Property with Afoordable Housing Program RESTRICTION

[Nataly D.]

I have found THE property. They are immaculate4 units, in a 2, 2 family in one lot style. I walked in and felt as if it was too goof to be true. The property is priced below the market value, to which I would make an offer above the asking anyway as it is extremely competitive in Central MA. I thought it was too good to be true after walking through one of it's 4 units, and indeed it was.

As great and as updated as the property is it won't change the fact that there is a restriction/agreement on the registry of deeds. Basically if I understand it correctly the seller took a loan from an Affordable Housing Program in our area that restricts the Landlord from renting to tenants making more than 110% AMI (Area Median Income), which to be is no big deal as for my area it would be around $70,000 a year for one person anyway,and anyone making that much money isn't going to be renting my apartments. So what's the problem? Well, it turns out no lender wants to lend on a property with a restriction, even if it is the scenario I just explained. I am turning for help from my fellow Biggepocketiers. Has anyone even bought a property with this type of restriction/agreement? If so, was is hard to obtain financing? Any information helps.

Thanks in advance!

[Jahan Habib]

@Nataly D. Please try the lenders listed in this link: http://www.buyworcesternow.com/ or https://www.naca.com/

Good luck with the process -- please let me know if you need any additional insights. Worcester has been on an upswing lately (as you may know).