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From YouTube: Boulder Homeownership Program Orientation Video
Description
This video provides details about the homeownership programs offered by the City of Boulder. Included are an overview of the three programs, program requirements (income, asset, ect.), restrictions related to the permanently affordable program, introduction to the people one works with when buying a home and answers to frequently asked questions about the program.
A
Hello
and
welcome
this
is
the
orientation
for
the
city
of
Boulder
Colorado's,
home
ownership
programs.
My
name
is
eric.
Swanson
I'm,
one
of
the
homeownership
program
coordinators,
with
the
city
of
Boulder
and
I'll,
be
conducting
this
presentation.
Some
of
the
things
we're
going
to
talk
about
are
the
different
programs.
The
city
of
Boulder
offers
the
requirements
for
those
programs.
We
also
talked
about
owning
a
permanently
affordable
home.
The
permanently
affordable
program
is
one
of
our
most
popular,
so
we're
going
to
spend
a
little
more
time
with
that.
A
We'll
also
talk
about
the
team
that
one
works
with
when
they're
buying
a
home.
This
would
be,
in
most
cases,
a
lender,
a
realtor,
and
in
this
case
the
city
staff
will
talk
about
applying
and
buying
a
home
through
the
program
and
how
that
process
works.
And,
finally,
we'll
conclude
with
some
frequently
asked
questions
about
the
program.
Now.
A
This
orientation
is
a
requirement
for
people
who
are
applying
to
the
program
and
to
verify
that
people
have
viewed
the
presentation
and
understand
the
information
we
require
that
they
complete
a
test,
and
this
test
can
be
downloaded
from
the
website.
Some
people
will
prefer
to
do
that
test
as
they're
watching
the
program,
which
is
perfectly
fine.
It
actually
follows
the
order
of
the
presentation,
so
if
you're
someone
who
thinks
that
that
would
be
helpful,
please
please
pause
now
and
download
that
so
you
have
it
in
front
of
you
also,
because
this
is
a
recorded
presentation.
A
A
Let's
start
by
talking
about
the
programs
that
the
city
of
Boulder
offers,
we
have
three
programs.
The
first
one
is
the
permanently
affordable
program.
The
next
one
is
the
solutions
grant
and
finally,
the
shared
appreciation,
loan
or
house
to
home
ownership
program
will
start
with
the
permanently
affordable
program.
A
Now
these
homes
need
to
be
sold
to
a
buyer,
that's
qualified
by
the
city,
both
income
enters
both
income
and
asset
requirements,
and
some
other
criteria
that
applicants
need
to
meet
the
homes
in
this
program
remain
affordable
in
perpetuity.
That
means
one
can
never
buy
out
of
the
affordability
restrictions.
A
So
how
these
homes
remain
affordable
is
that
the
basically
that
the
sales
price
is
restricted?
First
of
all,
the
homes
come
into
the
program
at
below
market
rate
prices
in
the
city
of
bolding,
the
boulder
there's
an
inclusionary
housing
ordinance,
which
requires
any
new
developments
to
include
a
certain
percentage
of
permanently
affordable
housing.
We
also
cap
the
appreciation
on
these
homes
at
somewhere
between
one
and
three
and
a
half
percent,
so
that
future
buyers,
when
they
purchase,
will
have
a
slightly
lower
price.
A
Let's
next
talk
about
the
solutions
grant,
so
this
is
a
grant
that
can
be
used
with
the
permanently
affordable
program.
The
program
I
just
talked
about,
and
in
fact
that's
primarily
what
this
grant
is
used
with.
Thistle
communities
in
the
city
of
Boulder
also
has
a
permanently
home
permanently
affordable
program,
and
this
grant
can
be
used
with
their
homes
as
well,
but
it
can't
be
used
on
any
other
homes
or
market-rate
homes
in
the
city
of
Boulder.
A
Now
the
amount
of
the
grant
is
dependent
on
the
closing
costs
and
the
lenders
requirements
for
down
payment,
so
we
will
assess
those
to
determine
how
much
of
a
grant
is
available
and
the
grant
is
designed
to
cover
a
gap
between
what
the
lender
is
saying
is
required
to
close
and
what
the
buyer
has
available
to
close.
And
finally,
we
won't
determine
the
grant
amount
until
after
a
contracts
been
written,
so
someone's
under
contract
for
a
house,
and
we
can
ascertain
what
the
closing
costs
are
and
what
the
lender
requirements
are.
A
Here's
an
example
of
how
this
grant
might
work.
Let's
say
someone
is
purchasing
a
home
for
a
hundred
thousand
dollars
and
they're
getting
a
loan
for
ninety-five
thousand
dollars
or
five
percent
down,
and
the
closing
costs
are
six
thousand
dollars.
So
this
is
what
the
bank
is
telling
telling
this
particular
buyer.
They
need
to
pay
for
closing
costs,
so
that
means
the
amount
that's
due
at
the
closing
is
eleven
thousand
dollars
that
five
percent
down,
plus
the
closing
costs.
A
Now,
in
this
scenario,
we're
saying
that
the
buyer
has,
in
their
own
bank
accounts
six
thousand
five
hundred
dollars,
so
you
can
see,
there's
a
gap
there
and
that
gap
is
four
thousand
five
hundred
dollars
and
that's
what
the?
What
sort
of
that
would
be
the
solutions
grant
that
would
be
awarded
to
help
make
this
transaction
closed.
A
Now
these
gramps
aren't
repaid
at
all.
It's
not
alone.
It's
actually
a
grant.
However,
the
grant
amount
is
subtracted
from
the
future
resale
price
and
the
appreciation
that
is
calculated
on
the
home
each
year
is
based
on
that
calculated
future
resale
price.
Let's
next
talk
about
the
shared
appreciation
loan.
This
is
also
referred
to
as
house
to
home
ownership
or
h2o,
and
this
is
this.
Loan
can
be
used
to
purchase
a
market-rate
home
in
Boulder.
So,
unlike
the
other
two
programs,
this
is
targeted
towards
market
rate
purchases.
A
In
fact,
it
can't
be
used
with
the
other
programs
or
the
permanently
affordable
program.
However,
like
the
grant
I
just
talked
about
this,
loan
is
designed
for
people
who
have
minimal
savings
it
to
help
them
close
the
gap
between
what
their
lender
is
saying
they
are
required
to
close
and
what
they
have
available
in
their
own
funds.
To
do
that
now,
it's
a
deferred
loan
for
up
to
fifteen
the
purchase
price
and
no
payments
are
made
on
this
loan
until
15
years
or
if
the
home
is
resold,
then
it
gets
paid
back
now.
A
Homes
in
this
air
I'm,
sorry
properties
need
to
be
within
the
city
limits
of
Boulder
and
the
home
remains
market
rate
when
it's
sold.
So,
unlike
the
prior
program,
I
talked
about,
we
don't
calculate
a
resale
price
for
this,
it's
whatever
the
market
will
bear
now
when
this
loan
is
paid
back,
you
pay
one
pays
back.
The
original
loan
amount,
plus
fifteen
percent
of
the
appreciation,
or
if
they
only
took
out
a
ten
percent
loan,
it
would
be
ten
percent
of
the
appreciation
and
so
on,
and
here's
an
example
of
how
this
works.
A
In
this
example,
the
purchase
price
of
the
home
was
two
hundred
thousand
dollars.
The
borrower
got
a
15-percent
loan
from
us
of
thirty
thousand
dollars,
then
15
years
paths
again
no
payments
are
made
during
those
fifteen
years
no
interest
payments
are
made
or
principal.
So
after
that
fifteen
years
the
homes
appreciated
a
hundred
thousand
dollars
in
this
example.
So
now
the
homes
were
three
hundred
thousand
dollars
at
that
point.
A
At
this
15
year
mark
the
owner
needs
to
pay
back
the
loan,
so
they
will
pay
back
the
original
amount,
the
30,000
plus
a
share
of
that
a
hundred
thousand
dollars
in
appreciation
which
would
in
this
case
would
be
fifteen
thousand
dollars.
So
that's
forty
five
thousand
dollars
that's
due
back.
This
is
a
balloon
payment
and
it's
do
so
to
do
all
at
once,
either
at
15
years
or
if
the
home
is
resold
before
15
years.
It
is
due
back
then.
A
Finally,
if
the
home
depreciate
seeeeee
over
those
fifteen
years,
so
it's
less
than
this
example
less
than
two
hundred
thousand
dollars.
There
would
not
be
any
share
of
the
appreciation,
because
there
is
no
appreciation.
However,
this
still
the
original
loan
amount
would
be
due
back.
So
then,
in
this
case,
the
thirty
thousand
dollars
all
right.
Now,
let's
go
on
and
talk
about
some
of
the
program
requirements.
We
have
income
requirements,
asset
requirements
and
other
requirements
that
applicants
need
to
meet
now
start
out
with
income.
A
A
You'll
also
notice
that
there
are
two
income
categories
in
the
permanently
affordable
program,
there's
a
low
to
moderate
income
and
a
middle-income
program,
and
this
is
for
different.
We
have
homes
that
are
targeted
at
different
income
levels.
Now
again,
these
are
the
maximums.
These
are
the
cap
gross
incomes.
You
obviously
can
earn
earn
less
than
this
and
still
qualify
for
the
program
and
what
I
talk
about
gross
income?
What
I'm
talking
about
is
sort
of
that,
usually
that
biggest
number
that
is
on
the
on
the
pay
stub.
A
This
is
before
taxes
are
taken
out
before
money
is
taken
out
for
benefits
those
sorts
of
things.
This
is
the
gross
amount.
Now,
if
you
are
a
self-employed
person,
we
look
at
your
net
income
after
expenses
have
been
taken
out
for
your
for
the
business,
and
here
are
a
few
other
income
notes:
child
care
expenses.
If
they're
incurred
in
order
to
work
can
be
deducted
from
the
income.
We
can
also
deduct
medical
expenses
if
they're
more
than
three
percent
of
the
gross
income.
This
doesn't
include
insurance
premiums.
A
Is
the
cap
on
and
the
assets
that
one
can
have
you'll
see
down
there
at
be
people
in
the
middle
income
program
actually
get
a
little
bit
higher
asset
limit
and
then
there's
a
few
other
asset
limits,
depending
on
what
one's
situation
is
now
for
each
additional
family,
member
or
each
additional
person
in
the
household
will
add
fifteen
thousand
dollars
to
that
asset
limit.
So,
for
example,
it
was
a
two-person
household
who
is
fitting
into
the
low
to
moderate
income
program.
A
Therefore,
they
would
have
fifty-five
thousand
dollars
as
their
starting
point,
and
then
we
add
in
that
second
person,
which
would
add
another
fifteen
thousand
dollars
creating
a
total
of
seventy
thousand
dollars.
It
is
their
asset
cap
and
we
can
add
that
for
each
person
and
we
can
exempt
some
retirement
assets
depending
on
a
person's
age
and
the
chart
their
lists,
the
different
age
groups
and
how
much
can
be
deducted
and
when
I
talk
discuss
retirement
assets.
A
Now
you'll
see
that
note
on
the
bottom
that
if
someone
has
in
excess
of
these
limits,
we
will
count
the
balance
as
their
regular
as
a
regular
asset.
So,
for
example,
say
there's
a
38
year
old
person
that
has
thirty
thirty-five
thousand
dollars
in
a
401
K.
Well,
we'll
be
able
to
deduct
30,000
of
that.
However,
the
additional
five
thousand
will
count
towards
their
regular
asset
cap
and,
finally,
we
could
exempt
from
assets
some
of
the
money
that
people
are
putting
down
on
a
home.
A
We
can
actually
exempt
up
to
twenty
percent
of
the
value
of
the
house,
assuming
that
person
is
putting
twenty
percent
more
down
on
the
house
and
at
the
point
of
application,
we
just
make
an
estimate
of
what
this
will
be
and
then,
when
someone
goes
to
close,
we
make
sure
that
estimate
is
accurate
or
we
adjust
it
to
make
sure
they're
still
on
the
asset
limits
for
the
program.
Now,
if
someone
is
65
years
or
older,
we
can
actually
exempt
the
full
amount
that
they
put
down
on
the
home.
A
So
if
there's
someone
who's,
65
and
retired
and
they're
putting
down
forty
percent
on
the
home
will
exempt
forty
percent
from
their
assets
all
right.
Let's
talk
about
some
of
the
other
requirements
for
the
program
now
in
here.
These
are
a
list
of
requirements
for
all
the
programs.
I
talked
about.
First
of
all,
one
needs
to
complete
the
city
orientation
and
complete
the
full
day,
homebuyers
class.
Now
this
presentation
that
you're
viewing
right
now
satisfies
that
orientation
requirement.
A
The
full
day
homebuyers
class
is
actually
taught
by
the
city
or
by
the
county
of
Boulder
and
there's
details
on
our
website
in
the
training
section
about
that
class.
This
home
buyers
class
can
also
be
taken
online.
However,
there's
a
fifty
dollar
fee
for
that,
but
some
people
find
that
more
convenient
to
take
it
online.
A
Next,
one
of
the
people
in
the
household
needs
to
work
at
least
30
hours
a
week
unless
of
course,
they're,
retired
or
permanently
disabled.
The
household
is
required
to
bring
two
thousand
dollars
of
cash
to
the
deal.
The
household
needs
to
be
able
to
secure
a
first
mortgage,
so
that
means
a
lender
tells
them
that
they
will
be
able
to
loan
them
money
or
give
them
a
mortgage
to
buy
the
house.
A
The
total
monthly
debt
to
income
ratio
has
to
be
less
than
forty
two
percent,
and
what
this
means
is
we'll
look
at
the
amount
of
debt
that
an
applicant
has.
So
this
might
be
student
debt,
even
if
it's
in
deferment,
we'll
make
an
estimate
so
the
monthly
payments
for
student
debt,
car
payments,
monthly
payments
for
credit
cards,
all
those
types
of
things
and
we'll
divide
that
by
the
monthly
income
that
we've
calculated
for
an
applicant
and
that
needs
to
be
under
forty
two
percent.
A
A
So
what
this
means
is
that
a
single
person
could
buy
a
home
through
our
program
with
up
to
two
bedrooms,
a
two-person
household
could
buy
a
home
with
up
to
three
bedrooms
and
so
on,
and
finally,
there
needs
to
be
a
work
history
of
at
least
one
year
in
most
cases,
and
this
doesn't
necessarily
have
to
be
a
work
history
with
the
single
employer,
we're
just
looking
to
see
that
there
is
a
history
of
war.
Now,
there's
some
additional
requirements
for
the
h2o
program.
A
First
of
all,
in
the
h2o
again
is
the
loan
program.
The
shared
appreciation
loan
program,
the
third
one
I
talked
about.
First
of
all,
people
must
be
a
first-time
homebuyer,
so
that
means
they
can
have
owned
a
home
in
the
last
three
years
unless
they've
been
divorced.
In
that
time,
applicants
for
this
program
must
work
within
the
city
limits
of
Boulder
and
the
home
they
purchase
must
also
be
within
the
city
limits
of
Boulder.
Now
the
downpayment
funds
are
the
money
that
we
commit
to
this.
A
Are
we
don't
actually
commit
those
until
we've
reviewed
the
property?
The
inspection
report,
the
appraisal
and
funding
partners?
Who
is
an
organization
that
helps
us
administer?
This
program
has
reviewed
the
loan
application,
so
we
do
some
due
diligence
on
these
properties
before
we
lend
money
on
them.
A
Finally,
I
sometimes
am
asked
if
there's
ever
exceptions
made
to
any
of
these
requirements,
we
never
can
make.
We
never
make
exceptions
to
the
income
limits.
Even
if
someone
is
a
few
dollars
over,
we
won't
be
able
to
find
them
eligible
for
the
program.
We
also
don't
make
exceptions
for
people
who
are
looking
at
the
shared
appreciation
program
or
the
h2o
program.
A
However,
we
can
sometimes
make
exceptions
to
some
of
the
other
program
requirements
if
there's
a
justifiable
reason,
there's
a
process
that
we
need
to
take
it
through,
where
there's
a
committee
and
staff
weigh
in
on
it.
So
if
there's
an
applicant
that
feels
like
they
have
a
compelling
reason
why
they
should
be
given
an
exception,
please
just
include
that
with
the
application
and
or
give
us
a
call
and
talk
through
it,
and
we
can
see
if
we
think
that
it.
It
is
a
justifiable
thing
to
take,
through
this
exception
us.
A
Alright,
let's
next
talk
about
owning
a
permanently
affordable
home.
This
was
the
first
program
I
talked
about.
There
is
a
covenant
that
owners
of
these
homes
sign
when
they
close
on
the
homes,
and
this
defines
the
owner's
rights
and
responsibilities,
and
some
of
the
things
in
this
covenant
are
that
the
appreciation
is
capped
out
between
one
and
three
and
a
half
percent
annually.
There's
also
limits
on
the
number
of
capital
improvements
that
can
be
made
and
credit
that
can
be
given
for
those
items
there's
also
restrictions
on
owner
occupancy
and
rental
conditions.
A
There
are
some
rental
provisions
in
the
Covenant,
but
the
owner
needs
to
abide
by
those.
The
Covenant
also
talks
about
who
the
home
can
be
sold
to
in
the
future.
Basically,
anyone
who's
been
income
qualified
through
our
program
is
eligible
to
purchase.
It
talks
about
the
Covenant
also
talks
about
how
much
the
home
can
be
sold
for,
there's
a
formula
used
to
determine
what
what
that
price
is,
and
so
that
is
prescribed
in
advance,
also
there's
a
prescribed
way
of
marketing
the
homes
and
a
process
they
need
to
go
through
when
they
are
sold.
A
A
Let's
next
talk
about
how
the
prices
on
these
permanently
affordable
homes
are
calculated,
so
when
an
owner
sells
or
refinances,
we
will
calculate
the
value
for
them
and
we
actually
will
send
out
a
letter
that
shows
how
that
is
done,
but
here's
the
basic
formula
we
start
with
the
original,
affordable
price.
Of
course,
minus
the
solutions
grant.
So
when
we
were
talking
about
that
grant
above
the
original
price
was
a
hundred
thousand
dollars
and
the
city
provided
a
grant
for
four
hundred
and
fifty
thousand
dollars.
A
We
also
add
money
for
capital
improvements
or
upgrades
that
are
made
to
the
property,
and
here
you
can
see
the
list
of
items
that
are
available
for
credit,
and
you
can
see
it's
a
relatively
limited
list.
This
is
another
way
that
we
keep
these
homes.
Affordable
is
by
only
adding
credit
for
certain
upgrades
that
are
made
now.
A
Anyone
who
makes
an
upgrade
to
their
house
and
where
these
categories
needs
to
have
it
pre-approved
by
us,
and
that's
mostly
so
we
can
make
sure
everyone
understands
what
they're
going
to
get
credit
for
and
what
they're
not
going
to
get
credit
for
the
maximum
life
maximum
amount.
That
someone
can
get
credit
for
over
the
time
that
they
own
the
home
is
$25,000.
A
We
also
when
we
calculate
the
resale
price,
we'll
subtract
for
excessive
damage
and
when
homes
are
sold,
there's
an
inspection
done
on
them
and
if
there
are
items
that
are
damaged
and
that
the
owner
is
not
going
to
fix,
we
will
subtract
money
out
for
that.
The
this
might
be
a
furnace
that
is
damaged
or
needs
to
be
cleaned,
or
maybe
there
is
some
tile
that
needs
to
be
regrouting
or
tile,
that's
damaged
in
that
in
the
home
or
there's
damage
to
carpet
or
flooring
that
needs
to
be
repaired.
A
A
We
also
will
add
in
some
money
for
a
cost
to
sell
the
property
if
people
are
using
a
realtor,
its
2.5%
and
that's
split
between
the
two
realtor
so
we'll
each
get
one
point
two
five
percent
of
the
home's
value
or
if
someone
is
selling
it
by
themselves,
what
they
call
a
for
sale
by
owner
will
add
in
a
flat
marketing
fee
of
five
hundred
and
fifty
dollars.
That's
how
we
come
up
with
the
maximum
resale
price
for
a
home.
A
Alright,
let's
next
talk
about
applying
for
and
buying
a
home
in
the
program.
First,
we'll
talk
about
getting
qualified.
The
first
thing
we
encourage
people
to
do
is
get
pre-approved
for
a
mortgage.
We
don't
want
someone
to
go
shopping
for
a
home
and
then
realize
that
they
can't
get
a
mortgage
to
buy
that
home
and
again
that
debt
to
income
ratio
needs
to
be
forty-two
percent
or
less
in
most
cases.
A
The
next
thing
one
would
want
to
do
is
turn
in
the
city
application
completed
and
turn
it
in
in
that
application
can
be
downloaded
from
our
website.
There's
a
page
in
there
that
has
a
checklist
of
additional
documents
required
things
like
taxes,
bank
statements,
some
supporting
documents
that
we
need
in
order
to
process
an
application.
So
we
want
people
to
go
through
that
checklist
and
make
sure
all
that
is
included
with
their
application
when
they
turn
it
in
next
attend
the
orientation
which
this
is
and
then
also
the
homebuyers
class.
A
A
Now
the
city
does
not
provide
loans,
so
buyers
need
to
work
with
a
lender
and
we
actually
do
not
allow
private
financing,
so
that
would
be
friends
or
family.
So
buyers
need
to
work
with
with
a
lender.
What
a
lender
can
do
is
they're
going
to
be
able
to
help
one
determine
how
much
they
can
afford.
So
how
how
large
your
house
they
can
afford
they'll
be
able
to
estimate
what
monthly
payments
are,
so
people
can
see
how
it's
going
to
fit
into
their
budget.
They
also
be
able
to
estimate
what
the
closing
costs
are.
A
So
the
money
that's
going
to
be
needed
at
the
closing
table
in
order
to
close
the
deal
lenders
also
help
people
evaluate
loan
products,
there's
a
variety
of
different
loans
out
there
all
suited
for
different
people's
needs
and
requirements,
and
so
lenders
are
going
to
be
able
to
look
at
at
all
those
different
products
and
identify
which
ones
will
best
fit
a
client
and
finally,
there's
a
list
of
lenders
on
our
website.
One
does
not
need
to
use
any
of
those
people
can
use
whoever
they
like.
A
However,
we
provide
that
list
there
to
help
people
who,
who
might
not
have
a
lender
or
need
a
starting
point
now.
An
important
thing
to
note
is
the
lenders
on
our
website:
have
reviewed
the
covenants
attached
to
these
properties
and
have
approved
those
and
said
that
they
can
lend
on
these
types
of
properties
if
you're
working
with
the
lender.
That's
not
on
that
website
or
not
not
on
our
website.
Sorry
or
got
familiar
with
the
Affordable
program.
A
You
want
to
make
sure
you
talk
with
them
early
on
and
let
them
know
that
you're
thinking
about
buying
in
the
Affordable
program
and
make
sure
that
the
loan
products
that
they're
selecting
for
you
will
fit
with
that.
I
have
a
copy
of
the
Covenant
that,
if
you're
working
with
a
lender,
that
you
want
to
send
them
that
so
they
can
vet
it
and
make
sure
that
it
will
work
with
their
products.
We're
happy
to
we're
happy
to
send
that
on
to
them.
A
Let's
next
talk
about
realtor's,
so
the
city
of
bowler
does
not
provide
real
estate
services.
In
most
cases,
people
will
work
with
a
realtor
to
help
them
through
this
process,
and
the
city
is
really
a
sort
of
neutral
party
in
the
middle
we
can't
advocate
for
buyers
or
sellers.
A
realtor
is
really
the
one
that
does
that.
So
we
encourage
all
people
to
get
a
realtor,
and
if
you
are
a
buyer
of
a
home,
you
actually
don't
need
to
pay
any
fees
to
the
realtor.
A
The
buyers
realtor
is
actually
paid
out
of
the
proceeds
of
the
sale
of
the
house
or
paid
from
the
sellers
proceeds.
Some
of
the
things
that
a
realtor
can
help.
One
do
is
schedule
showings
and
help
people
evaluate
the
different
properties.
Compare
and
contrast.
They
also
manage
the
closing
time
line
and
the
tasks
that
happen
during
that
after
one
goes
under
contract.
There's
a
variety
of
things
that
that
happened
and
a
realtor
helps
make
sure
all
of
those
things
are
staying
on
on
time.
A
Realtor's
will
help
negotiate
price
repair
items,
negotiate
payment
of
other
costs
and
closing
dates,
etc.
So,
there's
a
variety
of
points
that
they
can
help
negotiate.
They
also
develop
and
review
the
contracts
that
actually
solidify
the
deal.
Finally,
there's
a
list
of
realtor's
on
our
website.
Of
course,
just
like
the
lenders,
one
does
not
need
to
use
any
of
them
any
that
any
realtor
will
will
be
able
to
help
help
an
applicant
out
now.
The
realtor's
on
our
website
do
have
some
familiarity
with
the
program
and
sometimes
that's
a
benefit.
A
However,
will
work
with
any
realtor
and
we're
happy
to
talk
with
them
about
the
program
and
about
the
slight
ways
that
is
different
than
a
regular
transaction
and,
finally,
the
city
staff,
we're
kind
we
think
of
ourselves
as
being
part
of
the
team
that
helps
bring
these
deals
together.
Some
of
the
things
that
are
the
roles
that
we
play
is
we
get
applicants
certified
for
the
program.
We
run
lotteries
for
the
homes
when
they're
sold.
A
We
might
require
that
some
of
those
items
be
fixed
and
finally,
we
work
with
the
lender
and
the
title
company
to
prepare
a
closing
documents
related
to
the
city
program
and
get
those
to
the
get
those
to
the
closing
to
make
sure
that
they're
part
of
the
transaction
all
right,
let's
so
go
back
to
the
application
and
buying
process.
So
after
you
get
qualified
what
what
happens
or
after
you
turn
in
your
application,
what
happens?
A
I
you'll
get
a
preliminary
certification
letter
from
us,
usually
within
two
weeks
that
says:
we've
reviewed
you
and
certified
you
for
the
program.
That
means
that
one
is
now
eligible
to
enter
lotteries
and
to
go
under
contracts
on
properties
within
the
program.
The
certification
letter
is
valid
for
six
months
and
then
people
need
to
recertify.
Basically,
that
means
we
update
all
the
numbers,
the
income
and
asset
numbers,
and
there
is
actually
no
fee
for
for
recertifying,
which
is
very
nice.
A
Now,
as
I
mentioned
earlier,
the
city
staff
help
monitor
and
hold
lotteries
for
these
properties
and
I'll
explain
a
little
bit
about
a
little
bit
more
about
what
the
lottery
process
is.
All
the
homes
in
the
program
do
go
through,
what's
called
a
30-day
open
marketing
period.
During
that
time,
no
contracts
or
offers
are
made
on
the
property.
A
It's
really
just
a
chance
for
people
to
who
are
interested
in
the
property
to
go,
see
it
if
they
haven't
finished
up
their
application
to
get
it
finished
up
quickly
and,
and
then
also
people
who
are
injured,
to
see
the
property
and
are
interested
during
that
30
days.
They
will
also
send
in
a
lottery
entry
form,
basically
telling
us
that
they're
interested
and
they
want
to
be
entered
in
the
lottery
for
the
the
house.
A
At
the
end
of
the
30
days,
we
hold
the
lottery
to
decide
who
has
the
first
opportunity
to
make
an
offer
on
the
house.
The
person
who
is
first
has
24
hours
to
go
under
contract
on
the
house,
so
they
need
to
submit
a
contract
within
24
hours
of
winning
that
lottery
homes
that
don't
go
under
contract.
At
the
lottery
coming
out
of
the
lottery
are
open
and
available
for
anyone
whose
income
qualified
to
come
up
with
to
come
up
and
purchase
it,
and
one
can
see
that
on
our
website.
A
A
They
would
be
the
next
three
that
are
drawn,
so
they
would
get
physicians
number
three
four
and
five
in
the
lottery
and
we'd
work
our
way
through
the
list
in
in
that
fashion,
going
through
these
different
categories
now,
sometimes
people
will
get
discouraged
because
they
feel
like
they're
in
category
number
five
or
six
there
a
little
bit
further
down
the
list.
I'll
just
remind
folks
that
we
do
have
homes
that
have
already
gone
through
the
lottery
process,
without
a
buyer
and
so
they're
available
to
any
income
qualified
buyer
at
that
at
that
point.
A
Finally,
there
is
some
homes
that
have
a
minor
dependency
preference
and
an
accessibility
preference,
and
that
will
be
listed
in
the
the
home
listing,
so
people
can
see
if
those
if
those
preferences
apply
alright.
Finally,
let's
conclude
with
some
of
the
frequently
asked
questions
about
the
program.
The
first
question
here
at
the
time
of
purchase
of
an
affordable
home,
can
someone
own
another
home
or
be
entitled
to
another
home?
No,
they
cannot
at
the
time
that
someone
closes
on
a
permanently
affordable
home.
A
Do
I
have
to
work
with
a
realtor
nope
people
do
not
need
to
work
with
a
realtor.
However,
we
recommend
it
again.
The
realtor
promotes
the
buyers
sole
interest
in
the
transaction,
so
we
always
encourage
people
to
do
it,
but
we
do
not
require
it,
and
the
next
question
is:
do
I
need
to
work
with
a
lender.
The
answer
to
this
is
yes,
a
mortgage
application
and
pre-approval
letter
are
required
as
part
of
the
application
process
and
all
homes
that
are
purchased
through
our
program
need
to
be
purchased
using
an
institutional
lender.
A
We
don't
allow
private
financing,
which
would
be
financing
from
family
or
friends.
The
next
question
is
I'm.
Going
through
a
divorce
should
I
apply.
Now
we
really
encourage
people
that
are
going
through
a
divorce
or
a
separation
to
wait
until
that's
been
finalized,
so
that
we
can
calculate
out
the
assets
and
incomes
most
accurately,
and
we
will
want
to
look
at
court
court-ordered
divisions
of
assets
and
understand
any
sort
of
payments
or
maintenance
payments
or
child
support.
Payments
that
are
coming
in.
A
The
next
question
is:
can
I
bid
more
for
a
house
that
I
really
like
with
the
permanently
affordable
program?
One
cannot
generally,
there
is
a
maximum
price
that
can
be,
the
host
can
be
sold
for
and
it
can't
be
sold
for
more
than
that.
If
someone's
buying
a
market-rate
house
using
the
house
to
home
ownership
or
the
shared
appreciation
loan,
they
can
bid
whatever
their
lender
has
pre-approved
them
for.
So,
in
that
case,
one
can
and
finally
can
a
seller
of
a
permanently
affordable
home
reject
an
offer.
A
In
most
cases,
they
can't,
but
there
are
a
few
reasons
for
which
someone
could
reject
an
offer
if
it's
less
than
the
maximum
selling
price
the
offer
could
be
rejected.
If
the
offer
is
contingent
on
the
sale
of
a
home
that
the
buyer
currently
owns,
they
can
reject
it,
a
contract
with
that
type
of
contingency
and
if
the
offer
wasn't
submitted
within
24
hours
after
the
lottery,
it
can
also
be
rejected.
A
Alright
well.
That
concludes
this
presentation.
In
order
to
verify
that
you
have
viewed
it
and
completed
it
and
understand
the
information,
there's
actually
a
test
that
needs
to
be
completed
and
that
can
be
downloaded
from
our
website.
You'll
see
it
you'll
see
it
there.
So
please
download
that
and
you
submit
it
with
your
application
or
if
you've
already
submitted
your
application,
you
can
send
it
to
a
separately
via
that
email
address
or
mail.