“The New Urban Lifestyle”
“The Best of Downtown is Available for Only a Few”

New Downtown Condominiums for Lower Income Individuals

THE POST LOFTS are condominiums in downtown Tucson with a planned completion date of fall 2009.  The condominiums will be built at Congress and Scott streets above restaurants and shops.  Visit www.thepostlofts.com.

FAMILY HOUSING RESOURCES (FHR) has been selected by the City of Tucson to assist four (4) lower income homebuyers with purchasing a 1-bedroom, 1 bath (650 sq ft)POST LOFTS condominium.  The market cost of these condominiums range between $250,000 and $300,000.  The purchase price for the four units offered to lower income individuals is $150,000 and these individuals can also receive down payment assistance up to $60,000.

INITIAL QUALIFICATION CRITERIA

• First Time Homebuyer.  The borrower must be a first time homebuyer which includes borrowers who have not had ownership interest in a home for the last three years.
• Income.  The household income as determined by FHR may not exceed:

• Primary Residence.  The borrower must occupy the condo as their primary residence.  The borrower may not purchase the condominium for investment property and may not rent the property.
• Loan.  The borrower will need to qualify for a market rate loan.  FHR will assist the borrower with mortgage readiness and find an affordable loan.  FHR will also assess the borrower for eligibility for down payment assistance.
  

EQUITY DEED RESTRICTIONS

This program is to assist lower income homebuyers participate in an opportunity otherwise unaffordable.  Homebuyers who purchase a POST LOFTS condominium under this program are limited to the amount of equity obtained if they sell the condominium.  The borrower will sign a Deed of Trust which uses a shared equity lien.  This limits the amount of equity earned by the buyer over a 20 year period of time.  No equity may be accessed by the purchaser during the first five years of ownership.

APPLICATION PROCESS

If you meet the qualification criteria above and are interested in exploring the opportunity to purchase at THE POST LOFTS, please contact FHR at 318-0993 for an application.  Upon receipt of your application packet, FHR will review your application and obtain a credit report to determine if you have the ability to qualify for a loan for the program.