2 AFFORDABLE HOMES FOR SALE...MEETING TONIGHT

2 affordable homes in Greenburgh for sale! Meeting tonight. The Town Board required two of the new townhomes that are currently being built to be affordable.

PAUL FEINER

APPLICATIONS FOR AFFORDABLE TOWNHOMES

NOW BEING ACCEPTED THROUGH APRIL 18, 2008



FOR

THE PRESERVE AT GREENBURGH







(artist rendering)



Conveniently located on Knollwood Road South of Rt. 119

3 bedrooms/2.5 baths

Garage

Basement



Income & Resale Requirements Apply



Purchaser’s Maximum Income Limits as of February, 2008

3 Person Household -- $73,150

4 Person Household -- $81,300

5 Person Household -- $87,800

6 Person Household -- $94,300



INFORMATION SESSION & HOMEBUYING WORKSHOP

APRIL 2, 2008 @ 6:30 P.M.

THEODORE YOUNG COMMUNITY CENTER

32 MANHATTAN AVENUE

GREENBURGH

(across Rt. 119 from Crossroads Shopping Center)



FOR MORE INFORMATION CONTACT

HOUSING ACTION COUNCIL

(914) 332-4144

The complete offering terms are in an offering plan available from sponsor.

File No. CD-07-0707
Application for Affordable Townhomes

At the

The Preserve at Greenburgh

Located on Knollwood Road, Town of Greenburgh, New York



Complete Applications must be returned to:

Housing Action Council, Inc. at 55 South Broadway, 2nd Fl., Tarrytown, NY 10591,

Postmarked or hand delivered by Friday, APRIL 18, 2008.*



APPLICANT: Social Security #: _____________

Home Phone: Work Phone:

Cell Phone: Email:

Address of Applicant:

CO-APPLICANT: Social Security #: ______________

Home Phone: Work Phone:

Cell Phone: Email:

Address of Co-Applicant:

(if different from applicant)



NUMBER OF PEOPLE IN HOUSEHOLD:



DATE RELATION TO GROSS

NAME OF BIRTH APPLICANT INCOME











TOTAL GROSS HOUSEHOLD INCOME:

FIRST TIME HOME BUYER: Yes No If No, explain___________________________

PURCHASERS’ INCOME LIMITS as of February, 2008

No. of Persons Income Limit No. of Persons Income Limit

3 $73,150 5 $87,800

4 $81,300 6 $94,300



*Application deadline may be extended at the option of the Housing Action Council.

OVER







DOCUMENTATION


All household members must submit copies of the following documents with their application:



_________ 2007 & 2006 Federal Tax Returns with all Schedules



_________ 2007 & 2006 W2’s



_________ One Month’s Most Recent Pay Stubs and documentation of any other income, such as social security, child support, etc.



_________ 3 Months of all Bank, Credit Union Statements and other assets such as CD’s, mutual funds, etc.



_________ Evidence of Down-payment



_________ $25 Application Fee (Non-refundable)



I hereby affirm that the information provided on this application (including any attached papers) are true and complete to

the best of my knowledge. I also understand and agree that falsified information or significant omissions may disqualify

me from further consideration for affordable housing.



______________________ __________________________ _________________

Applicant Signature Co-Applicant Signature Date



CONSUMER CREDIT INFORMATION



A consumer credit report will be requested in reference to the processing of this application, in connection with updates,

renewals, extensions, or monitoring of any credit granted. If such a report is received from a consumer reporting agency,

and credit is denied or the charge for such credit is increased wholly or partly because of information contained in the

consumer report from a reporting agency, you will be advised and supplied with the name and address of the consumer

reporting agency making the report. All information remains confidential.



Please sign on the line below acknowledging your notice of the statement on consumer-credit information and reporting.



_____________________ _________________________ _________________

Applicant Signature Co-Applicant Signature Date



STATISTICAL INFORMATION

APPLICANT



RACE: Black, not of Hispanic origin _____________ White, not of Hispanic origin _____________



Hispanic ________ Indian ________ Arab ________ Asian ________ Other ________



Sex: Male _____ Female: ______



CO-APPLICANT



RACE: Black, not of Hispanic origin _____________ White, not of Hispanic origin _____________



Hispanic ________ Indian ________ Arab ________ Asian ________ Other ________



Sex: Male ______ Female: _______









Affordable Townhomes

at

The Preserve at Greenburgh



AFFORDABILITY ANALYSIS

(all figures below are estimated)



Three Bedroom Townhomes



Affordable Sale Price $211,115

Homeowner’s 10% Down Payment (21,115)

Mortgage Amount $190,000



Terms 30 years @ 6.5%



Principal and Interest $ 1,260

Real Estate Taxes $ 395

Common Charges $ 280

Monthly Housing Payment $ 1,935



Cash Requirements

10% own funds $ 21,115

+ Closing Costs $ 11,400

Total Cash $ 32,515



Minimum Income Needed to Qualify for

Mortgage with a 10% Downpayment $ 77,400



Note: Additional downpayment required with lower incomes

and debt that exceeds 5% of monthly gross income. Downpayment

and/or closing cost assistance may be available.







Housing Action Council

55 South Broadway

Tarrytown, NY 10591