT FINDER FOR HOWELSEN PLACE AFFORDABLE UNITS: |
| Q: |
What is "AMI"? |
| A: |
AMI stands for Area Median Income, and is based upon statistics taken from Routt County which measure the average income for people who reside and work in Routt County.
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| Q: |
What is the process for qualifying for one of the affordable units? |
| A: |
The process involves a) a measure of the gross income that 1 or 2 people in the household earns and a maximum payment per month which includes principle and interest on your loan and homeowner association dues. For an affordable candidate, you can not earn more than $61,080 per year for 1 person, or $69,840 for 2 people combined in the household and you can not pay more than $1,636 per month for 1 person or $1,962 per month for 2 people. These figures are based upon the income limits from the Median Income Tables For Routt County for 2006 and 120% of AMI. b)The last 3 pay stubs, work and live in Routt County, and a copy of your 2005 tax return are the items necessary to qualify you as an affordable housing buyer. c) Completion of a standard loan application.
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| Q: |
Is there an appreciation cap on the affordable units? |
| A: |
No
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| Q: |
Can we have dogs or cats? |
| A: |
You can have one pet only, a dog or a cat. Please read the deed restrictions and covenants for clarification, once they are available.
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| Q: |
Where can we park? |
| A: |
As an affordable unit owner you will receive one assigned parking space in the underground parking garage.
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| Q: |
When do we close on the units? |
| A: |
Upon completion of the project and issuance of a Certificate of Occupancy, you will be given a notice to close which will allow you enough time to coordinate with your lender and schedule your closing date and time.
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| Q: |
Do I have to work in the downtown area in order to qualify to purchase a unit? |
| A: |
No, the requirement is that you work in Routt County.
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| Q: |
Is there a specified amount of time before I can sell my unit? |
| A: |
No. However, you must notify the Yampa Valley Housing Authority that you intend to sell your unit, and you must sell to another affordable housing candidate who qualifies through the affordable housing process.
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| Q: |
Are handicapped units available? |
| A: |
Yes
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| Q: |
Are there special Homeowners Assocation fees for deed restricted units? |
| A: |
No
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| Q: |
How many units are deed restricted? |
| A: |
7 units total
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| Q: |
Can I have a co-signer on the loan for an affordable unit? |
| A: |
Yes, but they will still be subjected to the maximum net worth cap which is discussed in the deed restrictions.
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| Q: |
Can I rent out my affordable unit? |
| A: |
You may rent out your unit 1 year for every 5 years that you own the unit.
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