320 Carleton Avenue, Suite 2300
Central Islip, New York, 11722
631-297-8800 o 631-297-8803 (fax)
info@bkdevco.com
April 28, 2006
Re: Next Generation Housing at Islip Landing Condominiums
Dear Applicant
The Long Island Housing Partnership, Inc., a not-for-profit organization, is the contracted agency working with the Benjamin Development Co., Inc. and the Town of Islip to assist with the Next Generation housing program at the Islip Landing condominium development. Thank you for applying for this program. A preliminary application is enclosed and we ask that you read it over carefully and examine the program guidelines to see if you qualify.
Complete the attached preliminary application, with a $100 check for the application fee payable to the "Long Island Housing Partnership, Inc." and return it to:Benjamin Development Co., Inc.
320 Carleton Avenue - Suite 2300
Central Islip, New York 11722All information provided is kept confidential.
Applications must be received no later than 3:00 P.M. on June 15th, 2006
The program guidelines will be strictly enforced and if you have any questions
regarding the guidelines, please contact the Long Island Housing Partnership, Inc.
at (631) 435-4710.
Applicants who meet all of the following criteria will be eligible for the program, if they:
PROGRAM GUIDELINES
Income Guidelines
Maximum Annual IncomeRe-Sale Restrictions
The re-sale price cannot exceed the original sale price adjusted by the Consumer Price Index (CPI) and the purchaser cannot earn more than 120% of the median income based on family size.
First-Time Homebuyer Guidelines
The program is limited to first-time homebuyers (defined in this program as not having owned any type of property within the last 3 years). Single, custodial parents may be given special consideration. Preference will be given to individuals who live in the Hamlet of Central Islip and the Town of Islip, but the applicant does not have to be a resident of the Hamlet of Central Islip or the Town of Islip to apply. LIHP adheres strictly to equal opportunity guidelines.Asset Policy
All applicants must pass an asset test. The asset test requires that, after deducting down payment and estimated closing costs, a household have liquid assets of no more than 25% of the average unsubsidized sales price of the units. Applicants over the asset limit will be declined for the program. If requested, an independent committee established to review the applicantÕs eligibility, will examine the applicantÕs full economic situation and other possible extenuating circumstances to determine if they would be able to purchase a home without assistance. If it is determined that because of its assets, a household would be able to purchase a home without assistance and if no relevant extenuating circumstances exist, the household will be deemed ineligible for the program to which it applied. Mortgage counseling is available upon request from the approved not-for-profit.Thanks to the Town of Islip's Housing Program, and in cooperation with Benjamin-Katter Development Co., Inc., each home will be sold for a very attractive price. The initial sale price on the lower units should not exceed $240,000 and the upper units should not exceed $260,000. Applicants for the Next Generation homes at Islip Landing will be selected and ranked by a random number generator.
*Please note: Only completed applications will be placed in the random number generator for ranking placement.
Good luck. After you receive your ranking number for a home, you will be required to provide a substantial amount of documentation and information, which is vital in order to make a proper determination of your eligibility. If you have any questions, please contact the Long Island Housing Partnership, Inc. at (631) 435-4710.
In the event a purchaser does not qualify for the above program guidelines, but is interested in purchasing a home at Islip Landing, please contact the Islip Landing sales center at 631-297-8008.
Very truly yours,
Benjamin Development Co., Inc