MONTPELIER — An annual program for first-time homebuyers has increased certain income eligibility amounts.
The City Council on Wednesday approved moving $80,000 for a first-time homebuyer program from the city-regulated Montpelier Housing Trust Fund to the Central Vermont Community Land Trust.
The money will assist eight home purchases during the next two years with $10,000 “loans” that are forgiven after 15 years of residence.
The program is trying to encourage young families to buy property in the city. Four households can have an equity-sharing model, where tax credits or additional grants cover the cost of the purchase and the profits of a sale are split between the homeowner and the land trust.
Depending on whether home tax credits are used, participants would need to be under the median county household income or 120 percent of that threshold.
The median income for one person is $49,840; for two people it is $56,960. The 120 percent level for one person is $59,808 and for two people is $68,352.MORE IN Central Vermont
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