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Thursday, January 26, 2017

Moderate Homeowners in Howard County

From the Howard County Housing Department:

" The Howard County Department of Housing and Community Development (DHCD) is now accepting applications for its Moderate Income Housing Unit (MIHU) program during its first open enrollment period for 2017. Applications for the MIHU homeownership program will be accepted from Jan. 3 through Jan. 31.

To purchase an MIHU home, individuals must apply to DHCD during an open enrollment period to be placed in the database. To qualify, an applicant’s household income may not exceed 80% of Howard County’s median income which, as of Jan. 1, 2017, is $110,893 for a four-person household. Household income limits are based on family size. Applicants must meet minimum credit score requirements and their household income must be sufficient to qualify for a home mortgage based on industry standards. Sale prices for MIHUs can range from $228,000 for a condominium to $322,000 for a townhouse. Actual sale prices vary depending on the size and amenities of the unit.

Homeownership opportunities are currently offered at below-market sales prices in several communities, including: Dorset Gardens at Blue Stream, Elkridge Crossing and Morris Place in Elkridge and Oxford Square in Hanover. With competitive low interest rates, estimated mortgage payments for homes priced at $228,000 would start at approximately $1,600, and require an annual household income of approximately $54,000 to qualify. Most of the townhomes feature three finished levels with 1,600 to 2,100 square feet of living space, three or four-bedrooms, as many as three full and two half baths, one and two-car garages, and much more.

To rent an MIHU unit, a qualified applicant’s household income may not exceed 60% of the Howard County median income. MIHUs are rented on a first-come, first-served basis, with rents ranging from $1,068 to $1,620. MIHUs are interspersed throughout each community and residents enjoy all the amenities of community life. Alta at Regency Crest, Ashbury Courts, Belmont Station, Miller’s Grant, Mission Place, Orchard Meadows, Orchard Park, Penniman Park and Woodfield Oxford Square currently offer MIHU apartments. The minimum annual household income needed to qualify for a 1-bedroom apartment through the MIHU program is approximately $36,000. Prospective renters may apply directly to a participating rental community at any time during the year. Community addresses and phone numbers can be found online at www.howardcountymd.gov/Departments/Housing/MIHU-Rental-Opportunities.
Open enrollment periods for the MIHU purchase program are held quarterly. Those interested in enrolling should call DHCD’s Housing Opportunities Programs Division at 410-313-6343, or visit the MIHU website at www.howardcountymd.gov/Departments/Housing/Home-Ownership-Opportunities/Moderate-Incoming-Housing-Unit-Program-MIHU."
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