Do you know of a first-time home buyer looking for a home in Lenox? Households that earn a modest income may qualify for housing grants up to $10,000. The Town of Lenox Housing Trust has initiative grants in the amount of 5% of the purchase price (maximum of $10,000 per grant) for those qualifying with participating banks in conjunction with the Federal Home Loan Bank Equity Builder Program (Equity Builder Program also offers a grant).
- Grants will be on a first come first serve basis with proven mortgage commitment from a participating lender.
- Maximum of $50,000 available for Housing Trust grants.
- Homebuyer will agree to a 5 year declining recapture of the grant if the home is sold in the first 5 years.
- Applicants do not have to live in Lenox as long as the home being purchased is in Lenox.
- Households can make no more than 80% of HUD Median Income (see below).
- Standard secondary market underwriting criteria determined by participating lender.
- Borrower(s) cannot own any other residential properties.
- Homebuyer counseling must be completed by borrower(s) if they are a first time homebuyer.
- 1-4 family units or condos – owner occupied only.
Income Limits per Household (80% HUD Median Family Income: 2017)
1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person
$44,800 $51,200 $57,600 $64,000 $69,150 $74,250 $79,400 $84,500
Maximum Purchase Price of Home
- Adams Community Bank – Contact Jackie McNinch (413) 281-8769
- Lee Bank – Contact Marge Pero (413) 243-9223
- Pittsfield Coop – Contact Mike Barbieri at (413) 629-1605
- Greylock Federal Credit Union – Contact Erin Carlotto at (413) 347-6114
Click here for the PDF flyer: TOWN HALL – 6 WALKER STREET – LENOX, MA 01240