A Fund for First time homebuyers in the Adirondacks could pay as much as $40,000 towards your downpayment..
The real estate market is on the rise again and The Adirondack Community Housing Trust says they have an opportunity for Lower Income First Time Homebuyers to save as much as $40,000… Emily Kilburn is the Director of the Adirondack Community Housing Trust.. She says prospective first time homebuyers should call their office because they’ve just received more funding from Federal and Local Sources.
Kilburn says there’s a homebuyers education class which covers everything from dealing with a realtor, dealing with a lawyer, looking for a house and being financially responsible.. The Biggest element, she says is creating a budget and making sure that you can afford the house and that you’re planning for the future..
Through an initiative by Senator Betty Little, the State budgeted $1 Million to be used by an “Adirondack Community Housing Trust” to reduce the cost of home purchases for families making up to 120% of area median income. Resale limitations on the property require that future sales of these homes be controlled by ACHT so that they will be passed on to other income-qualified families at affordable prices.
Adirondack Community Housing Trust utilizes the Community Land Trust (CLT) model for perpetually affordable housing. The first CLT’s were developed in the 1970’s. There are now some 200 in the country, and the number is growing rapidly as more communities are concerned with preserving affordable homeownership.
For qualified home buyers, ACHT will finance a portion of the mortgage to purchase an affordable house in exchange for title to the land.