CoA Home Buyer Income Eligibility Packet

City of Austin's Income Eligibility Packet for Home Ownership
PROGRAM INFORMATION:

Applicants must meet all current income eligibility requirements for the program to which they are applying for the City of Austin, as adjusted for the household size.

The City of Austin and Austin Housing Finance Corporation (AHFC) calculate annual gross income in accordance with HUD’s 24 CFR Part 5. The Part 5 income calculation takes into account gross income and assets projected forward for the next 12 months for an annualized snapshot.

Applicants must complete the Income Eligibility Questionnaire, Applicant Affidavit, Demographics Information, Acknowledgement of Affordability Restrictions and Buyer/Seller Certification. Packet must be returned with required supporting documentation for review.

Income Eligibility Requirements for 80% MFI as of June 1, 2024
This application may be digitally completed and signed with a copy and digital receipt provided to City of Austin's Austin Housing Finance Corporation (AHFC).
REFERENCE ONLY: CITY OF AUSTIN INCOME ELIGIBILITY PACKET AND FORMS
Home Buyer Applicant Information:
Applicant First Name*
Applicant Last Name*
Current Address*
Phone Number*
Email Address*
example@example.com
Mortgage Lender Information
Mortgage Company Name
Loan Officer Name
Loan Officer Contact Phone Number
Lender Email Address
example@example.com
Will you be applying for Down Payment Assistance (DPA)*
Upload Mortgage Prequalification Letter from Lender

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Title Company
Escrow Officer
Developer/Seller
Representative
Phone Number
Email Address
example@example.com
Income Eligibility Questionnaire
To Be Completed by the Head of Household. If any of the answers are “YES,” please attach the required documentation indicated below each question.
1. Have you or any member of the Household filed tax returns in the last two years?*

YesNo
If Yes, provide copies of the most recent two year’s tax return (with W-2s/1099s) for all Household Members who filed separately.
Upload Tax Returns, W-2s/1099

FOLLOW REDACTION INSTRUCTIONS TO ENSURE YOUR PRIVATE INFORMATION REMAINS SECURE.
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2. Is any member of the household currently self-employed or operate a business?*

YesNo
If Yes, provide a copy of schedule C and/or business returns, most recent YTD P&L, and 12 months bank statements.
Upload Tax Returns, W-2s/1099

FOLLOW REDACTION INSTRUCTIONS TO ENSURE YOUR PRIVATE INFORMATION REMAINS SECURE.
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3. Is any adult member of the household employed and receive any of the following (check all that apply)

Salary/WagesBonusCommissionFeesOvertimeTip IncomeMilitary EntitlementsNo Income (complete Zero Income Affidavit)Other allowances
If Yes to any, provide copies of paycheck stubs for the most recent three (3) months, or other documentation of wages, salary, pension, etc. Twelve (12) months if seasonal, in the construction industry, or teaching industry. Or, upload Zero Income Affidavit for household members over 18 who do not have wages or other income.
For Household Members over 18 with no income, submit a Zero Income Certification Form.
Upload Pay Stubs and other documents required above here.

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4. Do you have other sources of income, such as periodic payments like insurance benefits, child support, disability, dividends, gifts, or other income?*

YesNo
4a. Income from other sources (check all that apply)*

NoneAlimonyAnnuityChild SupportDeath BenefitsDisabilityDividendsInsurance PolicyInterestNotes ReceivablePensionPublic AssistanceReoccurring GiftsRetirementRoyalty PaymentsSeverance PaySeparate MaintenanceSocial SecurityTrustUnemploymentVA CompensationWorker’s Comp.Other periodic payments
If Yes, provide the most recent statement, award letter or agreement showing amount and frequency. *Do not include deferred periodic amounts from SSI and Social Security benefits that are received in a lump sum amount or in prospective monthly amounts.
Upload documents, award letters, or account statements here.

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5. Does any member of the household have a checking account(s)? If Yes, provide the last 6 months for all savings account statements.*

YesNo
Upload most recent six (6) months of all checking account statements.

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6. Does any member of the household have a savings account(s)? If Yes, provide the most recent (1) month for all savings account statements.*

YesNo
Upload most recent (1) month of savings account statements.

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7. Does any member of the household have a Peer-to-Peer payment account (check all that apply)? If Yes, provide copies of the last six (6) months of all account statements to correspond with the account statement dates.*

NoneApple PayCashAppCircle PayGoogle PayPayPalPopMoneyVenmoOther
Upload most last six (6) months of all account statements.

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8. Assets from other sources (check all that apply)*

NoneBondsBrokerageCDsLife Insurance (whole/universal)Money MarketStocksTreasury BillsOther assets
If Yes, provide the most recent account statement(s) showing current balance and any interest or gains. *For life insurance policies whose funds are available to household members before death (e.g., surrender value or a whole life or universal life policy Indicate which household member is the beneficiary.)
Upload Most Recent Account Statement(s) for any assets.

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9. Has any member of the household received a lump sum payment or in receipt of the following (check all that apply)*

NoneCapital GainsLottery WinningsInheritancesInsurance SettlementsVictim’s restitutionGifts
If Yes, provide proof of value of amounts not intended as periodic payments but that may be seen on statements.
Upload proof of value of amounts not intended as periodic payments, including above list of lump sum payments.

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10. Does any household member own or have interest in the following*

Indian Land TrustReal EstateRevocable TrustPersonal Property held as Investment (gems, jewelry, antique cars coins, etc.)None
If Yes, provide inventory of asset owned including value, equity percentage, and proof of an indebtedness, such as mortgage statements and property tax statements, or deeds of trust if owned free and clear.
Upload Asset and account documents and statements here.

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Applicant Affidavit
I hereby submit to the City of Austin and Austin Housing Finance Corporation the attached application and documentation required to determine my household’s eligibility for the homeownership program operated by
WARNING: Title 18, Section 1001 of the U.S. Code states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department of the United States Government.
I hereby submit to the City of Austin and Austin Housing Finance Corporation the attached application and documentation required to determine my household's eligibility for the homeownership program operated by the Austin Housing Finance Corporation.
Household Size (include all members that will be residing in the home)*

1234567More than 7
1. The house I am purchasing will be my/our primary residence.*
TYPE YOUR INITIALS HERE
2. All income eligibility information and documentation are true, correct, and complete.*
TYPE YOUR INITIALS HERE

The following person(s) listed will be occupying the home within twelve months of closing: (Do not include foster children, foster adults, live-in aids, or children of live-in aids) (Do include temporarily absent family members, adult students living away from home, permanently absent family members who are counted on taxes, changes to the household i.e., pregnancy, adoption, etc.)

	Name	Age	Relationship to Head Estimated Gross of HouseholdAnnual Income	Estimated Gross Annual Income (Before Taxes)
1.
2.
3.
4.
5.
6.
7.
8.

A certification of zero income and confirmation of non-filing must be provided for any members of the household over 18 with no income.
The undersigned agrees to release all information the State Attorney General determines to be publicly available. The undersigned agrees to allow the City, AHFC, and/or its designee, financial institutions, and other appropriate institutions to share information contained in this or their file for the purpose of home ownership eligibility and related business. I understand that any discrepancy, omissions, or false information may disqualify me. If such a discrepancy or omission is discovered after closing, I understand that any financial or program assistance provided by the City of Austin/Austin Housing Finance Corporation may become due and payable.
Head of Household Signature

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Date

MonthDayYear
Date
Contact Information and Demographics
The City of Austin and the Austin Housing Finance Corporation or its affiliate organizations do not discriminate against any applicant based on the information that you provide below, nor will it be used when considering your application. The information that is requested below is a federal requirement when any funds are provided to a project by the U.S. Department of Housing and Urban Development (HUD).
Ethnicity*

Hispanic or LatinoNot Hispanic or Latino
Select one or more

MexicanPuerto RicanCubanOther
Race (check one or more)*

American Indian or Alaskan NativeAsianBlack or African AmericanNative Hawaiian or Other Pacific IslanderWhiteOther
Select one or more

Asian IndianChineseFilipinoJapaneseKoreanVietnameseOther Asian Origin
Select one or more

Native HawaiianGuamanian or ChamorroSamoanOther
Sex*

FemaleMale
Is any household member disabled?*

YesNo
Is any household member in the military?*

YesNo
Acknowledgement of Affordability Restrictions
I understand at closing for this property I will be signing a Restrictive Covenant that runs with the property for a term of 99 years. I understand how the terms and conditions of the Covenant affect my rights as a homeowner, now and in the future. In particular, I understand and agree that:

(type your initials below each statement indicating your agreement)
1. Long-Term Affordability. The purpose of the Covenant is to keep housing affordable for future generations of low and moderate income households. I support this goal.*
TYPE YOUR INITIALS HERE
2. Resale Restrictions. AHFC or its assignee will control the resale of my home. If I want to sell my home, I must sell it to another income eligible buyer (or to AHFC/assignee) for a restricted resale price determined in accordance with the resale formula in the Covenant. If I violate the resale restrictions, the Covenant gives AHFC or its assignee the right, among other remedies, to sue for damages or terminate the Covenant and recover any sale proceeds. I realize this will limit my ability to resell my home (a “restraint on alienation”), but I agree that this limitation is reasonable under the circumstances set forth in the Covenant.*
TYPE YOUR INITIALS HERE
3. Refinancing Restrictions. The Covenant may keep me from obtaining a home equity loan, debt consolidation loan, car loan or a similar loan that would use the home as collateral. I acknowledge that this constitutes a restraint on alienation, but likewise agree that it is a reasonable restraint under the circumstances of the Covenant.*
TYPE YOUR INITIALS HERE
4. Principal Residence. I must occupy and use my home as a principal residence. I may only lease it under the provisions listed in the Covenant, and if I move out, I must sell it. I cannot continue to own the home as an absentee owner.I will honor the terms of the Covenant. I consider these terms fair to me and others.*
TYPE YOUR INITIALS HERE
Head of Houehold Signature*

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Date*

MonthDayYear
Date
BUYER’S / SELLER’S CERTIFICATION
REQUIRED WHEN AHFC FUNDS ARE USED TO ACQUIRE PROPERTY, CONSTRUCT A HOUSE, AND/OR TO PROVIDE HOMEBUYER ASSISTANCE
New Home Street Address
Enter full street address, ex: 123 St, Austin, TX 78702
Buyer’s Statement
1. I (Buyer) am a private individual who has voluntarily entered into a contract to purchase the property at the address indicated above. As a private individual, I do not have the authority to invoke either eminent domain or condemnation proceedings to force the sale of this property.

2. I (Buyer) believe the sales price does not exceed the fair market value of the subject property.
Buyer Signature

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Co-Buyer Signature

Clear
Seller’s Statement
1. I (Seller) am the owner or owner’s representative of the property at the address indicated above. I am selling this property voluntarily and of my own free will. Per the Uniform Relocation and Real Property Acquisition Policies Act of 1970, as amended, I certify that no one was displaced in order to make this property available for sale. Since the Buyer cannot invoke eminent domain or condemnation proceedings to force the sale of this property, and since I am selling this property voluntarily, I understand that I am not eligible for assistance under the Uniform Relocation and Real Property Acquisition Policies Act of 1970, as amended.

2. I (Seller) certify the property meets one of the following conditions (check one):
Is new construction.Is real estate owned by this institution and which was vacant before a contract for sale was
3. I (Seller) believe the sales price does not exceed the fair market value of the subject property.
Seller Name
For this property, an applicant’s gross annual income may not exceed
Should be Empty:

City of Austin's Income Eligibility Packet for Home Ownership

Home Buyer Applicant Information:

Mortgage Lender Information

Income Eligibility Questionnaire

Applicant Affidavit

Contact Information and Demographics

Acknowledgement of Affordability Restrictions

BUYER’S / SELLER’S CERTIFICATION

Buyer’s Statement

Seller’s Statement