What is expected of me as a potential homeowner?

To participate in the program you need to:

  • Meet income qualifications
  • Use pre-approved lender
  • Attend Homebuyer Education Program
  • Pay the ground lease fee
  • Maintain your property (inside and out)
  • Learn what improvements you can/can’t make on the home
  • Live in your new home (your home must be owner-occupied)

What household income limit requirements do I have to meet to be eligible?

Use the two tables below to find out whether your income falls below 80% AMI or below 120% AMI. This is used to determine which programs you may be eligible for. Your household income relative to the number of persons living with you should fall under the amounts listed below. 

For example: If there are 4 people in your household and you make $65,000 annually, you fall within 120% AMI. 

50% AMI -Bright/ Venture House Rental Program 

Number of People Residing in the House Income Limits
1 $20,950
2 $23,950
3 $26,950
4 $29,900
5 $32,300
6 $34,700
7 $37,100
8 $39,500

80% AMI – Bright Home Ownership Program

Number of People Residing in the House Income Limits
1 $33,500
2 $38,300
3 $43,100
4 $47,850
5 $51,700
6 $55,550
7 $59,350
8 $63,200

120% AMI – Bright Home Ownership Program

Number of People Residing in the House Income Limits
1 $50,280
2 $57,480
3 $64,680
4 $71,760
5 $77,520
6 $83,280
7 $89,040
8 $94,800

 

How is homeownership through Bright Community Trust similar to traditional homeownership?

  • Security and privacy of homeownership
  • You will have a mortgage
  • You will pay taxes, insurance and fees
  • You can make improvements to the home and land
  • You are responsible for landscaping and maintenance
  • You receive federal and state tax benefits
  • Property can be inherited by homeowner’s heirs
  • You have the right to sell the home at a later date

Can I make home improvements?

It depends on the home improvement. If your improvement is minor you can go ahead with your project.

Examples of minor projects:

  • Changing paint colors or wallpaper
  • Carpeting
  • Adding a utility shed (less than 100 sq. ft)

If your home improvement is more significant, it may require a permit and/or inspection from Pinellas County. In these cases, you need to advise Bright Community Trust in advance and obtain permission from the construction manager.

Pinellas County requires a permit in the following instances:

  • Any new building or addition
  • Remodeling or demolition
  • Any work costing in excess of $500
  • Any work requiring an inspection

The following are not permitted:

  • Above ground or below ground pools
  • Spas

What happens when I want to sell my home?

The big advantage of home ownership is the ability to establish equity in your purchase and take advantage of favorable trends in the housing market. As a Bright Community Trust homeowner, you will be entitled to a fair return on your investment. Our resale formula provides the next buyer with the same exciting opportunity for a great home at a fair price.

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