Housing Assistance Corporation is collaborating with the Town of Yarmouth on a new buydown program to add affordable housing in the town. Eligible buyers will find a market rate home in Yarmouth, and then they can apply for a grant from the town that is applied to the purchase price of the home, bringing down the total cost to the buyer. The home would then be deed restricted, remaining at an affordable housing price upon resale.
There are two grants for up to 35 percent of the home price or up to $150,000, whichever is less. The town will award another grant of up to 35 percent of the home price or up to $100,000, whichever is less.
“It’s such an easy way to create affordable housing. We’re using existing inventory without building new infrastructure,” said Housing Assistance Director of Real Estate Gael Kelleher. “There’s no special permits needed, no new construction. We’re taking existing housing stock in good condition and putting a deed restriction on it. I wish more towns would do this.”
Housing Assistance is inviting first-time homebuyers to an information session for the Yarmouth Buydown Program next Wednesday, March 4 at 5:30 pm at the Yarmouth Senior Center at 528 Forest Road in West Yarmouth.
Eligible applicants must be first-time homebuyers, with certain exceptions; must be able to obtain a mortgage for the purchase price of the home; have no more than $75,000 in household assets; and earn at or below 80 percent of the Area Median Income (AMI) for Barnstable County.
Current AMI for a one-person household is $51,250; for a two-person household is $58,600; for a three-person household is $65,900; and for a four-person household is $73,200.
Lottery applications will be available at next week’s info session. Hard copies can also be picked up in the lobby of Yarmouth Town Hall at 1145 MA-28; the Yarmouth Housing Authority at 534 Winslow Gray Road; and all Yarmouth public libraries. Applications are also available at Housing Assistance’s main office at 460 West Main Street in Hyannis and online by clicking the button below.
All applications should be submitted to Housing Assistance by Friday, May 1 at 5 pm.
A lottery will be held after that point to determine the three winners who will have the opportunity to purchase a market rate home in Yarmouth which could range from just over $300,000 to just under $420,000, depending on the number of bedrooms, the amount the buyer can afford, and the buydown grant awarded.
For additional info on the Yarmouth Buydown Program, click this link. Download an application by clicking the button below.
