Subsidized Homes at CPC

Cathedral Park CoHousing—Income Qualification Information

CPC’s intent is to build an inclusive and diverse community including members with a range of income, age and ability. CPC will be a mixed-income community with both market rate and subsidized homes. 

All future CPC Members, both Equity (market rate) and Engaged (subsidized), start by taking part in a 2-month Explorer period. Explorers who are interested in purchasing a subsidized home will go through an income qualification process with our land trust partner, Proud Ground. Proud Ground will confirm income qualifications when CPC is within 12 months from construction completion (our projected completion date is mid-2028, so qualifying would begin mid-2027). Between now and then, we suggest becoming familiar with Proud Ground’s intake process and requirements. You DO NOT need to be a first-time homebuyer to qualify for a home with Cathedral Park Cohousing.

These are Proud Ground’s current requirements for home ownership through their program:

1. Income at 80% or below of Area Medium Income (AMI)
   1. The calculations change annually around March to June.
2. Debt not more than 10% of gross income
   1. Proud Ground recommends paying down your debt now if possible.
3. Mortgage and fees cannot exceed 38% of gross income
   1. This includes PITI (Principal, Interest, Taxes, Insurance), HOA fees (estimated $400) and Land Lease (about $58). 
4. Assets cannot exceed the cost of your chosen unit
   1. You don’t have to use your assets to buy the house, you can use a mortgage.
5. Credit Score a minimum of 620
   1. Better credit will lower mortgage interest.

Let us know if you have any questions and if you would like to hop in as an Explorer with CPC. We hope to welcome you into our community!

CLICK HERE TO BECOME AN EXPLORER