65 Munjoy presents eligible buyers with a once in a lifetime opportunity to own a brand new, beautifully designed, high quality, energy efficient, and amenity rich home in the heart of Munjoy Hill- all at a deeply discounted price point.
Income eligibility as well as use and resale parameters at 65 Munjoy are outlined in the condominium documents, including a Declaration of Covenants, Conditions, Restrictions. The full host of 65 Munjoy condominium documents are available for download here: 65 Munjoy Condominium Documents
Here’s how it works, in a nutshell:
Simple Income Test
To be eligible to purchase a unit at 65 Munjoy Street, buyers must pass a simple income test.
Combined gross adjusted household income of any given buyer(s) cannot exceed 120% of the Area Median Income (AMI) as adjusted annually by the US Department of Housing and Urban Development (HUD).
New Levels for 2018 are as follows:
- Household of 1 – $75,720
- Household of 2 – $86,520
- Household of 3 – $97,320
- Household of 4 – $108,120
- Household of 5 – $116,880
2018 income figures are soon to be published by HUD and are expected to be slightly higher than those from 2017.
Note that factors such as tax deductions and buyer assets may have a downward or upward effect on income calculation. Please contact the Seller’s Agent with questions regarding your eligibility or to be put in contact with an income eligibility certifier.
Other Buyer Requirements
In addition to the income limits overviewed above, all buyers at 65 Munjoy must also:
- Complete a basic home-buyer training course. This course is very simple and easy to complete and is offered locally and online. Contact the Seller’s Sales agent for details.
- Enter into a simple Affordability Agreement, a sample of which is provided as Schedule D of the Declaration of Condominium.
Renting of Units
Like many quality condominium properties, 65 Munjoy’s rules limit the amount of time any unit can be rented. The rules disallow renting a unit for more than a combined 12 months in a five-year period; i.e. not more that 1/5 of the time. This protects you and all residents at 65 Munjoy from units converting to investment properties owned by absentee landlords.
Resale of Units
When the day comes to sell your unit at 65 Munjoy Street, the next buyer of the unit will be subject to the same 120% AMI income limits (as adjusted annually) as you were.
Unlike many income restricted condominium properties, there are no restrictions on your re-sale price at 65 Munjoy.
***This page is not a substitute for a complete and thorough review of all applicable condominium policies and restrictions by a qualified professional. The author assumes no responsibility for errors or omissions in this summary***