The City of Troy will be selling two homes to lucky families this summer! Located at 3349 6th Avenue and 391 1st Street in Troy, they are two-family homes that have been completely gutted and rebuilt. Beautiful new open floor plans and energy efficient systems with contemporary finishes make them perfect urban homes. The new owners must occupy one of the units and may rent out the other unit.
Household incomes of purchasers may range from a minimum of approximately $33,500 up to 80% of the HUD median income for their household size annually. Existing debt is also included in determining eligibility.
Interested buyers should contact TRIP’s HomeOwnership Center to be pre-screened for eligibility to be placed in a lottery pool. Pre-screening deadline is 12:00 Noon on Friday, June 28, 2013. The lottery drawing will take place in early July 2013 and the lucky selected families will be notified then.
The pre-screening criteria includes the ability to get a qualified mortgage; that the annual household income is at or below 80% of HUD area median income with a minimum of $33,500; and that the potential homebuyer has enough savings for the downpayment and closing costs needed to close the loan. The property must be owner occupied and not used as an investment property.
To apply, contact the TRIP’s HomeOwnership Center at 690-0020 x221.