2500 22nd Ave N Townhouse

Evergreen Twin Cottages, Phase I (ETC I) is an urban infill, mixed-income, lease-option, workforce housing program/project, to be developed in Evergreen Neighborhood, less than one mile north of Top Golf and the new Protective Stadium, Birmingham's newly constructed multi-purpose stadium. Targeted to service workers, such as U.S. Military personnel, veterans, law enforcement officers, firefighters, doctors, nurses, emergency medical technicians (EMT’s), postal workers, and pre-K through 12th grade teachers, earning 90- to 140 percent of the Birmingham-Hoover, AL HUD Metro FMR family median income, each semi-attached single-family home will have its own street address, large backyard, privacy fencing, and detached, alley-loaded, one-car garage. To qualify for this lease-option workforce housing project/program, you must, first, be a U.S. citizen or Permanent Resident Alien, second, meet the occupation and income criteria, as described above, and, third, have... * A minimum credit score of 620 * 12 months of on-time rent payments, at your previous residence * A minimum of one-third (1/3) of the Option Fee amount for the home set aside for your income level/tier, in your savings account, 401(K) pension account, or gifted to them from a friend, family member, and/or nonprofit agency * A gross monthly income that is 2-1/2 to 3 times the monthly Lease Rental amount for the unit set aside for your income level/tier * Two (2) to three (3) years, since any Bankruptcy Discharge Date, and two (2) to three (3) years, since any Foreclosure Sale Date If qualified AND your lease application is accepted, you (the Lessee) will be offered a 12-month Residential Lease with Option to Purchase Agreement (Lease Option Agreement) from HHLA (the Lessor). If you accept the terms and conditions of the Lease Option Agreement, you must sign the Agreement, pay one-third of the non-refundable Option Fee, which is equal to three percent (3%) of the Sale Price of the property set aside for your income tier, and pay the first month’s Lease Rental, to HHLA, prior to moving into the home. The Lease Option Agreement will be extended annually, by written agreement, for up to three years, at a four percent (4%) Lease Rental increase per year, if you are not in breach of any of the Lease terms and are making progress toward exercising your Option to Purchase. You will need to obtain and maintain a Renter’s Insurance policy, to cover losses/damages to the property, losses/damages to personal property, and provide liability coverage, if someone is injured, while on the Premises. After leasing the property for 24 consecutive months, you may exercise your Option to Purchase the property, at any time, but no later than 60 days prior to the expiration of the third and final 12-month Lease Term. Simply request that the Alabama Residential Real Estate Purchase Agreement be emailed to you, sign it, and return it to HHLA. However, once the third Lease Term has expired, and you have not exercised your Option to Purchase the property, you must vacate the Premises immediately, freeing up HHLA to make any needed cosmetic touch-ups and/or major repairs to the property; list and show it; and consider and negotiate other offers, from other interested Buyers, for the property. You will forgo any and all money paid during the three Lease Terms, including the nonrefundable Option Fee. As mentioned above, a Sale Price has been computed for each workforce housing unit, based primarily on income tier served (See Affordable Purchase Prices chart on the last photo in this listing (Photo 24).). For example, if your household’s annual income falls into the 90% income tier - $53,450 - $88,550 - the Sale Price for the property set aside for your income tier is $387,200, and the 3% Option Fee is $11,616, which, when paid in full, gives you the exclusive right to purchase the property, before the expiration of the third and final Lease Term. One hundred percent (100%) of the paid Option Fee will be deducted from the Sale Price, should you exercise your Option to Purchase the property, before the expiration of the third Lease Term. Also, you will pay all Buyer-related closing costs, if and when you qualify for a mortgage and purchase the property. It is, therefore, important that you save additional funds, during the life of your lease, towards these costs. Lastly, HHLA will record a Second Mortgage in the Jefferson County Probate Court Land Records Office, in the amount of the difference between the appraised value of the property and the Sale Price. You will not have to make any payments on the Second Mortgage, as long as you meet the program requirements. You will be released from the Second Mortgage, after living in the property, as a homeowner, for three additional years. If you absolutely must sale, before the three-year anniversary of the purchase date, you will be required to pay the remaining balance on the Second Mortgage, to HHLA, from the proceeds of the sale of the property, at a rate of 33 percent (33%) loan balance reduction per year.