Steps to Homeownership

Our Homeownership Program

Our homeownership program is open to anyone who is income qualified (see below) and wants to live in Ulster County and surrounding areas and can obtain financing for a primary loan. When thinking about your eligibility, you should consider your income and employment, as well as your credit history and savings. These are the factors that a lender will consider when you apply for a mortgage. We recognize that prospective homebuyers may be at different stages of the homebuyer process and can help connect you to other community resources to assist you along the process.

If you want to buy a house with TapRoot CLT, a staff member can help you identify how much you can afford and your eligibility. During the final application process, you will meet one-on-one with a staff member to review your specific situation.

Income Qualification

In order to qualify for a TCLT home, the entire household gross income for all household members over the age of 18 must be equal to or less than 80% of the Area Median Income (AMI) in Ulster County. The US Department of Housing and Urban Development adjusts these income limits annually.

If you make less than the amount listed for your household size, then you may qualify:

Income Limits	Annual	Monthly
1 Person Household	$62,550	$5,213
2 Person Household	$71,500	$5,958
3 Person Household	$80,450	$6,704
4 Person Household	$89,350	$7,446
5 Person Household	$96,500	$8,042
6 Person Household	$103,650	$8,638
7 Person Household	$110,800	$9,233
8 Person Household	$117,950	$9,829

Resources

Homebuyer Orientation Document

This brief document will orient you generally to CLT homeownership. It defines key terms and has a breakdown of how CLT equity works.

TapRoot CLT Ground Lease & Rider

This sample ground lease details the specific legal agreement that a CLT homeowner makes with TapRoot CLT.

Plain Language Summary of Ground Lease

This document translated some of the legal language of the ground lease into plain language so that the agreement is accessible to all audiences. If you have any questions about the ground lease, please contact us!