The deadline to enroll for affordable housing (HCV) is this Friday, February 8. HCV is the federally funded program that provides housing subsidies on behalf of lower income families.
Lakewood Commons is the place in Lakewood where these affordable houses are being built. Phase 5 in Lakewood Commons is currently under construction. In all likelihood, this week’s enrollment is for the houses in that phase.
Buyers in Phase 1 of Lakewood Commons paid only in the 100K’s for their home, but they are locked in for 30 years, meaning they can’t sell their house for profit for 30 years after purchase. They can only resell it for their purchase price. Later phases paid in the 200K’s, but they’re locked in for only 10 years; which means after ten years they can resell their house for a profit.
Pre-applications will be accepted online only. The open enrollment period ends this Friday at 5:00 p.m. Because pre-applications will be selected through a lottery process, it does not matter when you submit your pre-application as long as you do it during the open enrollment period. Every application submitted during the open enrollment period has a chance of being selected during the lottery.
To be eligible for this program, your household income cannot exceed:
1 person = $34,800
2 person = $39,750
3 person = $44,700
4 person = $49,650
5 person = $53,650
6 person = $57,600
7 person = $61,600
8 person = $65,550