Under its Rental Expansion Program, the Eastham Affordable Housing Trust can provide funding assistance to homeowners to create new dwelling units subject to affordable housing deed restrictions (subject to zoning).
Here are the current eligibility requirements to receive a construction loan:
Household income is below:
– 1 person at home: $51,250
– 2-person family: $58,600
– 3-person family: $65,900
– 4-person family: $73,200
Development loans provided under the Rental Expansion Program are limited to up to $100,000 per unit. The Board of Trustees will determine the interest rate of between 0% and 3%, depending upon project feasibility. Payments will be deferred until the property is transferred unless the recipient is determined to be in violation of loan terms (allowances for extenuating circumstances, appeal process) in which case payments will be due. Any loan proceeds will be deposited into the Housing Trust Fund. All loans must be in the form of a mortgage against the property and may be subordinated to other project lenders. Deed riders for 10-15 years are required for projects where the loan is more than $20,000 per unit and required for at least 30 years or in perpetuity for loans of more than $50,000/unit.
* Your home in the Town of Eastham must be a primary residence. You must be current with property tax payments and have an active homeowner’s insurance policy. Have more people in your household? Call us.