Attainable Homeownership Opportunity
Beginning mid-February, Lennar, a new home builder, will open an interest list for prospective homebuyers of their attainable, deed-restricted home product in the Palisade Park development.
- Lennar is planning to offer the first four, of a total of 28 deed-restricted homes in April 2022 to qualified homebuyers.
- In subsequent months, 4 or 8 homes will be constructed until all 28 homes are complete.
Applicants for this opportunity to purchase one of these homes will need to meet specific income qualifications - based on recent income and family size.
- The applicants will be selected from the interest list on a first-come basis. The application will then move through the qualifying review (based on income, family size, and other factors).
- To qualify for these income-restricted homes, prospective homebuyers must have a household income of between 80% of the “Area Median Income”, as determined by the US Department of Housing and Urban Development. (For example, a family of four would have a total annual household income of $83,840).
The selected buyers will purchase the home around April 2022.
- The home will have a 30-year deed restriction, secured by a lien against the home. The deed includes provisions including but not limited to:
- Resale or transfer of the home is limited to persons with a household earning 100% or below the reported AMI, for the appropriate household size for the size of the home in the year of the resale or transfer.
- Maximum equity earned to be calculated as a maximum of 3.5% per year.
- Refinancing is allowable in certain circumstances.
To sign up for the interest list, contact the Lennar consultant team at: