Banner-New-Modular-Homes

 

$173,260 subsidized sales price

 53-55 Park Ave. Monticello NY 12701

11 Balsam Drive Liberty NY 12754

24 Mager Ave Liberty NY 12754

3-bedroom 2 bath 1164 Square feet Single Family Homes

The Sullivan County Landbank is offering three newly constructed modular homes to eligible buyers at reduced subsidized sales prices.  Construction should complete by November 1, 2021. Household income eligibility, affordability and other requirements and restrictions will apply

 

Turnkey ready

3 bedrooms

2 bathrooms

Heating and Air Conditioning System- Electric Hyper Heat Pump system

Ceramic tile bath floors

Luxury vinyl plank flooring throughout

Washer dryer hook up

Oak kitchen cabinets with island and laminate countertops

Open concept

One panel fixed rear French doors

Stainless steel Energy Star Appliances – electric stove, refrigerator & dishwasher

Energy efficient lighting

Exceeds NYS new construction insulation energy code

8X10 rear deck

Covered front porch

Asphalt driveway

Vinyl Siding

Lifetime architectural shingle roofing

Concrete sidewalk

Public sewer and water

Property size: 

55-55 Park Ave Monticello .22 acres

11 Balsam Drive Liberty .43 acres

24 Mager Ave Liberty .25 acres

 

Subsidy Liens- Homes will be sold with large construction subsidies as second and third liens on the home from the Enterprise Foundation and the NYS Affordable Housing Corporation. These subsidies allow the Land Bank to offer these homes at a reduced market price.

Terms-Buyers will be required to live in the home for 10 years as their primary residence and the subsidies will be forgiven. If selling or otherwise no longer living in the home for less than 10 years, some or all the subsidy will be required to be paid back.

Gross household income Limits- To qualify your household gross income from all household members, before taxes,  must be at or below the following limits based on family size- subject to change without notice

Household Size 1 2 3 4 5 6 7 8
Gross Household Income $40,250 $46,000 $51,750 $57,450 $62,050 $66,650 $71,250 $75,850

 

Primary Loan- Buyers must secure an affordable fixed rate, minimum 30 year, Conventional, SONYMA, USDA or other Portfolio mortgage product and have enough funds to complete the transaction. All loans must be with lenders that provide an escrow for property taxes and homeowner’s insurance in the payment and are subject to affordability ratios. FHA loans are not eligible.

Required Counseling- Buyers must complete a housing counseling session with RUPCO Inc. and provide documentation to verify eligibility for subsidies. The counselor will help you decide what type of loan product may best fit your financial profile and provide referrals to lenders. Additional grant opportunities to help you further may also be discussed if available.

Offers- The Land bank is not accepting lower or higher price offers on these homes, the subsidized sales price is set, and the homes will be sold on a first come first serve basis to qualified buyers.

Must be a first-time homebuyer- You must not have owned a home in 3 years, some exceptions apply

 

Contact Frank Robusto, RUPCO Inc. 845-331-9860 Ext 320 or email frobusto@rupco.org for more information

 

 

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