It means that when the unit/home was constructed the builder worked with the city to offer it as affordable housing. Meaning that there are income qualifiers. The dollar amount varies by the size of the unit and number of people in your household. Common Maximum Incomes For ARCH Home Ownership Program 2008 listed below.
Unit Type Household Size 120% 100% 90% 80%
Studio 1 Person $68,376 $56,980 $51,282 $45,584
2 Person $78,144 $65,120 $58,608 $52,096
1 Bdrm 1 - 2 Person $78,144 $65,120 $58,608 $52,096
2 Bdrm 1- 3 Person $87,912 $73,260 $65,934 $58,608
3 Bdrm 2 - 4 Person $97,680 $81,400 $73,260 $65,120
The program also stipulates that the property must be owner occupied and when you sell it, the city sets the price by using a formula based off of the original sales price and an appreciation index. The city has first right of refusal to purchase. If they don't purchase it, the new buyer has to be qualified under the ARCH income guidelines.
Essentially it's a program that allows lower income families to purchase homes in neighborhoods that they traditionally wouldn't be able to. The resale guidelines are set in place to keep affordable housing available in the future. - Mon Mar 23 2009, 20:48