SECTION 1. Notwithstanding any special or general law to the contrary, there shall be established a down payment assistance program administered by MassHousing for first-time home-buyers who are middle-income residents of the Commonwealth to purchase new manufactured homes as defined in section 32Q of chapter 104. A home-buyer shall be eligible to participate in the down payment assistance program provided the buyer meets, but not limited to, the following requirements as determined by MassHousing:-
(a) the buyer’s primary residency is the Commonwealth and has resided in the Commonwealth as the primary place of residency for not less than 2 successive years;
(b) the buyer is a first-time home-buyer;
(c) the applicant has a qualifying net income that shall not exceed 100% of the area median income for the area that the manufactured home will be located, dependent on the buyer’s household size;
(d) the buyer has a qualifying credit score;
(e) the buyer has a qualifying debt to income ratio;
(f) the buyer owns land in the Commonwealth that the manufactured home will be placed on;
(g) the manufactured home shall serve as the buyer’s primary place of residence;
(h) the buyer has completed a home-ownership education course approved by MassHousing.
Down payment assistance shall be applied as 3% of the purchase price or $10,000, whichever is lower, subject to return of payment to MassHousing in the form of a fixed-rate loan at 1% for a 15-year repayment term. Repayment of the down payment assistance shall be due upon refinancing the property or sale of the property prior to the end of the 15-year term.
SECTION 2. MassHousing shall promulgate any necessary rules or regulations for purposes of carrying out Section 1.
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