Lower Merion Home Offered Via Affordable Housing Program

By LOWER MERION TOWNSHIP for Patch

Lower Merion Affordable Housing Corporation, in cooperation with Lower Merion Township, has created an affordable first-time homebuyers program that reduces monthly payments by providing a second mortgage at zero interest with no monthly payments. Applications are now available.

The Affordable Home Ownership Program is offering for sale a single family detached home, in Belmont Hills, Lower Merion Township. The home has 3 bedrooms, 1 bathroom, a large kitchen, 2nd floor laundry and off-street parking. Special preference will be given to people who currently live or work in Lower Merion, and to active Lower Merion volunteer firefighters.

Homebuyers must meet eligibility requirements including income restrictions, acceptable credit and sufficient savings for the down-payment. Household income restrictions are based on U.S. Department of Housing and Urban Development (HUD) income limits adjusted for household size. (For example, a household with two family members would have a maximum gross income limit of $51,950. For a household of three, the maximum gross income is $58,450.)

Homebuyers must comply with program requirements and agree to resale restrictions. A zero interest second mortgage will be placed on the property for the difference between the value of the property (appraised at $225,000) and an affordable first mortgage amount. Up to 50% of the second mortgage will be forgiven. Twenty-five (25%) will be forgiven after 10 years and an additional 25% after 20 years. The balance remains with the property.

There are no monthly payments required for the second mortgage. As long as the homeowner complies with the program requirements, the mortgage is only repaid upon the sale or transfer of the property. The primary program requirement includes living in the home as a principal residence. The home cannot be occupied as a rental property.

You may call Genesis Housing Corporation at 610-275-4357 or download the application at www.lowermerion.org (the Township website) under Building & Planning, Economic and Community Development. The first application window is underway and ends Friday, October 30, 2015.

This project has been funded through HUD’s Community Development Block Program. If you have any questions please call Genesis Housing Corp. at 610-275-4357 or Lower Merion Township’s Community Development Division at 610-645-6271.