This week, the Lenox Affordable Housing Trust voted to increase the potential grant amount to first time home buyers from $20,000 to $50,000 per Lenox homebuyer (up to 20% of the purchase price). Isn’t that amazing!!! Simple guidelines include 100% Hud median-income maximum, but an increased recapture period from 5 years to 10 years – so the buyers have to stay in the home for 10 years for the grant to be forgiven. It is forgiven at a rate of 10% per year. Participating lenders are, our amazing affiliates!
- Adams Community Bank
- Beacon Bank
- Greylock Federal Credit Union
- Lee Bank
- Mountain One
- Pittsfield Co-Operative Bank
- NBT Bank
The Trust plans to award three of these grants per fiscal year. If you have any any questions, Jackie McNinch is a Trustee, or you can contact any of the participating lenders listed above or the Town of Lenox Affordable Housing Trust staff.