Step 5: Prepare for Purchase (new construction only)
For New Construction - Prepare for Purchase:
Meet with KulshanCLT staff to sign a Presale Approval Letter. This letter is an early commitment to purchase a property that is currently under construction. It conditionally commits KulshanCLT and the Finalist to sign a PSA on the selected home once the home is closer to completion, as long as certain requirements are met (like maintaining income eligibility and completing certain steps for pre-purchase).
Complete Other Requirements for Purchase. Sometimes homes are made affordable in part using federal funding from the Self-Help Homeownership Opportunity Program (SHOP). Buyers for these homes must be willing to volunteer 50 hours (or 100 hours for families with two adult heads of household) toward the construction and landscaping of their home prior to closing. New development projects may also be forming new Home Owners Associations (HOAs) and would benefit from future homebuyers participating in the HOA’s board set-up.