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Latest News: 2007 Income limits announced
Income limits, which will govern eligibility for affordable housing for the fiscal year of 2007, were released March 20 and are available online at HudUser.org. To qualify for affordable housing households must have an income at or below 80% of the Median Income. Norfolk is part of the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. The 80% income limits remain the same as FY2006.
80% of Median Income Limits (FY2007)
1 Person$46,300
2 Person$52,950
3 Person$59,550
4 Person$66,150
5 Person$71,450
SoftSecond mortgage programs
As reported in The Country Gazette (Dec 1, 2006), a state mortgage program for first-time homebuyers, SoftSecond, is now available in every community throughout the state, and to all families earning as much as 100 percent of the area median income. For a family of four in our area, this would be up to $84,100. Previously the program was limited to only those towns which had applied for funds and the program was restricted to households earning up to 80% of the area median income. For more details click here to read the MHP article, "Changes to create more opportunities for homebuyers", on the Mass Housing Partnership (MHP) website. Additional background information on Softsecond is available on this MHP webpage.
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Last Updated: Saturday, Jun 23, 2007
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