New Path to Homeownership Opens at The Gables

The going rate for a condo in The Gables at Westhampton Beach, a 45-unit complex on Depot Road, ranges from $1.4 to $1.8 million.

Now, seven of them will be sold for a fraction of the price.

Thanks to a partnership between The Gables, the Long Island Housing Partnership and the village, the discounted two-bedroom condos will be offered to first-time homebuyers only for $535,875 via a first-come, first-served application process.

But there are rules in place, the application explains. Future appreciation is limited, in order to keep the condos affordable, and the buyer may not sell the condo at a profit for at least three years. The village also has the right of first refusal to buy back the condo before it is offered for sale.

In addition to two bedrooms, the condos also have 2½ bathrooms and access to amenities, including a gym, pool and a walking trail. Buyers must not have owned a home for the past three years, successfully secure a mortgage and make a down payment of at least 3 percent of the purchase price.

To qualify, buyers can earn up to 130 percent of area median income, according to the application, or $150,050 for an individual, $171,500 for a couple, and $192,950 for a family of three. Income limits increase for larger households — up to $231,500 for a family of five.

Buyers are responsible for $846 a month in common charges to cover landscaping, snow removal and pool maintenance, and between $195 to $300 in real estate taxes, depending on the unit.

Mortgage counseling through Long Island Housing Partnership and a $50 application fee are also required. For more information, visit lihp.tfaforms.net/5103626.