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Grieg Square at Corn Hill

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Greig Square at Corn HillCorn Hill’s newest housing development. These are the first four townhouses in what will eventually be an 8 unit townhouse complex that is being built by the Urban League Economic Development Corporation. The first four are slated to be for sale this summer.

Cost

The basic house is $180,000 before subsidy.

Options

Buyer may also add up to 5% of the house price or $9000 in options depending on their individual circumstance; grant of up to $35,000 based on income. (A lien is placed against the property for the 15 year required residency period.)

Closing Cost Assistance

The buyer may also be eligible for up to $6,000 in down payment/closing cost assistance from the City of Rochester. (A lien will be placed against the property for a 5 year period, which will self-amortize as long as the buyer remains in the house during the 5 years).

Minimum Investment

A minimum personal investment of $1500 is also required.

Other Requirements

In addition to the income limits, the buyers must:

  • Be a first time buyer includes displaced spouses and persons who have not owed a house in 3 years;
  • Qualify for a mortgage with a minimum 15 year to a maximum 30 year term at current interest rates with a monthly Principal, Interest, Taxes and Insurance (PITI) plus HOA fee which is no more than 33% of the total monthly gross income or combined debt of no more than 41%. (ULREDC must review and approve the mortgage commitment.);
  • Cannot have assets (including gifts) of more than 25% of total price of home;
  • Complete ULR HomeStore Home Buyer class prior to closing and 2 post purchase classes within one year of closing. Price of classes ($250) will be billed at closing;
  • Reside in the property for a minimum of 15 years.

When to Apply

Applications will not be available until late spring 2013.

To get on the interested persons list, call 454-5710.

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