The City uses State and Federal funds to help low- and moderate-income first-time homebuyers purchase homes that are decent and affordable. When a home is purchased with these funds, restrictions or “covenants” are placed on the property to ensure that the property remains affordable for low-income families well into the future.
The length of the affordability period may range from 10-45 years depending on the funding source. Generally speaking, If the home is sold within the affordability period it must be sold to another eligible low-income homebuyer.
Sometimes the affordability period is confused with the loan term, or the length of time a homeowner has to repay the loan. Contact our housing staff for more information on affordability periods and financing options.