The Lower Merion Affordable Housing Corporation, in cooperation with Lower Merion Township, is accepting applications for the affordable first-time homebuyers program.
The Affordable Home Ownership Program’s next home will be an end-unit townhome, located at 1048 Floyd Terrace in Bryn Mawr, Lower Merion Township. It has 3 bedrooms, 1 ½ baths, a front porch and off-street parking. Special preference will be given to people who currently live or work in Lower Merion, former residents and active Lower Merion volunteer firefighters. The asking price is $190,000. Homebuyers must meet eligibility requirements including income restrictions, good credit and savings for the down-payment. Household income restrictions are based on U.S. Department of Housing and Urban Development (HUD) income limits adjusted for household size.
Households with two members could have a maximum income of $50,700. Households with three members could have a maximum income of $57,050. Households with four members could have a maximum income of $63,350. (All thresholds have been lowered since the beginning of 2013.) Homebuyers must comply with program requirements and agree to resale restrictions. Please contact Genesis Housing Corporation at 610-275-4357 to receive an application. Applications can also be downloaded at the Township website. This project has been funded through HUD’s Community Development Block Grant Program. For questions, contact Genesis at the number above Lower Merion Township’s Community Development Division at (610) 645-6271.
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