Howard County Housing will begin accepting applications for the July open enrollment period for the County’s Moderate Income Housing Unit (MIHU) program from Friday, July 1 thru Friday, July 29, 2011.
To purchase an MIHU home, individuals must apply to Howard County Housing during an open enrollment period in order to be placed on a waiting list. The applicant’s household income may not exceed 80% of Howard County’s median income; which as of January 1 is $101,940 for a family of four.
In addition, household income must be sufficient to qualify for a home mortgage based on mortgage lending industry standards and applicants must meet minimum credit score requirements. Base sale prices for MIHUs can range from $128,000 for a condominium to $229,000 for a townhome. Sale prices vary depending on the size and amenities of the unit.
Townhomes are available for homeownership opportunities at Elkridge Crossing Towns, Howard Square, Guilford Mews and the Gatherings at Jefferson Place. With interest rates at current lows, now is the time to take advantage of these opportunities.
The MIHU program is an inclusionary zoning program that requires developers of new housing in certain zoning districts to sell or rent some of the new dwelling units to households of moderate income. The program offers quality new homes at reduced sale prices and rents to income eligible families.
Call Howard County Housing for more information 410-313-6318.
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