1 00:00:01,040 --> 00:00:07,600 Hi there. Welcome to the Anvil Town Homes weight list application 2 00:00:04,640 --> 00:00:11,200 informational video. Uh my name is Annne Chase and I am the director of the 3 00:00:09,040 --> 00:00:14,880 Silverton Housing Authority. I'm so glad that you are here to learn more about 4 00:00:12,559 --> 00:00:19,600 our exciting home ownership opportunity through the Anvil Town Homes program. 5 00:00:17,600 --> 00:00:23,439 This is anformational webinar covering the program basics, details about the 6 00:00:22,080 --> 00:00:27,359 homes, and walking through the application process. 7 00:00:25,519 --> 00:00:30,720 And before we begin, if you require assistance or language translations to 8 00:00:29,359 --> 00:00:34,399 access any of our programs or information, or if you have questions in 9 00:00:32,880 --> 00:00:41,280 general, please do not hesitate to contact me at 970 88800278. 10 00:00:39,120 --> 00:00:46,960 You can text or call this number or by email. Um, email is preferred and 11 00:00:44,399 --> 00:00:51,440 easier, but phone works as well. And I work in town hall in Silverton, and 12 00:00:49,280 --> 00:00:56,719 you're welcome to stop by, but scheduled appointments are recommended to ensure 13 00:00:53,520 --> 00:00:56,719 that I'm available. 14 00:01:00,239 --> 00:01:08,000 In this video, we are going to go over project details 15 00:01:05,439 --> 00:01:11,439 and an overview of the development um property and unit information, 16 00:01:10,000 --> 00:01:15,520 eligibility and qualification requirements, the weight list process, 17 00:01:14,000 --> 00:01:19,799 application and instructions and important dates and next steps. 18 00:01:20,000 --> 00:01:25,680 Let's dive into an overview of the development itself. So, the Silverton 19 00:01:23,840 --> 00:01:30,000 Housing Authority is a municipal housing authority, which means we're a quasi 20 00:01:27,759 --> 00:01:33,920 governmental agency. Our board is the town board of trustees. I am a town 21 00:01:32,400 --> 00:01:37,759 employee contracted through an agreement between the two entities. And we've been 22 00:01:36,479 --> 00:01:42,560 working on the Anvil Town Homes development for the past 2 years. 23 00:01:40,400 --> 00:01:46,720 Through our community master plan process and housing studies and citizen 24 00:01:44,960 --> 00:01:50,720 surveys, we have heard that increasing our affordable housing options and 25 00:01:48,960 --> 00:01:56,320 opportunities is a top community priority. So, we've designed Anvil Town 26 00:01:53,840 --> 00:02:00,159 Homes development to rapidly increase opportunities for folks to buy homes in 27 00:01:58,399 --> 00:02:04,399 Silverton that are otherwise priced out of the housing market. 28 00:02:02,240 --> 00:02:08,879 So, here's the project team breakdown. The housing authority is the owner. We 29 00:02:07,040 --> 00:02:12,560 are responsible for the construction and selling of the homes. Sorry, the 30 00:02:10,399 --> 00:02:16,560 construction financing and selling the homes. So over the past 31 00:02:15,040 --> 00:02:20,239 year, we've been awarded more than $1 million in grant funding to subsidize 32 00:02:18,560 --> 00:02:24,400 the cost of the construction down to more attainable sale prices. And then 33 00:02:22,720 --> 00:02:28,400 once these homes are built, we will be responsible for overseeing and enforcing 34 00:02:26,560 --> 00:02:32,480 the affordability covenants and program guidelines connected to these homes, 35 00:02:30,640 --> 00:02:36,640 which we will get into detail here shortly. 36 00:02:34,319 --> 00:02:42,000 We hired a local Colorado developer to increase our capacity because we are 37 00:02:38,239 --> 00:02:47,920 such a small and new organization. And this is a $4 million project, so we 38 00:02:44,640 --> 00:02:54,720 needed um additional capacity and expertise. So, we leveraged our 39 00:02:50,160 --> 00:03:00,560 understanding of the local needs and of our community with partners that have 40 00:02:57,920 --> 00:03:04,400 experience and expertise in affordable housing development. And so, we hire 41 00:03:02,720 --> 00:03:09,200 Tributary Development. They are based in Buenav Vista and they're overseeing the 42 00:03:07,440 --> 00:03:13,200 budget and the construction loan details and overseeing our general contractor 43 00:03:11,040 --> 00:03:16,560 and builder. And then when we selected a builder for 44 00:03:14,879 --> 00:03:20,480 this project, we were weighing several priorities. So first, we want these 45 00:03:18,879 --> 00:03:26,560 homes to be really high quality for our future homeowners. Um, 46 00:03:23,599 --> 00:03:32,239 and we also needed to build these homes quickly. We have such a need for below 47 00:03:29,040 --> 00:03:37,120 market rate homes in Silverton that um we 48 00:03:33,760 --> 00:03:40,480 need to rapidly respond to this demand. And so with these priorities in mind, it 49 00:03:39,040 --> 00:03:45,200 made the most sense for this project to use a modular manufacturer. And Fading 50 00:03:43,280 --> 00:03:49,280 West is a factory located in Buenav Vista and they build modular homes. And 51 00:03:48,000 --> 00:03:53,519 modular homes are different than manufactured homes. So modular homes are 52 00:03:51,760 --> 00:03:57,120 built to local building code rather than federal building code and they can't be 53 00:03:55,599 --> 00:04:02,480 moved once they're built. So, they're on a um permanent foundation and they 54 00:04:00,239 --> 00:04:07,280 appreciate more like stickuilt homes than a manufactured or mobile home. 55 00:04:05,760 --> 00:04:11,840 Uh we're really excited about the quality of these homes and 56 00:04:10,080 --> 00:04:16,720 um I will share more details about them throughout this session. 57 00:04:15,120 --> 00:04:20,799 Before we jump into everything, I want to make sure that we're on the same page 58 00:04:18,479 --> 00:04:26,479 of what we mean when we talk about terms or use terms such as income qualified or 59 00:04:23,680 --> 00:04:30,960 income level. So every year the federal government calculates the estimated 60 00:04:28,080 --> 00:04:34,720 median income of a specific area and in our case it's San Juan County and so 61 00:04:32,720 --> 00:04:39,360 they're looking at of all the incomes in San Juan County what is the median or 62 00:04:37,280 --> 00:04:46,000 what is the middle income and that's considered 100% area median income also 63 00:04:42,720 --> 00:04:49,840 referred to as AMI. From that median then we calculate 64 00:04:48,000 --> 00:04:54,479 different percentages based on how much money you make in reference to that 65 00:04:51,520 --> 00:04:59,520 median. So, if you earn less than that, you're less than 100% AMI. If you're 66 00:04:57,199 --> 00:05:04,880 above that, you're more than 100% AMI. And we can break down exactly what level 67 00:05:02,880 --> 00:05:10,320 you're at. So, um, 68 00:05:08,320 --> 00:05:17,919 for example, if you're a single person and you make $57,20, 69 00:05:14,000 --> 00:05:24,320 you are exactly 80% AMI income. If you are $1 over that, you are above that 70 00:05:21,520 --> 00:05:29,039 cutoff of 80% AMI. You're probably 81% AMI. 71 00:05:26,080 --> 00:05:34,800 Um, if you're below that 57,000, then you are considered below 80% AMI. 72 00:05:32,720 --> 00:05:39,520 And it's very important to note that AMI uses your gross income. So, this is all 73 00:05:37,360 --> 00:05:45,600 of the income that you earn before any deductions like taxes or insurance. So 74 00:05:42,960 --> 00:05:48,639 even though you pay you may pay taxes directly from your paycheck and that 75 00:05:47,039 --> 00:05:52,639 money doesn't go directly to your bank account, that is still money that you 76 00:05:50,560 --> 00:05:56,080 earned and we count that in your income calculation. 77 00:05:54,479 --> 00:06:00,800 And then income is calculated for everyone in your household over the age 78 00:05:57,680 --> 00:06:05,520 of 18. Okay. Now that we understand what we 79 00:06:02,560 --> 00:06:10,400 mean when we say income level or AMI, we can start to talk more specifically 80 00:06:07,039 --> 00:06:16,560 about what homes are available to you. So, the Anvil Town Homes development has 81 00:06:13,520 --> 00:06:21,199 nine units total. Of those nine units, there are two forplexes and there's one 82 00:06:18,960 --> 00:06:27,919 single family home. Three units are two bedrooms, one and a 83 00:06:24,319 --> 00:06:33,039 half bath at 80% AMI. We have three units at two bedrooms, one and a half 84 00:06:29,840 --> 00:06:39,440 bath at 100% AMI. Two units at threebedroom, two bath 100% AMI. And 85 00:06:36,400 --> 00:06:45,440 that one unit is a single family, three bed, two bath with a garage. And that is 86 00:06:42,479 --> 00:06:49,600 140% AMI. When you submit an application, you're applying for 87 00:06:47,440 --> 00:06:53,280 specific unit type. So you have to meet the qualification standards of the units 88 00:06:51,360 --> 00:06:59,120 that you're applying for. So technically, if you earn less than 80% 89 00:06:55,440 --> 00:07:03,680 AMI, you could apply for every housing unit because you're below those income 90 00:07:01,199 --> 00:07:09,759 levels of all the units. only if you get preapproved for the 91 00:07:05,520 --> 00:07:16,240 mortgage of that sale price. So, you have to be able to afford the sale price 92 00:07:13,199 --> 00:07:21,840 of 100% or 140%. Um, if you're applying for it and 93 00:07:19,360 --> 00:07:26,400 there's a requirement about your monthly housing expenses related to your 94 00:07:23,599 --> 00:07:32,960 mortgage and insurance that we'll get into soon. So technically if you're 95 00:07:29,440 --> 00:07:38,960 below 80% you could qualify for the higher AMI units so long as you meet the 96 00:07:36,560 --> 00:07:43,680 other requirements which we will dive into shortly. 97 00:07:42,080 --> 00:07:50,560 And I did forget to mention that one of these units, um, one of the three bed, 98 00:07:46,319 --> 00:07:55,840 two bath, 100% AMI units is a visitable unit and a sensory impaired unit, which 99 00:07:54,160 --> 00:08:01,680 means that these are designed to accessibility standards so that someone 100 00:07:58,000 --> 00:08:07,840 with mobility issues can visit the unit. Um, there isn't a bedroom downstairs, so 101 00:08:05,120 --> 00:08:11,520 it's not accessible, but it is visible, so someone in a wheelchair could get 102 00:08:09,280 --> 00:08:19,280 into the unit. And then if you have hearing or visual or otherwise sensory 103 00:08:14,319 --> 00:08:25,759 impairments, there are features um with the doorbell and fire alarms and 104 00:08:21,599 --> 00:08:30,240 etc. to be accessible for people with sensory impairment disabilities. 105 00:08:28,479 --> 00:08:35,680 If we receive an application from someone who has a disability, 106 00:08:32,959 --> 00:08:40,959 this unit will be its own weight list drawing. Um, so it'll be separate from 107 00:08:38,159 --> 00:08:47,200 the other three-bedroom 100% AMI unit. If it if we don't receive any um 108 00:08:45,600 --> 00:08:52,080 disabled applicant applications, then we will 109 00:08:49,680 --> 00:09:00,959 only have one weight list drawing for the two threebedroom 100% AMI units. 110 00:08:57,760 --> 00:09:04,560 This is a timeline of the project. And so, like I said, we've been working on 111 00:09:03,200 --> 00:09:10,480 this for over two years. So, we've been in pre-development since uh late 2023, 112 00:09:08,160 --> 00:09:14,800 technically early 2024. Um, 113 00:09:12,320 --> 00:09:18,800 and the units have been built in the factory, which is exciting. Early 114 00:09:17,279 --> 00:09:22,959 October is when we're doing groundbreaking and the applications 115 00:09:20,480 --> 00:09:26,640 open. Midocctober is when the homes are transported from Buenav Vista to 116 00:09:24,800 --> 00:09:30,959 Silverton. And November 3rd is when applications 117 00:09:29,360 --> 00:09:34,480 close. That's when we go through the remedy and appeal periods for those 118 00:09:32,959 --> 00:09:38,000 applications and then simultaneously the units are 119 00:09:36,560 --> 00:09:41,760 still being built. They're set on the foundations. 120 00:09:39,680 --> 00:09:46,320 In December, on December 1st, we will have the weight list drawing and that is 121 00:09:43,920 --> 00:09:52,160 when we will determine the order of the weight list. Uh we expect that the first 122 00:09:50,160 --> 00:09:57,120 forplex, so one of the forplexes will be completed by the end of December and we 123 00:09:54,640 --> 00:10:01,519 will begin pre-sales for all the units once we have that weight list 124 00:09:58,480 --> 00:10:06,240 established. January is when that second forplex is expected to be issued its 125 00:10:04,000 --> 00:10:10,480 certificate of occupancy and then February is when the single family home 126 00:10:08,000 --> 00:10:14,880 will be completed. We're really excited about the quality 127 00:10:12,160 --> 00:10:19,360 of these homes. So each home will have one off- streetet assigned parking 128 00:10:16,720 --> 00:10:23,600 space. They are noise insulated and this is a really big deal because they're 129 00:10:20,640 --> 00:10:28,640 attached town homes. So each home since it's built in a factory is its own box. 130 00:10:25,920 --> 00:10:35,040 We call it a box. So each home has a 16-in wall. And in between you and your 131 00:10:31,680 --> 00:10:40,399 neighbor is your 16-in wall, a 2-in airspace, and then your neighbor's 16-in 132 00:10:37,920 --> 00:10:50,480 wall. Um, we can't guarantee that there's soundproof, but we did test the 133 00:10:45,600 --> 00:10:58,160 um, sound in existing homes in URA that use the same manufacturer and um, unit 134 00:10:55,600 --> 00:11:03,760 style and we couldn't hear each other across the unit. So, that is good news. 135 00:11:01,839 --> 00:11:09,839 The appliances are energy efficient and these homes are built to climate zone 7, 136 00:11:06,640 --> 00:11:14,480 which has high insulation ratings. And this will likely translate to lower 137 00:11:12,000 --> 00:11:19,839 energy bills each month than the typical home in Silverton due to the energy 138 00:11:16,560 --> 00:11:24,399 efficiency and the insulation. These homes are intentionally designed to be 139 00:11:21,360 --> 00:11:29,440 high quality. We really want these homes to be lasting homes for our community. 140 00:11:28,000 --> 00:11:33,600 And just because they're affordable doesn't mean that we have to cut corners 141 00:11:31,279 --> 00:11:38,320 on the quality. So instead, we use grant funding to subsidize the cost of 142 00:11:35,360 --> 00:11:43,200 construction down to a more attainable sale price. 143 00:11:41,519 --> 00:11:47,760 Since each of these homes received significant public and private funding, 144 00:11:45,760 --> 00:11:51,760 they're designed to protect that investment in the project for many 145 00:11:49,680 --> 00:11:55,600 homeowners to come. So these properties are subject to the Silverton Affordable 146 00:11:53,440 --> 00:11:59,839 Housing Guidelines. This is a document that's adopted by the Silverton Housing 147 00:11:57,279 --> 00:12:04,560 Authority that governs the processes and uses of these homes both for the owners 148 00:12:02,240 --> 00:12:08,399 and the housing authority. In addition to the guidelines, the homes are 149 00:12:05,920 --> 00:12:12,560 encumbered with affordability covenants. And this is a legal document that's 150 00:12:10,000 --> 00:12:16,800 attached to the property in perpetuity that governs how the property can be 151 00:12:14,720 --> 00:12:20,160 used and sold. And so when we think about the covenants 152 00:12:18,240 --> 00:12:26,959 versus the guidelines, the covenants are the rules that legally bind the owner 153 00:12:24,160 --> 00:12:29,920 and the property to these rules. And the guidelines are instructions for the 154 00:12:28,560 --> 00:12:36,320 owner and the housing authority for how to follow the rules and covenants 155 00:12:32,560 --> 00:12:41,760 through specific processes. Um that is to say though, not to say that you don't 156 00:12:40,240 --> 00:12:46,720 have to follow the guidelines. the guidelines are enforcable, 157 00:12:44,000 --> 00:12:52,639 but they are not specifically attached to the property. 158 00:12:51,279 --> 00:12:56,880 And so here are some of the examples of the use restrictions on the home. So the 159 00:12:54,880 --> 00:13:00,800 buyer must meet the income level of the unit at the time of purchase. It's 160 00:12:58,959 --> 00:13:05,920 important to note that your income can change once you own the home. So you're 161 00:13:04,320 --> 00:13:10,560 not locked into earning a specific income during your ownership. However, 162 00:13:08,480 --> 00:13:14,240 when you sell the home, the next buyer needs to be at that same income level of 163 00:13:12,240 --> 00:13:19,600 the unit. Um, these homes are designed to be 164 00:13:16,320 --> 00:13:23,680 primary residences. So, we these are not going to be second homes or investment 165 00:13:21,680 --> 00:13:29,680 homes. These are homes that you are going to live in full-time year round. 166 00:13:27,839 --> 00:13:36,399 You have to occupy the home 8 months out of the year. And you cannot use this as 167 00:13:32,240 --> 00:13:39,519 a short-term rental. Um, SHA, the Silverton Housing Authority, has 168 00:13:37,760 --> 00:13:43,920 legal authority to enforce the covenants and guidelines, which may include fees 169 00:13:42,000 --> 00:13:48,320 and potentially a force sale of the home if you're not in compliance. All this is 170 00:13:46,639 --> 00:13:53,920 to say, though, is that we've created processes like a leave of absence and a 171 00:13:51,760 --> 00:13:58,639 tenant approval process so that if life circumstances change for a period of 172 00:13:56,000 --> 00:14:03,600 time, we can work with you. So ultimately our goal is that you're 173 00:13:59,920 --> 00:14:07,440 successful in your home ownership and we need to ensure that these homes are used 174 00:14:05,120 --> 00:14:12,000 as intended. Um 175 00:14:09,360 --> 00:14:14,560 and let's see what else the if you want to make capital improvements to the 176 00:14:13,279 --> 00:14:18,639 homes it has to be approved by the housing authority if you want that 177 00:14:16,240 --> 00:14:22,560 credit and that value of the improvement to be reflected in the sale price when 178 00:14:20,560 --> 00:14:29,040 you sell the home. And then additionally, there is an HOA that 179 00:14:24,480 --> 00:14:37,680 governs these properties to prepare for expenses such as roof repair, 180 00:14:32,639 --> 00:14:44,639 um sidewalk repair, any uh improvements that need to happen on these homes 181 00:14:42,000 --> 00:14:48,240 in the future. Another important restriction on these 182 00:14:46,320 --> 00:14:53,600 homes is that they do have an appreciation rate cap. So what this 183 00:14:50,959 --> 00:14:57,920 means is that every year your house appreciates 184 00:14:55,279 --> 00:15:02,800 and this is true of homes in the unrestricted housing market. 185 00:15:00,720 --> 00:15:09,199 The the unrestricted housing market that appreciation rate is not controlled. 186 00:15:06,000 --> 00:15:12,880 It's controlled by forces of the market. And 187 00:15:10,720 --> 00:15:17,040 we're trying to keep these homes affordable to buyers in the future. And 188 00:15:15,680 --> 00:15:25,199 so what that means is that we have to put a appreciation cap on the homes. And 189 00:15:20,880 --> 00:15:29,360 so they will appreciate 1% of the value of the home or the sale price of your 190 00:15:26,480 --> 00:15:35,519 home. Sorry, the sale price of your home at 1% compounding per year. So every 191 00:15:33,199 --> 00:15:42,320 year that your house appreciates, that's the new number that the 1% is based 192 00:15:38,639 --> 00:15:47,839 upon. So it is a very slow appreciation. However, you will still be making money 193 00:15:45,360 --> 00:15:56,480 during your home ownership period of these homes. It's just not going to be 194 00:15:50,720 --> 00:16:03,199 the same like 5%, 15%, 20% crazy appreciation increases that uh drive the 195 00:15:59,279 --> 00:16:08,639 housing market. Um, so when you resell your home, we have a resale maximum 196 00:16:05,839 --> 00:16:14,639 resale price formula that looks at what you bought the home for, how much you 197 00:16:11,839 --> 00:16:19,920 how long you owned it for, and then calculate using that 1% compounding 198 00:16:18,320 --> 00:16:25,680 compounding um, appreciation rate plus any permitted 199 00:16:23,519 --> 00:16:30,240 capital improvements that you have done to the house um, that have been approved 200 00:16:28,560 --> 00:16:35,519 by the housing authority. Um, we never guarantee that you can sell 201 00:16:32,240 --> 00:16:42,320 the home for the maximum resale price because again, um, the future buyer has 202 00:16:40,240 --> 00:16:48,560 to be at that same income level and they may not be able to afford the new resale 203 00:16:45,839 --> 00:16:54,160 price, but we will try our best. And the whole resale procedure and the um 204 00:16:52,000 --> 00:16:59,120 maximum resale price calculation is in the guidelines and I encourage you to 205 00:16:56,959 --> 00:17:04,319 look at that to make sure that this aligns with your home ownership goals. 206 00:17:02,959 --> 00:17:07,839 And then I did just want to share visuals of these documents so it feels 207 00:17:06,240 --> 00:17:12,880 more tangible when we're talking about guidelines and covenants and 208 00:17:09,199 --> 00:17:18,880 restrictions. So the covenants are on the right here and these are the legal 209 00:17:17,039 --> 00:17:23,039 uh restrictions that run with the land in perpetuity or until the housing 210 00:17:20,720 --> 00:17:26,319 authority releases them in the future. Then the guidelines are a living 211 00:17:24,480 --> 00:17:30,559 document that is adopted by the housing authority and can be amended from time 212 00:17:28,000 --> 00:17:35,120 to time to outline the processes and the procedures associated with the covenants 213 00:17:32,480 --> 00:17:40,080 like the resale procedure um the rental procedure the leave of 214 00:17:37,679 --> 00:17:45,520 absence procedure permitted capital improvements etc. So the guidelines are 215 00:17:43,360 --> 00:17:52,080 kind of the instructions to how to comply with the covenants. 216 00:17:50,240 --> 00:17:57,280 Okay. So, let's talk about who is eligible to apply for these homes. 217 00:17:54,799 --> 00:18:02,000 Like we said before, you must be below or exactly equal to the income limit of 218 00:17:59,440 --> 00:18:04,720 of the home at the time of application. And then again, right before you buy the 219 00:18:03,440 --> 00:18:08,559 home, but we'll get into that in a second. All of the income of your 220 00:18:06,960 --> 00:18:14,960 household members that are over the age of 18 is included. And that is the gross 221 00:18:12,320 --> 00:18:22,160 income. So that's all the income that you earn before any deductions like 222 00:18:17,280 --> 00:18:27,440 taxes, like um insurance. If you're self-employed, you cannot deduct your 223 00:18:25,520 --> 00:18:32,160 business expenses from your income like you typically do for your taxes. We are 224 00:18:30,080 --> 00:18:39,039 looking at all of the income that comes to you into your bank account, and we 225 00:18:35,760 --> 00:18:45,760 count that as your income. And we'll get into what documentation we 226 00:18:41,679 --> 00:18:49,120 need to verify all of this shortly. Second, you need to be pre-approved for 227 00:18:47,520 --> 00:18:52,400 a mortgage for the sale price of the home that you're applying for. If you 228 00:18:51,039 --> 00:18:56,799 are not using a mortgage and you're paying cash, we need to see proof of 229 00:18:54,480 --> 00:19:02,559 funds of that cash in the amount of the sale price. 230 00:18:59,440 --> 00:19:08,640 So, with your pre-approval letter, you need to request that your lender 231 00:19:04,559 --> 00:19:16,000 specifically calls out what your primary interest, taxes, and insurance costs are 232 00:19:11,360 --> 00:19:22,480 going to be or estimated to be. Um, these are referred to as pity or PITI 233 00:19:19,280 --> 00:19:28,240 costs. In addition to those costs, we're looking at the homeowners 234 00:19:24,559 --> 00:19:33,280 uh association fee. And all of those costs combined must be less than 35% of 235 00:19:31,600 --> 00:19:40,000 your monthly income. So, we're not looking at utility expenses. We are just 236 00:19:36,240 --> 00:19:44,880 looking at primary interest, taxes, insurance, and HOA fees. And we're 237 00:19:42,400 --> 00:19:49,760 ensuring that these are less than 35% of your monthly income. 238 00:19:47,360 --> 00:19:53,840 And then finally, you need to have completed a HUD certified home buyer 239 00:19:52,400 --> 00:19:58,640 education course in the past three years. Regardless of if you've owned a 240 00:19:56,160 --> 00:20:02,880 home in the past or even if you're a current homeowner, 241 00:20:00,720 --> 00:20:09,200 um this is a requirement of one of our funders that we have to fulfill. 242 00:20:05,280 --> 00:20:15,679 However, I recommend strongly that you take a HUD certified oh sorry that you 243 00:20:12,080 --> 00:20:22,720 take this course through Homes Fund or Housing Resources of Western Colorado 244 00:20:18,240 --> 00:20:26,160 because when you take these courses, you're fulfilling a prerequisite to 245 00:20:24,559 --> 00:20:31,039 access their down payment assistance programs 246 00:20:28,159 --> 00:20:37,440 and their um second mortgage programs, which may be the key to reducing your 247 00:20:33,440 --> 00:20:42,400 monthly costs. the pity costs to below that 35% threshold. So, if you're 248 00:20:39,520 --> 00:20:47,360 putting more money down or you're paying less interest, you're reducing your 249 00:20:44,720 --> 00:20:52,960 monthly costs and this might be the key to get you qualified for these homes. 250 00:20:50,480 --> 00:20:58,640 Um, Homes Fund and Housing Resources of the of Western Colorado are coming to 251 00:20:56,080 --> 00:21:02,159 Silverton on October 18th to teach these courses. 252 00:21:00,240 --> 00:21:07,360 Um, they have other times available, but those courses are in Durango or Grand 253 00:21:04,799 --> 00:21:12,000 Junction. And you can take a HUD certified home buyer education class 254 00:21:08,880 --> 00:21:17,360 online. Some are live, some are self-paced. The live classes are usually 255 00:21:14,799 --> 00:21:22,080 free or cheap, while the self-paced course is about $80. This info is 256 00:21:20,080 --> 00:21:25,280 available on our application page on the website. 257 00:21:23,679 --> 00:21:29,760 Okay, I forgot to mention on the last slide that you do not have to currently 258 00:21:27,600 --> 00:21:35,360 live in San County or work in San Juan County or even be a legal citizen of the 259 00:21:32,880 --> 00:21:40,400 United States to apply for this program. You could be retired, unemployed, 260 00:21:38,159 --> 00:21:46,400 disabled, and still qualify for this program so long as you meet the other 261 00:21:43,360 --> 00:21:52,080 initial qualification standards. Once you meet the initial qualification 262 00:21:48,480 --> 00:21:57,039 standards, you are you earn one entry into the weightless drawing. 263 00:21:54,720 --> 00:22:00,960 In addition to that one entry, you could qualify for bonus qualification 264 00:21:58,799 --> 00:22:05,440 standards. So that's one of these four definitions 265 00:22:03,039 --> 00:22:09,280 um to earn additional entries into the weightless drawing. Total number of 266 00:22:08,080 --> 00:22:15,520 entries that you can get into the weightless drawing is four. 267 00:22:11,760 --> 00:22:20,480 You cannot combine qualifications with other members of 268 00:22:18,720 --> 00:22:25,039 your household. So say you and your partner are both vital workforce, you 269 00:22:22,880 --> 00:22:29,440 cannot multiply that three bonus entries into six bonus entries. It's capped at 270 00:22:27,440 --> 00:22:33,960 three. Um and it's capped at one person 271 00:22:34,400 --> 00:22:42,159 qualifying for the bonus standard. Um what else? This is in your 272 00:22:40,240 --> 00:22:48,559 application packet. This is in the guidelines and it's written out in much 273 00:22:45,760 --> 00:22:54,240 clearer detail than this. One thing I wanted to call call out is that the 274 00:22:51,120 --> 00:22:58,640 qualified disabled bonus entry only applies to the three-bedroom, two bath, 275 00:22:56,559 --> 00:23:05,200 100% AMI visitable, sensory impaired unit. So, 276 00:23:03,120 --> 00:23:11,039 the qualified disabled bonus does not apply to 277 00:23:07,760 --> 00:23:15,840 um any of the other units, but you could qualify for resident of San Juan County 278 00:23:13,440 --> 00:23:20,720 if you live here. Uh in order to qualify for the bonus 279 00:23:17,600 --> 00:23:24,720 standards, you do need to submit additional supporting information, which 280 00:23:22,799 --> 00:23:29,440 we will get into once we start to walk through the application process. 281 00:23:28,000 --> 00:23:34,960 Okay. So, when you submit your application, you will be assigned an 282 00:23:31,280 --> 00:23:38,880 applicant ID and I will be the one that will be reviewing your application. I 283 00:23:37,360 --> 00:23:41,840 will either approve or deny your application. If you're approved, you 284 00:23:40,559 --> 00:23:45,520 will be entered into the weight list drawing and you will be assigned entry 285 00:23:43,919 --> 00:23:51,039 numbers. Um, if I deny your application or you 286 00:23:48,720 --> 00:23:55,200 disagree with the number of bonus entries that I assigned you, you can 287 00:23:53,039 --> 00:23:59,600 appeal that decision during the appeal hearing on December 288 00:23:57,200 --> 00:24:04,159 1st prior to the weight list drawing. And I will give you all that information 289 00:24:01,919 --> 00:24:09,919 so that you can go through that process if needed. Hopefully, you don't, but 290 00:24:06,880 --> 00:24:14,880 that process is available. Um, your applicant ID and your entry 291 00:24:12,799 --> 00:24:20,559 numbers will be completely anonymous. You will know what they are, but I will 292 00:24:17,200 --> 00:24:24,240 be the only one that knows them. And the numbers will be sorted randomly. So, 293 00:24:22,720 --> 00:24:28,080 we've created this weight list process to be a transparent and fair and 294 00:24:26,240 --> 00:24:31,200 randomized process to determine the order in which applicants will be 295 00:24:29,600 --> 00:24:37,200 offered the opportunity to purchase a home. So, this is very important to call 296 00:24:33,440 --> 00:24:42,880 out. If if and when you are on the wait list, you are not automatically offered 297 00:24:39,520 --> 00:24:48,400 a home. We then have to double check that you are pre-qualified for your 298 00:24:45,919 --> 00:24:53,279 mortgage. So, this will be a hard pull of your credit. This will be the lender 299 00:24:50,080 --> 00:24:58,960 officially offering you a mortgage. Um, and we will recalculate your income 300 00:24:55,919 --> 00:25:03,840 if if it's been more than 120 days since the last time we calculated it. So, this 301 00:25:01,840 --> 00:25:08,880 is very important. Please do not make any big financial 302 00:25:06,720 --> 00:25:12,640 decisions um between the time that you apply and 303 00:25:10,720 --> 00:25:19,039 the time that you have the keys to your new home. Here's why. If your income 304 00:25:16,400 --> 00:25:25,520 changes, so say you get a bonus and you are now over that income limit, you do 305 00:25:21,600 --> 00:25:31,679 not qualify to buy this home anymore. On the same 306 00:25:27,840 --> 00:25:38,320 line, if you make big purchases, your credit score 307 00:25:34,880 --> 00:25:42,400 goes down, your debt goes up, your lender may disqualify you from a 308 00:25:40,799 --> 00:25:47,360 mortgage, and then you can't buy the home. So, please be very, very careful 309 00:25:45,440 --> 00:25:51,840 with everything related to your income, both income and expenses, from the time 310 00:25:50,159 --> 00:25:56,880 that you apply to the time that you have the keys to your new home. 311 00:25:55,279 --> 00:26:02,159 Great. Okay, let's get into the application 312 00:25:58,799 --> 00:26:07,120 process. So, the official application is an online form. However, you should not 313 00:26:05,360 --> 00:26:10,159 start this form until you've gathered all the required supporting 314 00:26:08,400 --> 00:26:15,840 documentation, which there's plenty of that. So, please 315 00:26:13,760 --> 00:26:19,279 do not start that until we've completed the application checklist. And so now 316 00:26:18,240 --> 00:26:23,279 what we're going to do is we're literally going to walk through the 317 00:26:20,320 --> 00:26:29,559 application packet and process and look at what the supporting documentation 318 00:26:25,840 --> 00:26:29,559 is that's required. 319 00:26:30,159 --> 00:26:39,200 Okay. So let's get into the application process and the actual application 320 00:26:36,080 --> 00:26:46,320 itself. So everything that you need to submit an application is on our website 321 00:26:43,279 --> 00:26:51,520 on our weight list application page. For quick reference, you can just click this 322 00:26:47,840 --> 00:26:56,679 link on the top uh banner. This will bring you to this page. Um 323 00:26:56,720 --> 00:27:04,000 application period has opened. It will close on November 3rd. 324 00:27:02,320 --> 00:27:10,480 We'll I'll review the application on November 5th. You'll have if there's any 325 00:27:08,480 --> 00:27:15,840 deficiencies in your application or errors, I will let you know and I will 326 00:27:13,200 --> 00:27:20,000 deny your application. If everything's good to go, I'll approve your 327 00:27:17,440 --> 00:27:27,279 application. If I deny your application, I will outline the remedies needed um to 328 00:27:25,600 --> 00:27:32,159 have your application be approved. So, you'll have until November 13th to 329 00:27:29,600 --> 00:27:38,159 submit any remedies. On nove November 14th, I'll issue the 330 00:27:35,120 --> 00:27:46,480 final administrative decision. This will be um the final decision 331 00:27:43,760 --> 00:27:52,640 of approval or denial. If you're approved, you will be entered into the 332 00:27:48,640 --> 00:27:57,279 weight list drawing. If you are denied, you can then submit an appeal if you 333 00:27:54,960 --> 00:28:02,240 wish. I will give you appeal instructions 334 00:27:58,799 --> 00:28:08,080 on November 14th whenever I issue the notice of final administrative decision. 335 00:28:06,000 --> 00:28:13,679 So then you'll have until the 26th to submit an appeal request. Your appeal 336 00:28:11,440 --> 00:28:20,279 request will then be heard at the appeal hearing right before the weight list 337 00:28:16,320 --> 00:28:20,279 drawing on December 1st. 338 00:28:20,720 --> 00:28:26,640 We will not be accepting late applications. Um but we will work with 339 00:28:24,640 --> 00:28:31,600 you during this remedy period to make sure that uh your application is ready 340 00:28:29,120 --> 00:28:37,600 to go. Everything that you need to submit this 341 00:28:33,840 --> 00:28:41,200 application is here on this page. If you see something that you 342 00:28:40,000 --> 00:28:46,720 can't find something, please let me know. 343 00:28:42,720 --> 00:28:54,159 Um the official application itself is an online form. So 344 00:28:50,880 --> 00:28:57,919 when you are ready to apply, you will come to this form and begin filling it 345 00:28:55,919 --> 00:29:01,440 out. However, like it says here, do not begin this application form unless you 346 00:29:00,000 --> 00:29:05,039 have read and understood the application packet, completed the application 347 00:29:03,360 --> 00:29:09,440 checklist, and you have all your supporting documentation ready to 348 00:29:06,480 --> 00:29:13,600 upload. If you require an alternative format, language, accommodations, or 349 00:29:11,840 --> 00:29:20,960 assistance to complete this application, please contact me hopefully prior to uh 350 00:29:17,919 --> 00:29:27,200 November 3rd so that we can get any accommodations that you need underway. 351 00:29:24,720 --> 00:29:33,000 So let's get into what the supporting documentation is that you need to 352 00:29:30,000 --> 00:29:33,000 upload. 353 00:29:33,039 --> 00:29:41,120 Um so where I would start with this whole process 354 00:29:38,480 --> 00:29:47,600 is the application checklist. So the application checklist is part of 355 00:29:43,679 --> 00:29:52,880 the actual application packet. The application checklist is a simple 356 00:29:50,720 --> 00:30:00,000 one-page reference guide of what you need to upload. The packet is about a 357 00:29:55,520 --> 00:30:06,720 100 pages long of all of the information about these properties in this program. 358 00:30:02,720 --> 00:30:13,760 You do need to read this. Um, but I think maybe I'd start here 359 00:30:09,919 --> 00:30:19,600 and see what I need and then use that to work through the packet. So here is the 360 00:30:17,200 --> 00:30:25,520 checklist. This uh first half is items that every 361 00:30:22,960 --> 00:30:30,080 applicant needs to include in their application. 362 00:30:27,120 --> 00:30:37,279 The second half of this page gets into specific details and required documents 363 00:30:33,039 --> 00:30:43,360 for different types of income earners. Let's start with what everyone needs to 364 00:30:40,880 --> 00:30:48,720 do. So there is a $25 non-refundable application fee. You can pay that here 365 00:30:45,600 --> 00:30:53,120 on our website using this link uh where you'll submit your card 366 00:30:50,559 --> 00:30:59,120 information. Otherwise, you can pay in town hall with cash, check, or card. 367 00:30:57,120 --> 00:31:04,960 No matter how you pay, you need a receipt and you'll upload that receipt 368 00:31:01,440 --> 00:31:07,600 to your actual application form. And this is what it looks like, but we'll 369 00:31:06,399 --> 00:31:13,840 get into that in a second. This is the back end of it all. Um, 370 00:31:11,520 --> 00:31:19,840 once you've done that, you need a copy of your unexpired legal ID. 371 00:31:18,159 --> 00:31:24,480 Again, this all needs to be digital copies to upload. 372 00:31:22,559 --> 00:31:28,799 Um, you need to sign the weight list applicant agreement. That's on page nine 373 00:31:26,480 --> 00:31:34,880 of the application. So, if you go to the actual weight list 374 00:31:30,799 --> 00:31:38,720 application packet, you go to page nine. And this is an agreement that you make 375 00:31:36,799 --> 00:31:42,559 when you submit the application. This needs to be notorized. 376 00:31:40,640 --> 00:31:47,840 So once it's signed and notorized, you will upload it into a digital format. 377 00:31:44,960 --> 00:31:54,720 Save that in a folder to be ready to upload to the actual um online form. 378 00:31:52,720 --> 00:32:00,320 Mortgage pre-approval letter or proof of funds. So if you're not using a 379 00:31:57,440 --> 00:32:05,440 mortgage, I'll need to see that you have access to the cash to purchase the 380 00:32:03,279 --> 00:32:12,159 property. Um, 381 00:32:08,080 --> 00:32:15,840 and let's go to section 303.6 of the guidelines. This is in your application 382 00:32:14,320 --> 00:32:19,600 packet um to see exactly what you need for your 383 00:32:17,600 --> 00:32:25,200 mortgage pre-approval letter or your proof of funds. 384 00:32:21,760 --> 00:32:28,200 So, that is down in the guidelines section, 385 00:32:30,000 --> 00:32:37,720 section 303.6. I think we passed it actually. 386 00:32:38,000 --> 00:32:46,320 Nope. Sorry. Bear with me. Here it is. Mortgage pre-approval 387 00:32:44,559 --> 00:32:50,960 letter. Um, 388 00:32:48,640 --> 00:32:57,519 in this pre- approval letter, you'll be working with your lender 389 00:32:53,360 --> 00:33:02,640 to get pre-approved for a mortgage uh at or above the sale price of the unit that 390 00:32:59,760 --> 00:33:06,880 you are applying for. There's two really important things that you need to talk 391 00:33:05,200 --> 00:33:12,000 with your lender about when you're going through this process. 392 00:33:08,880 --> 00:33:17,600 Uh first, this is a deed restrict deed restricted or um it's a deed restricted 393 00:33:15,600 --> 00:33:20,960 property. Technically, it's affordability covenants, but they're 394 00:33:19,039 --> 00:33:24,960 effectively the same sort of legal documentation 395 00:33:22,559 --> 00:33:29,279 attached to these properties. Um there's an option to purchase that 396 00:33:27,360 --> 00:33:34,159 the Silverton Housing Authority has. And what that is is that if you go into 397 00:33:31,919 --> 00:33:40,799 foreclosure, the housing authority has the right to buy the property before the 398 00:33:36,399 --> 00:33:45,279 bank uh sells it. And so they need to be aware of and feel 399 00:33:43,120 --> 00:33:49,760 comfortable with the affordability affordability covenants on these 400 00:33:46,880 --> 00:33:55,840 properties. If they have any issues with anything in the covenants or the option 401 00:33:51,840 --> 00:34:02,960 to purchase, please let me know. Um, in addition to that, you do specifically 402 00:34:00,240 --> 00:34:09,839 need to call out that your pre-approval letter needs to include the estimated 403 00:34:07,120 --> 00:34:15,440 principal mortgage payment, interest mortgage payment, taxes, insurance, um, 404 00:34:13,359 --> 00:34:19,760 and the homeowners association fee is in the property information here in this 405 00:34:17,040 --> 00:34:26,560 packet. For the town homes, it's $60 a month. Single family, it's $35 a month. 406 00:34:22,800 --> 00:34:33,599 But collectively all these fees monthly expenses are referred to as PITI 407 00:34:30,240 --> 00:34:43,919 costs. And we will be checking that these costs do not exceed 35% of your 408 00:34:37,599 --> 00:34:49,040 gross monthly income. So, um, if these do exceed 35% of your gross monthly 409 00:34:46,720 --> 00:34:55,679 income, you may need to access down payment assistance or, uh, mortgage 410 00:34:52,720 --> 00:35:01,359 assistance in order to lower your monthly costs. 411 00:34:58,240 --> 00:35:06,480 Um, but we will be checking this. Uh, I'd honestly recommend talking to me 412 00:35:04,800 --> 00:35:13,359 if you think you're close to meeting that 35 or exceeding that 35 limit 413 00:35:10,240 --> 00:35:17,119 um prior to applying. If you're paying cash and you're not 414 00:35:15,520 --> 00:35:22,320 using a mortgage, I still need to see that your property taxes, insurance, and 415 00:35:19,680 --> 00:35:28,079 HOA fees do not exceed that 35% threshold. 416 00:35:25,119 --> 00:35:31,680 Um, again, your standard pre-approval letter does not usually include an 417 00:35:30,160 --> 00:35:39,880 estimated principal, interest, and taxes. So, you need to make this special 418 00:35:35,599 --> 00:35:39,880 request of your mortgage lender. 419 00:35:39,920 --> 00:35:45,760 You also need a certificate of completion of a HUD certified home buyer 420 00:35:43,839 --> 00:35:50,079 education course stated within the past 3 years. There are no exceptions to 421 00:35:47,760 --> 00:35:53,760 this. It doesn't matter if you have already owned a home in your life or you 422 00:35:51,839 --> 00:35:58,480 currently own a home. This is a requirement of our one of our funders 423 00:35:56,560 --> 00:36:06,240 and so this ju this this needs to be met. Um I'm happy to help you find a 424 00:36:02,480 --> 00:36:10,720 course to complete um if you have not done so already. 425 00:36:09,119 --> 00:36:14,560 Need to sign authorization to release information that's on page 11 of your 426 00:36:12,560 --> 00:36:20,000 application. This also needs to be notorized. 427 00:36:18,320 --> 00:36:25,440 So, this and the weight list applicant agreement need to be notorized, signed, 428 00:36:22,240 --> 00:36:31,520 and uh turned into digital copies to upload to your form. 429 00:36:28,880 --> 00:36:34,320 Um, I need your most recent Oh, let me actually go back to this. So the 430 00:36:32,720 --> 00:36:38,880 authorization to release information is something that we can give to your bank, 431 00:36:36,880 --> 00:36:43,119 your employer, um 432 00:36:40,400 --> 00:36:47,920 anyone who has pertinent information to your income or assets 433 00:36:45,920 --> 00:36:50,920 in order to verify that you are qualified. 434 00:36:53,839 --> 00:37:01,599 I need a copy of your most recent filed federal tax return, including any 435 00:36:58,000 --> 00:37:06,720 schedules or attachments. Um, this should be pretty easy. 436 00:37:04,480 --> 00:37:11,599 Okay, I think you've heard me mention this a 437 00:37:08,400 --> 00:37:16,079 couple times. We are calculating your income. And to calculate your income, 438 00:37:14,000 --> 00:37:20,960 we're looking at all sources sources of income, including any income that you 439 00:37:18,480 --> 00:37:26,800 earn from your assets. When we talk about assets, we're talking about um 440 00:37:25,119 --> 00:37:29,800 cash value 441 00:37:30,320 --> 00:37:38,960 uh things that you that are cash or could easily be converted to 442 00:37:36,240 --> 00:37:47,839 cash. So, we're not looking at like your car or your snowmobile. We are looking 443 00:37:43,119 --> 00:37:52,560 at your money in various different accounts. So that's your savings 444 00:37:49,280 --> 00:37:58,560 accounts, your checking account, checking accounts, um retirement, 445 00:37:56,079 --> 00:38:05,839 investment, mutual funds, and this also includes PayPal, Venmo, Cash App, um 446 00:38:02,720 --> 00:38:11,520 anywhere where you store money, we need to see that store or receive or send 447 00:38:09,280 --> 00:38:16,160 money. So 448 00:38:13,440 --> 00:38:21,599 for your checkings accounts, we need six months most recent statements from all 449 00:38:17,920 --> 00:38:24,599 checkings accounts. Um and 450 00:38:24,880 --> 00:38:32,240 for savings and investment, we need two months most recent. 451 00:38:29,920 --> 00:38:39,000 Um it's okay if it's typically investment and retirement accounts are 452 00:38:34,160 --> 00:38:39,000 in um quarterly statements. 453 00:38:39,520 --> 00:38:45,680 Uh, I don't know if that'll line up with our 454 00:38:42,560 --> 00:38:50,079 application period actually, but a minimum of two months. You can include 455 00:38:47,680 --> 00:38:55,040 more, but at least a minimum of two months of the most recent statements 456 00:38:51,680 --> 00:39:00,320 from all asset accounts. When you are looking at these accounts, 457 00:38:58,400 --> 00:39:05,680 you need to know how much money you're making from them. So, say your money is 458 00:39:03,359 --> 00:39:13,520 sitting in a savings account and there is a I don't know 3 4% interest rate. We 459 00:39:11,280 --> 00:39:19,839 need to know how much money your money is making because that is considered 460 00:39:15,920 --> 00:39:24,960 income. And so, let's go look at the application. 461 00:39:21,920 --> 00:39:28,320 Um, this is the back end. Yours will look different, a little bit different 462 00:39:26,320 --> 00:39:31,680 than this. This is the back end of the application. 463 00:39:30,000 --> 00:39:34,960 Um this is where you'll upload all your 464 00:39:33,200 --> 00:39:40,320 files, applicant information. This is where we 465 00:39:36,960 --> 00:39:45,440 start to get into um income sources. So you need to know name of your employee 466 00:39:43,040 --> 00:39:50,320 like the business name, type of employment is W2, 1099, 1099 or other 467 00:39:48,640 --> 00:39:54,480 blah blah blah. Okay, we're not going to go into detail but 468 00:39:52,960 --> 00:39:58,880 and then down here there's other income sources. 469 00:39:56,000 --> 00:40:07,640 So this is usually fixed income such as you know retirement benefits or 470 00:40:03,359 --> 00:40:07,640 child uh alimony 471 00:40:07,680 --> 00:40:16,400 um income from your assets. This is what we're talking about. Oh no. Okay. You 472 00:40:13,280 --> 00:40:19,760 will select how many uh types of accounts you have. If you have more than 473 00:40:18,000 --> 00:40:23,680 10, you need to contact me prior to 474 00:40:21,440 --> 00:40:28,240 beginning this application. So for asset name, you're going to put 475 00:40:25,200 --> 00:40:33,920 like your checkings account at uh let's say Wells Fargo. So you'll click 476 00:40:30,960 --> 00:40:37,119 checkings, the current balance, and then here you're going to upload your 477 00:40:35,599 --> 00:40:42,160 statements and your calculated interest in 478 00:40:39,200 --> 00:40:47,520 dividends earned for the period that you are uploading the statements for. So if 479 00:40:46,000 --> 00:40:51,440 you're doing your checking account, I need to know how much interest you've 480 00:40:49,040 --> 00:40:55,599 earned in the past six months. If you're doing your savings account, how much 481 00:40:53,359 --> 00:41:01,160 interest have you earned in the past two months? 482 00:40:57,280 --> 00:41:01,160 And then um 483 00:41:01,200 --> 00:41:09,359 retirement and investment is either that two months or quarterly 484 00:41:07,200 --> 00:41:13,119 depending on which number of statements you upload. 485 00:41:11,520 --> 00:41:18,560 If you have questions about this, please call me. This is very confusing, but I'm 486 00:41:16,079 --> 00:41:24,240 here to help you. So, let's say that you've earned 1.2 to sorry $1.20 in 487 00:41:22,000 --> 00:41:30,240 interest over the past 6 months from your checking account. You'll put 1.2 in 488 00:41:28,720 --> 00:41:35,280 interest over the past 6 months. And then what I'm going to do on the back 489 00:41:31,520 --> 00:41:39,680 end is automatically annualize this interest based on these statement 490 00:41:38,000 --> 00:41:43,680 intervals. Um, so you need to know how much 491 00:41:42,319 --> 00:41:47,920 interest you're earning on each of your accounts prior to beginning this 492 00:41:45,520 --> 00:41:52,160 application. or you can do it while you're submitting the application, but 493 00:41:50,800 --> 00:41:59,119 this will just make your life a lot easier if you do it ahead of time. 494 00:41:56,240 --> 00:42:04,880 Okay, this is where it gets into unique circumstances for different types of 495 00:42:01,359 --> 00:42:08,160 income that you receive. So, if you're a wage earner and need an employment 496 00:42:06,160 --> 00:42:12,000 verification form, this is on page 12 of your application. 497 00:42:10,000 --> 00:42:18,400 This needs to be submitted first or completed first half by you, second half 498 00:42:15,280 --> 00:42:21,760 by your employer. Very important, you need to tell your employer that they 499 00:42:19,920 --> 00:42:26,800 need to share this form with me once it's completed to my email before 500 00:42:25,119 --> 00:42:32,079 um before 501 00:42:29,280 --> 00:42:36,000 November 3rd or on November 3rd. Um you cannot submit this. This has to come 502 00:42:34,160 --> 00:42:41,000 directly from your employer because I need third party verification. 503 00:42:41,520 --> 00:42:48,640 Um, I need copies of all your W2s and 1099s from the past 12 months. This is 504 00:42:46,720 --> 00:42:53,440 important with everything. I actually should have put this up here. I will go 505 00:42:50,160 --> 00:42:58,960 and add it up here. Please redact your social security number from all of this. 506 00:42:56,400 --> 00:43:04,560 Um, I once I receive it and I find a social 507 00:43:01,920 --> 00:43:10,160 security number, I will redact it. But um I strongly recommend redacting that 508 00:43:07,440 --> 00:43:15,359 prior to uploading it to this form. Our form is a secure portal, but um just in 509 00:43:13,520 --> 00:43:19,200 case and I don't really want to see your social security number, so please redact 510 00:43:17,680 --> 00:43:23,839 your social security number from everything. Um I need copies of your two 511 00:43:22,319 --> 00:43:28,079 most recent payubs from all current employers and previous employers from 512 00:43:25,440 --> 00:43:32,079 the past 12 months. So say you stopped working a job a couple months ago, 513 00:43:30,319 --> 00:43:34,720 you're not working there anymore. It doesn't really matter. I still need to 514 00:43:33,440 --> 00:43:39,599 see how much money you've made in the past 12 months. 515 00:43:37,760 --> 00:43:46,319 Um, if you're self-employed, I need a copy of your business license, a profits 516 00:43:41,440 --> 00:43:50,880 and loss statement. Um, this if you're like a self- proprietor, 517 00:43:48,720 --> 00:43:55,280 that's a little different. Please talk to me. 518 00:43:53,040 --> 00:44:00,079 Moral of the story here is talk to me before you submit your application. 519 00:43:57,359 --> 00:44:04,000 Everyone's situation is super unique. Um, and to make sure that you're 520 00:44:01,280 --> 00:44:09,359 submitting everything that applies to you and your application, please talk to 521 00:44:06,000 --> 00:44:13,920 me ahead of time. And then in addition to your most recent filed federal tax 522 00:44:11,280 --> 00:44:18,960 return, I need your two most recent, so the past two years with all schedules 523 00:44:16,640 --> 00:44:25,680 and attachments. If you're on a fixed income or of income sources that aren't 524 00:44:21,680 --> 00:44:31,680 from a wage, I need um award and benefits letter if that's applicable. If 525 00:44:29,599 --> 00:44:37,440 you get rental income, I need to see where that money goes. 526 00:44:34,160 --> 00:44:41,440 Um, proof of deposits. This might not be something that you have to like double 527 00:44:38,960 --> 00:44:48,079 upload because it should already be reflected in your account statements up 528 00:44:43,839 --> 00:44:51,760 here. Um, but just note that I will be looking for this. And then if you're 529 00:44:50,319 --> 00:44:56,400 applying for bonus qualification entries, 530 00:44:53,280 --> 00:45:00,480 um if you're doing the local workforce or vital workforce, your employment 531 00:44:58,319 --> 00:45:04,960 verification form, which you will have already completed, will count for your 532 00:45:03,040 --> 00:45:08,880 bonus qualification entry supporting documentation. However, if you're 533 00:45:06,960 --> 00:45:12,960 applying for resident of San County, I need copies of leases, your proof of 534 00:45:10,480 --> 00:45:18,400 rent payments, and or voter registration. Um, 535 00:45:16,160 --> 00:45:22,960 basically I I need really good proof that you have lived here for however the 536 00:45:21,119 --> 00:45:27,280 amount of time that you are claiming for your entries. If you're qualified 537 00:45:25,599 --> 00:45:32,400 disabled, you need to submit an accessibility needs assessment or 538 00:45:29,839 --> 00:45:36,720 reasonable accommodation. If you need an accommodation for any of this at all, 539 00:45:34,800 --> 00:45:43,440 this reasonable accommodation form will also apply. That's on page 15 540 00:45:40,720 --> 00:45:50,599 of application packet and it's several pages but um 541 00:45:46,240 --> 00:45:50,599 you can email this to me 542 00:45:51,359 --> 00:45:57,680 prior to submitting the application if the reasonable accommodation is for the 543 00:45:56,079 --> 00:46:02,640 application itself. But if it's for the bonus qualification you you can just 544 00:46:00,160 --> 00:46:07,280 submit this with your application. Okay, that is the application form. That 545 00:46:05,200 --> 00:46:11,440 was a lot. Please call me if you have any questions. 546 00:46:09,920 --> 00:46:16,720 Okay. Uh let's get go over the rest of the 547 00:46:13,599 --> 00:46:21,680 application packet. Um these are linked for easy access. So you 548 00:46:19,920 --> 00:46:28,800 can just click on this table of contents to jump down to where you need to go. 549 00:46:25,520 --> 00:46:33,520 Um we've basically gone over these first few sections. Uh property information 550 00:46:31,920 --> 00:46:39,520 we've sort of touched on. This is where the HOA fees are. Um, you'll need to 551 00:46:36,480 --> 00:46:45,200 know this again for your monthly payment. 552 00:46:41,920 --> 00:46:50,880 Uh, 35% threshold. This has details about, you know, the square footage, 553 00:46:47,839 --> 00:46:55,760 um, sale price, uh, area needing income limit. 554 00:46:54,240 --> 00:47:00,400 Great. Um, 555 00:46:57,839 --> 00:47:05,280 then these are additional application 556 00:47:02,480 --> 00:47:10,800 resources and information. I strongly strongly recommend that you work with 557 00:47:07,119 --> 00:47:16,400 Chaffa and a participating lender for their mortgage for your mortgage, sorry. 558 00:47:14,880 --> 00:47:20,560 Um, all of these entities have down payment 559 00:47:18,880 --> 00:47:27,040 assistance and some sort of mortgage assistance. 560 00:47:23,839 --> 00:47:34,319 Um, these guys may be the key to get you below that 35% of your monthly income 561 00:47:30,720 --> 00:47:40,240 to housing expenses threshold. This is your program guidelines. This is 562 00:47:38,000 --> 00:47:47,599 specific to the Anvil Town Homes. This is 300 sections. 563 00:47:43,119 --> 00:47:53,839 Sometimes it references um sections like section 109 or 110. So these actually 564 00:47:51,280 --> 00:47:59,920 live in the 565 00:47:56,240 --> 00:48:05,760 like actual guideline document. So, in your application packet, I just pulled 566 00:48:02,640 --> 00:48:10,240 um the 300 section to put it into the application packet, so you didn't have 567 00:48:07,119 --> 00:48:18,400 to go looking for uh details, but the guidelines are a 568 00:48:14,640 --> 00:48:23,040 really big document. Um all the 100 sections apply 569 00:48:21,440 --> 00:48:27,599 mostly. Uh however, the 300 sections takes 570 00:48:26,079 --> 00:48:35,119 priority. So if there's ever like some some 571 00:48:32,160 --> 00:48:41,440 um provision or requirement where the 300 sections and the 100 sections are in 572 00:48:38,079 --> 00:48:45,680 conflict, the 300 sections is takes priority. 573 00:48:42,960 --> 00:48:50,720 Um but anyways, if you're looking for it like, hey, what does the rental process 574 00:48:48,240 --> 00:48:54,800 look like? So again, if you want to rent your house, you have to uh get 575 00:48:53,119 --> 00:49:00,640 permission from the housing authority first. And this will be under the 576 00:48:57,520 --> 00:49:04,480 ownership use and occupancy um rental procedure. So these are important things 577 00:49:02,720 --> 00:49:11,200 that you'll be referencing and using during your both the application process 578 00:49:07,280 --> 00:49:14,200 and when you own the home. Okay. Um 579 00:49:14,319 --> 00:49:23,520 we've touched on everything here. Please read all of this. Um you can do it. It's 580 00:49:20,319 --> 00:49:27,839 going to be worth it. This is a big deal and you need to know what you are 581 00:49:25,200 --> 00:49:34,720 signing up for. Okay. I did include the Declaration of 582 00:49:31,440 --> 00:49:39,839 Affordability Covenants in your packet as of right now. So, it's uh October 5th 583 00:49:37,440 --> 00:49:47,200 when I'm recording this. These have not yet been um finalized. This is a draft. 584 00:49:44,079 --> 00:49:50,640 Uh they're not going to change too much. Our legal team is reviewing them right 585 00:49:49,040 --> 00:49:54,559 now. Um, 586 00:49:52,480 --> 00:49:59,359 please read this. It's a dense legal document. 587 00:49:56,240 --> 00:50:03,760 We've gone over the basics of it, but um, 588 00:50:01,760 --> 00:50:08,240 you need to read this. So, some things that you need to know. I'll just call 589 00:50:05,359 --> 00:50:11,920 out. Uh, you have to maintain homeowners insurance at all times. We'll be 590 00:50:09,440 --> 00:50:16,880 checking this every year. If you go into foreclosure, we have an option to 591 00:50:13,520 --> 00:50:20,480 purchase before the bank sells it. Um, we'll be doing an annual compliance 592 00:50:18,800 --> 00:50:24,079 check to make sure you have the insurance and that you're using this 593 00:50:21,839 --> 00:50:29,440 home as intended. And, um, like we talked about earlier, 594 00:50:27,359 --> 00:50:34,160 there's an appreciation cap. It's all in here. I'm not going to scroll and find 595 00:50:30,800 --> 00:50:39,040 all of it. But in addition to the appreciation cap, 596 00:50:36,079 --> 00:50:46,160 there's also a resale fee that the housing authority gets when you sell the 597 00:50:40,960 --> 00:50:49,280 home, which is 1.5% of that sale price. And when you close on your house, you 598 00:50:47,680 --> 00:50:53,760 will sign an acknowledgement of these covenants. Um, 599 00:50:51,920 --> 00:50:58,319 even if you don't acknowledge these covenants, you will still be subject to 600 00:50:56,160 --> 00:51:03,680 them when you own the home. So, the 601 00:51:00,960 --> 00:51:07,359 acknowledgement is uh it's not in here, but 602 00:51:05,280 --> 00:51:13,119 um you are agreeing to these covenants when 603 00:51:10,079 --> 00:51:18,000 you buy this home. In addition to the housing authority 604 00:51:15,040 --> 00:51:22,800 covenants, the state also has covenants on these properties. This is because 605 00:51:20,319 --> 00:51:29,920 they uh granted us over half a million dollars to help subsidize them. This is 606 00:51:26,240 --> 00:51:33,920 a an agreement that's mostly between the housing authority and the state, but it 607 00:51:32,160 --> 00:51:39,520 runs with the land. So that means it's connected to the land and the property. 608 00:51:37,599 --> 00:51:43,920 Um, this 609 00:51:41,200 --> 00:51:50,720 honestly has no different um 610 00:51:47,440 --> 00:52:00,720 restrictions or requirements than the housing authority. You will notice that 611 00:51:56,480 --> 00:52:06,400 this document is only good for 30 years. So once that expires, that honestly 612 00:52:03,200 --> 00:52:11,920 means nothing to you. um because the housing authority 613 00:52:09,200 --> 00:52:16,240 covenant will still be in uh it's in perpetuity. So the the 614 00:52:14,640 --> 00:52:19,480 housing authority covenant will still be in effect. 615 00:52:19,599 --> 00:52:26,240 Um these homes will be a part of an HOA 616 00:52:24,079 --> 00:52:31,440 because these units are attached units. There's shared elements. Um an HOA will 617 00:52:29,520 --> 00:52:35,200 be established for insurance purposes. So, in addition to your homeowner 618 00:52:32,960 --> 00:52:39,599 insurance, there's also HOA insurance because these are technically one 619 00:52:37,280 --> 00:52:43,280 building. So, you have separate properties, but they're still in one 620 00:52:41,440 --> 00:52:48,400 building. And the HOA will 621 00:52:46,240 --> 00:52:52,559 um cover the repairs needed for common elements such as like the roof, 622 00:52:50,319 --> 00:52:56,800 sighting, landscaping, and utility lines. The HOA fees will be 623 00:52:54,800 --> 00:53:01,119 approximately $60 a month for the town home units and $35 a month for the 624 00:52:58,880 --> 00:53:09,680 single family home units. Usually the cost and that's uh the cost 625 00:53:05,119 --> 00:53:16,079 of uh internet sorry fiber internet is included in your HOA. That's because we 626 00:53:11,680 --> 00:53:22,319 got a really good 10-year deal. Um so each unit will be paying $35 for 627 00:53:19,599 --> 00:53:27,839 internet every month. Um town homes will pay $60 a month. 628 00:53:25,760 --> 00:53:34,720 Single family will pay 35. These are estimates, but we're expecting them to 629 00:53:31,520 --> 00:53:41,760 be really close to 60 or 35. But the single family is only attached 630 00:53:38,000 --> 00:53:45,839 to this HOA through um the fiber internet services. So, they're not the 631 00:53:44,559 --> 00:53:51,440 single family is not going to be paying into, you know, future roof expenses for 632 00:53:48,240 --> 00:53:56,640 the town homes. Um 633 00:53:53,839 --> 00:54:02,079 this is also a draft. It will be updated here shortly as the legal team approves 634 00:53:58,880 --> 00:54:07,839 it and once we record it. Um, okay. That covers everything 635 00:54:05,520 --> 00:54:12,480 hopefully. If you have further questions, 636 00:54:09,359 --> 00:54:17,520 please contact me. I strongly recommend that you and I sit down before you 637 00:54:14,720 --> 00:54:21,359 submit an application just to make sure we know 638 00:54:19,440 --> 00:54:26,880 that you have everything that you need. Um, 639 00:54:23,839 --> 00:54:33,200 great. I hope this was helpful. It could have been really rambly. Um, 640 00:54:30,240 --> 00:54:37,200 but I think it is helpful to hear someone talk you through it rather than 641 00:54:35,119 --> 00:54:45,280 drowning in all of this. I understand that this is a ton of information. This 642 00:54:39,839 --> 00:54:49,119 application is a really big deal and um we are here to support you through the 643 00:54:46,960 --> 00:54:52,000 whole thing. So congratulations, 644 00:54:50,720 --> 00:54:59,599 you've made it through your informational webinar 645 00:54:54,160 --> 00:54:59,599 and uh we will be in touch. Thanks.