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Wednesday, 10 of March of 2010

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Homebuyer Financial Assist

RACLT is a participant in the state-wide HOMELAND Program, a homeownership program run by community land trusts across Vermont. The HOMELAND Program, funded by the Vermont Housing and Conservation Board, makes affordable homeownership available to low and moderate income homebuyers. For program details and to learn if you are eligible, please see our income eligibility guidelines.
There are two ways to purchase a home through this program:
Purchase a home on the real estate market<br />
Income-eligible homebuyers can receive grant funds to help subsidize the cost of a home for sale on the real estate market. Here is how it works: Income-eligible homebuyers first locate a single family home of their choice selling for less than $230,000. If the home passes RACLT’s inspection, RACLT provides a grant of 20% of the sale price up to $40,000 toward the purchase of the land under the home, thereby lowering the total cost of the home to the buyer. In return for this grant, the Land Trust retains ownership of the land, which assures long-term affordability to future homeowners of that property.
Purchase an existing HOMELAND property<br />
Income-eligible homebuyers may buy a home that is already part of the Land Trust system. When a current Land Trust homeowner decides to sell their home, the Land Trust helps the seller find another income-eligible buyer. The home is sold to the new buyer at below market value. View homes for sale in RACLT’s HOMELAND program.
In addition to this purchase subsidy, HOMELAND homebuyers can:
Get a below-market rate VHFA HOUSE mortgage.

RACLT is a participant in the state-wide HOMELAND Program, a homeownership program run by community land trusts across Vermont. The HOMELAND Program, funded by the Vermont Housing and Conservation Board, makes affordable homeownership available to low and moderate income homebuyers. For program details and to learn if you are eligible, please see our income eligibility guidelines.

There are two ways to purchase a home through this program:

Purchase a home on the real estate market

Income-eligible homebuyers can receive grant funds to help subsidize the cost of a home for sale on the real estate market. Here is how it works: Income-eligible homebuyers first locate a single family home of their choice selling for less than $230,000. If the home passes RACLT’s inspection, RACLT provides a grant of 20% of the sale price up to $40,000 toward the purchase of the land under the home, thereby lowering the total cost of the home to the buyer. In return for this grant, the Land Trust retains ownership of the land, which assures long-term affordability to future homeowners of that property.

Purchase an existing HOMELAND property

Income-eligible homebuyers may buy a home that is already part of the Land Trust system. When a current Land Trust homeowner decides to sell their home, the Land Trust helps the seller find another income-eligible buyer. The home is sold to the new buyer at below market value. View homes for sale in RACLT’s HOMELAND program.

In addition to this purchase subsidy, HOMELAND homebuyers can:

Get a below-market rate VHFA HOUSE mortgage.

Service Area:

Southern Windsor County:

Plymouth, Reading, West Windsor, Windsor, Ludlow, Cavendish, Baltimore, Weathersfield, Weston, Andover, Chester, Springfield

Northeastern Bennington County:

Peru, Landgrove

Northern Windham County:

Londonderry, Windham, Grafton, Rockingham, Athens, Westminster

Date: July 22, 2009