Selection Process for Choosing Prospective Home Owners
The City of Farrell (hereinafter referred to as the Sponsor) has received a $500,000
grant from the Pittsburgh Federal Home Loan Bank that will cover 58 percent of the
projected $860,000 cost to develop and build four homes on specific lots within the City
of Farrell. The balance of the costs, approximately $70,000 per house needs to be
covered by funds generated from Buyers.
Locations where the new homes must be built are: vacant parcel near 255 Woodland
Avenue,310 Wallis and two to be built on parcels al4O8-414 Fruit (vacated
church and parsonage to be demolished). Signs are on each of the sites.
To qualify for the chance to purchase there are two basic criteria:
1)
Indication that the total income of persons to live in the home will not exceed an
amount as indicated on the Chart on Page 3; E.G. maximum for one person
income is $38,250, two person $43,750. Note the more persons residing in the
house the higher the allowable maximum; but income of all must be included.
2)
Proof that you will be able to obtain a mortgage loan andlor have cash totaling
$70,000. Proof can be in the form of a bank statement showing certain cash
balance and/or letter from lender that you qualify for a mortgage
loan. Determination of having sufficient documentation will be based on judgment
of the sponsor.
Anticipating that more than one Buyer(s) meeting the qualifications will desire to own a
home at each location, described below is the process that will be followed to insure
fairness in choosing Buyers.
To be considered you must:
1) Complete and submit the attached application; including, evidence of proof of
income as requested on the application no later than March 1; and
2) No later than April 2 submit a lefter from a bank or other institution, who is
recognized as able to lend funds within Pennsylvania, stating that the
individual(s) qualifies for a loan and/or has saving to cover a total of $70,000 for
the purchase of the home and other costs necessary to secure the loan.
Submissions of the attached completed application and letter from bank can be made
by:
1) Mailing to Affordable Housing Program, Farrell Municipal Building, 500 Roemer
Blvd., Farrell, PA,
2') E-Mail to Arnie Clebone, mldamS0@_neo.[eom, Subject Farrell Affordable
Housing Program
Page 1 of3
3)
Or drop otf at the City Managers office, Farrell Municipal Building, 500 Roemer
Blvd.
To insure that application was received by March 1 and bank letter by April 2 please
request stamped copy at the Farrell Municipal Building or return e-mail confirming
application and letter was received.
Upon receiving the letter from the bank the applicant shall be informed if the information
received is sutficient for him or her to qualify; and if it does not appear to be sufficient (if
received before March 221the person shall be told of the deficiencies and given the
opportunity to provide additional information prior to April 2.
Names of persons who have provided us the application by March 1 and bank letter by
April 2 will qualify to be part of drawing. The drawing will take place on or about April
4, actual date and time to be announced for allwanting to witness to be in attendance.
Person whose name is drawn first will have the opportunity to choose one of the four
lots for his or home to built, the second person drawn will have the opportunity to
choose one of the remaining three lots and so fourth. ln the event a person chosen in
the lottery is subsequently unable to acquire the $70,000 or for whatever reason is
unable or decides not to pursue acquiring a home, the person whose name was next
drawn will be awarded the opportunity.
lf you are chosen as one of the recipients to retain eligibility you will be required to
attend four-hour courses in pre and post homeownership given by the Shenango Valley
Urban League.
For further information
:
A meeting will be held at the Farrell Municipal Building on Monday, February 20,
7PM and Saturday, February 25th at 10 AM where applications will be provided and
the program explained.
Also feelfree to contact the Sponsor's representative, Arnie Glebone at 330-507-3105.
Page2 of3
To be an Eligible maximum Income (including income of all
persons living in the home can-not exceed the amounts below.
Marimum income differs with the number of persons expected
to reside in the household. E.G. one-person maximum is
$38,250, two persons is $43,750.
Persons
Living in
Home
Maximum
Annual
Income
Page 3
of3
I
$38,250
2
$43,750
3
$49,200
4
$54,650
5
$59,000
6
$63,400
7
67,750
I
72,100
AFFORDABI.E HOU$INO PROORAM APPIICAIION
Affnrdable lloasing Program
farrell llanicipal fluilding,
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NOTE: lpplications submitted will not be processed without all required documents.
Farrell City Building at (724) 983- 2703 days afier submit-
Please call Q,lame of Person) at the
tingyour application to verifu receipt of your application.
|OUREE OF
.ISTAtL MEMBERS IN THE HOUSEHOTD
TOTAT NUMBER IN THE HOUSEHOLD
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GRINSIMOHE
TOTAL
Proof of Income Documentation can includc: most recent check stubs, W-2 Forms, 1099, and most recent trx form
Applicant's Signature
lntake
Signature
Date
Date
nnrn the conplendapplintion bf llanh t 20l7bf
Affordoble Housing Progrom, 500 Farrell, PA 16121 or vio e-mail to
[email protected] or drop off at the Farrell Municipal Building.
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.Ihosa desrVing to be consilerednust
to Attention
DATE APPLICATION RECEIVED
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