Lottery Set for First-Time Home Buyers on MauiAugust 15, 2012, 9:15 AM HST · Updated August 15, 9:16 AM 0 Comments
By Wendy Osher
The County of Maui commences the fourth year of funding for its First-Time Home Buyer’s Grant Program. The program was established to assist low-to-moderate income first time homebuyers with down payment and/or closing cost assistance.
The lottery drawing for the program takes place at 5:30 tonight at the Cameron Center in Wailuku. The first 13 applicants to be drawn are selected for the program, with the remaining applicants serving as alternates, prioritized by order of drawing.
Those that are pulled for selection during today’s lottery will be notified in writing that they must complete and sign a formal application and submit it with signed tax returns for the last three years. The formal application and tax returns must be returned within 10 days of the date of the letter.
The alternates will be called upon in order, should any of the first 13 applicants fail to meet their obligations or grant qualification criteria.
Under the First-Time Home Buyer’s Grant Program, beneficiaries are eligible for up to $15,000. To qualify, applicants were required to be a resident of Maui, a citizen of the US, and at least 18 years of age.
The program is limited to applicants who have a household income of 140% or less of the County’s median annual income (currently $107,940 on Maui; $92,946 in Hana; $94,010 on Lana’i; and $71,820 on Moloka’i), as determined by the US Department of Housing and Urban Development and the Department of Housing and Human Concerns.
***Supporting information courtesy: County of Maui, Housing Division.