Wednesday, March 2, 2022

Affordable Homeownership Housing Lottery: 87 Medford St. by Jackie Piques

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Affordable Homeownership Housing Lottery: 87 Medford St.

by Jackie Piques

Located at 87 Medford Street in Medford, MA, 519 on Broadway is a new 55-unit development offering 4 one-bedroom condos and 2 two bedroom condominium for sale, by lottery, for eligible first time homebuyers (certain exceptions apply).  The units have one or two bathrooms, and one assigned surface parking, at no charge. The sq ft ranges from 706-877 for a one-bedroom unit and 1,074 or 1,104 for the two-bedroom units. Refrigerator, stove/oven, microwave, dishwasher, washer/dryer, and central air are included. Pets are allowed per the pet policy – 40 lbs. or less with breed restrictions.

ACCESS THE APPLICATION PACKET HERE

 The maximum sales price for the affordable units are:  

Unit # Bedroom Size Monthly Fee Price
202 1 $280.64 $245,000
210 2 $408.61 $260,300
307 1 $301.30 $241,600
313 2 $390.20 $263,400
414 1 $300.40 $241,800
415 1 $300.40 $241,800

KEY MEETING DATES
Public Information Meeting via Zoom
6:00 p.m., Tuesday, April 5, 2022
Go to Zoom.com and provide the following, when prompted:
Meeting ID: 840 8289 2754
Passcode: 582708

Application Deadline
May 2, 2022

Lottery via Zoom
3:00 p.m., Friday, May 27, 2022
Go to Zoom.com and provide the following, when prompted:
Meeting ID: 848 4337 1125
Passcode: 706645

If you have questions and cannot attend the Public Information Meeting, please contact the third-party lottery agent, MCO Housing Services, at 978-456-8388 Or email: lotteryinfo@mcohousingservices.com

PLEASE NOTE:  All applicants must include a mortgage pre-approval letter, from an institutional lender familiar with affordable deed restrictions, and complete financial documentation with the application.  An application will be considered incomplete and will not be included in the lottery if a mortgage pre-approval letter and all financial documentation is not received on or before the application deadline.  Applicants who submit an incomplete application will be notified after the application deadline and will NOT be included in the lottery.  An FHA or VA loan are not acceptable as they do not close on Deed Restricted properties.  Quicken loans are not accepted as they have no experience with deed restricted properties in Massachusetts.

ACCESS THE APPLICATION PACKET HERE

Jackie Piques | March 2, 2022 at 6:05 pm | Categories: Uncategorized | URL: https://www.medfordma.org/?p=30999


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5:44 pm March 2 2022


 

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