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Valley CDC Mortgage Subsidy Eligibility FormCOMMUNITY PRESERVATION ELIGIBILITY DETERMINATION FORM The purpose of this form is to make sure that all project applications applying for Community Preservation Act funding are eligible for funding. Please refer to Appendix-E in the Community Preservation Plan when filling out this form. This form must be approved in order for an application to be accepted. Project Title: Northampton Mortgage Subsidy Program Project Sponsor/Organization: Valley Community Development Contact Name: Donna Cabana Property Owner, if applicable: Mailing Address: 256 Pleasant Street Suite A Northampton Daytime phone #: 413-586-5855 Ext. 180 Fax #: 413-586-7521 E-mail address: dc@valleycdc.com or pj@valleycdc.com CPA Program Area (check those that apply): � Open Space � Historic Preservation X Community Housing � Recreation Project Purpose (check those that apply): � Acquisition X Creation � Preservation X Support � Rehabilitation/Restoration Project Summary: Please provide a brief description of the project. The Northampton Mortgage Subsidy Program will track potential applicants and provide program information to LMI buyers who want to purchase in Northampton to ensure they meet program guidelines. Valley will assess the buyer’s ability to purchase within the program guidelines, educate the buyers on how they can qualify in the future by reducing debt, repairing credit, or increase savings over 18 months period; including assisting four (4) Moderate Income first-time homebuyer households of 100% AMI or below with a recapturable or partially forgiven deferred payment loan (DPL) of $50,000 per household. This program will allow 4 Northampton buyers to improve their current financial and housing situations, build assets, reduce debt, save for future expenses, and have a greater ability to withstand inflation and sustain long term housing situations as homeowners. For CPC Use Eligible: _____ Not Eligible: _____ Date: __________ Reviewer: ____________________