Income-Eligible Family Can Purchase Ardmore Home at a Discount

One lucky family will be able to purchase a home in Ardmore at a steep discount, Lower Merion Township said Monday, thanks to the Affordable Home Ownership Program.

The program, run by Lower Merion Affordable Housing Corp. and Lower Merion Township, is meant for first-time homebuyers. The program provides a $92,000 downpayment on an Ardmore twin, so that the qualified buyer will be left with only a $122,000 mortgage.

“The estimated payment for this home is expected to be in the $1,000-per-month range, including taxes and insurance,” the township said in a statement.

The home has 3 bedrooms, 1.5 baths, a finished basement and a garage, the township said.

Families will need to be income-eligible, with a qualifying credit score, the township said.

The U.S. Department of Housing and Urban Development income limits will be used to determine eligibility, the township said. Under those HUD standards, a family of two can have a combined income of up to $50,450; a family of three, $56,750; and a family of four, $63,050.

The township said preference will be given to people who live or work in Lower Merion, as well as to military veterans and active Lower Merion volunteer firefighters.

The program is being funded through HUD’s Community Development Black Grant Program. Call 610-275-4357 to received an application.