Permanently Affordable Homes Program

Homes are sold at below market-rate prices to income eligible buyers who intend to owner occupy the home. Homes are permanently affordable and governed by an Affordability Covenant that limits the resale price and places other restrictions on the home. Homes for sale in this program are listed on the Homes for Sale page.

Each Permanently Affordable home has its own income limit. Many are lower than these limits. Check the homes for sale listed on our website for examples.

Income is based on gross income for standard employees and net income for self-employed people.

If there are questions regarding asset limits, please contact program staff as some exceptions can be made for extenuating circumstances (recent divorce, retirement, disability).

Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.

• Completion of city orientation and homebuyer education class
• One member of the household must work 30 hours/week unless retired or disabled
• Have a minimum of $2,000 toward down payment/closing costs (these costs will likely exceed $2,000)
• Qualify for a first mortgage loan
• Total debt to income ratio should not exceed 42 percent (learn more about debt to income ratios)
• May not own another home at time of purchase
• Home must be owner-occupied, rental restrictions apply
• Number of bedrooms may only exceed number in household by one
• Minimum work history of one year within the most recent 12 months
• Agree to all covenant restrictions