LEXINGTON COMMUNITY LAND TRUST

Homebuying Guide

Home Buying Guide Questions and Answers

Q: Who can buy a Community Land Trust (CLT) home in Davis Park?

A: Six lots are currently open for CLT homes to be built for low-income buyers. Our wait list will be a first-come, first-served wait list, but those who live in the areas surrounding Davis Park and those who have previously lived in Davis Bottom will have priority.  Up to seventy more affordable homes will be built in Davis Park over the coming years. 

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Priority for housing constructed in the new Davis Park neighborhood will be given – in this order – to:

Income-eligible, qualified households who wish to purchase homes in the new Davis Park, including (In order of priority):
a) Relocatees from the project and mitigation area in Davis Park,
b) Residents in the other project corridor neighborhoods (Irishtown, Pralltown, Woodward Heights, South Hill, Speigle Heights, Western Suburb, and Lauderman Alley),
c) Former residents and relatives of families living in the Davis Park neighborhood,
d) Fayette County residents, and
e) Other qualified residents.

Q:  Do I have to have a certain income to buy a home?

A:  Homes will be available for moderate-income households.  Check the chart below to see if your household's gross income falls between the income ranges below:
Income Caps for 2016
Family Size Gross
Median Income 
60% Area Median Income  80% Area Median Income 
1    $27,780
$37,050

2    $31,740 $42,350
   $35,700 $47,650
4
  $39,660  $52,900
5   $42,840  $57,150
6   $42,840 $61,400
7   $46,020 $65,600
8   $49,200 $69,850

If your household income falls at or between the amount listed for your family size, then you may be income-eligible.  This means that you can apply for homeownership and may be able to buy a home.

You must also earn enough income and be able to qualify for a mortgage to buy a CLT home.
 

Q:  How much income do I need to qualify for a mortgage?
A:  Your mortgage payment amount will depend on:

  • The price of your home
  • How much money you have saved for a down payment on a home
  • Whether you qualify for additional subsidies that will bring down the cost of your home such as Down Payment Assistance from any other agencies.
  • Your credit score (a higher credit score may decrease the interest rate on your mortgage, which could make your monthly payment lower.

Q:  When will the home prices be available to see?
A:  Estimated home prices are now available!  Please click here to view our homes to buy.

Q: Which Fayette County Public Schools do children in Davis Park attend?
A:  The new changes to the school enrollment plan will not affect Davis Park.  
        Elementary: Harrison Elementary
        Middle: Lexington Traditional Middle School
        High: Lafayette High School

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