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Provincetown Down Payment & Closing Cost Program

Downpayment & Closing Cost Assistance Program

$10,000

 You may be eligible for a Provincetown Downpayment &

Closing Cost Assistance Loan!

 Purpose:         The Town of Provincetown, through its Community Preservation Fund, offers up to $10,000 for each eligible buyer to put towards downpayment and closing costs for the purchase of an eligible affordable unit. It is intended to assist year-round residents qualifying at the 100% AMI [Area Median Income] or less income level who can afford monthly mortgage payments yet may not have enough money to pay the initial home purchase downpayment and closing costs. The loan is considered a “deferred payment loan;” it is interest free; and only must be paid back if property is sold or transferred within 10 years.

 Who is Eligible? 

Applicants must meet the following eligibility requirements:

  • The household must occupy the property as their principal residence.
  • The home must be intended for and maintained as your principal year round residence
  • You must complete an approved homebuyer training course and provide certification of completion
  • A household cannot have more than $75,000 in assets
  • You must be approved for a mortgage with a recognized commercial lender
  • You must provide a minimum of 1.5% down payment from your own funds
  • You must purchase a permanently deed-restricted affordable unit in the Town of Provincetown and agree to future resale restrictions OR other eligible unit
  • Your total household income must not exceed 100% of the HUD annual median household income. In Provincetown, 100% AMI is (as of 2017):

 

Household Size

1

2

3

4

5

6

Income Limits

$63,140

$72,160

$81,180

$90,200

$97,416

$104,632

  For more information contact: Housing Specialist Michelle Jarusiewicz 508/487-7087 or

 

FY 2017 Income Limits
What does household income limit mean?
Maximum household income limits are the total household income for all earners and change annually.
Different programs target different thresholds such as 50% AMI or 100% AMI.
Sample numbers are listed below.
Income limits FY 17
Barnstable County median income $90,200 revised
House-hold
 Size
 30% Income Limit
Extremely Low
HUD
50% Income Limit
Low
HUD
60% Income Limit
Moderate
 MHP
65% Income Limit
Moderate
80% Income Limit
Moderate
HUD
100% Income Limit Median
HUD
120% Income Limit  150% Income Limit Middle 160% Income Limit Middle 180% Income Limit Middle 200% Income Limit
1 $18,950 $31,600 $37,920 $39,500 $47,600 $63,140 $75,768 $94,710 $101,024 $113,652 $126,280
2 $21,650 $36,100 $43,320 $45,125 $54,400 $72,160 $86,592 $108,240 $115,456 $129,888 $144,320
3 $24,350 $40,600 $48,720 $50,750 $61,200 $81,180 $97,416 $121,770 $129,888 $146,124 $162,360
4 $27,050 $45,100 $54,120 $56,375 $68,000 $90,200 $108,240 $135,300 $144,320 $162,360 $180,400
5 $29,250 $48,750 $58,500 $60,938 $73,450 $97,416 $116,899 $146,124 $155,866 $175,349 $194,832
6 $32,960 $52,350 $62,820 $65,438 $78,900 $104,632 $125,558 $156,948 $167,411 $188,338 $209,264
7 $37,140 $55,950 $67,140 $69,938 $84,350 $111,848 $134,218 $167,772 $178,957 $201,326 $223,696
8 $41,320 $59,550 $71,460 $74,438 $89,800 $119,064 $142,877 $178,596 $190,502 $214,315 $238,128
NOTE:
Numbers in BOLD Source of information is HUD Barnstable County FY 2017  Income Limits 
This document is for reference only. Actual limits are determined by the specific funding source.
100% AMI is HUD  figure; 120%, 150%, 160%, 180%, 200% are extrapolated using the 100% number as a base
Note that income is the total of all gross income for all household members.
Income limits are updated annually.

Provincetown Self-Sufficiency Housing Voucher Program
Provincetown Self Sufficiency Local Housing Voucher Pilot Program is funded with grant assistance from the Community Preservation Fund as approved by town meeting. The Provincetown Self Sufficiency Program aims to allow a family to have affordable, year-round housing while participating in a program which will educate and/or enable them to become self-sufficient within a three (3) year period. Participants are required to certify household income and adequate progress toward sustainability on an annual basis. Participants will also be required to meet at least quarterly with case managers and monthly meetings if required to do so. 

Help Prevent Homelessness Food Gift Card Program
The Homeless Prevention Council offers food gift cards at various locations including their office at 14 Old Tote Road in Orleans and at various locations on the Lower Cape. Contact Community Housing Specialist Michelle Jarusiewicz at for additional information.  Gift cards are purchased at face value; the owner receives full value and the Homeless Prevention Council receives 5% of the card value from the participating market. So, a $100 gift card will provide a $5 donation. A win-win offer providing financial assistance to fight homelessness. Last year, the Homeless Prevention Council experienced a 32% increase in their case load and expect that to be even greater this year. At the same time, with state and federal cutbacks, there are fewer resources available.


Town of Provincetown
260 Commercial Street
Provincetown, MA 02657
Ph: (508) 487-7000
Fx: (508) 487-9560