Housing Project With New Offer Price
The Town of Winchendon, through its Department of Planning and Community Development, announces the release for sale of an Affordable Housing Project, a renovation of a town owned property located at 11 East Street. This the latest project in the Town of Winchendon’s ongoing efforts to create enough homebuyer opportunities for families who are at or below 80% of the HUD-established median income for Winchendon. For a family of four, the household income limit is currently $64,200.
The Town of Winchendon is working with the Greater Gardner CDC to market this project to potential applicants. Gerry White, Director of the Winchendon’s Department of Planning & Community Development is very excited to start this process. “We are thrilled to offer this fully restored property at a new price that is affordable to low and moderate income families” says White.
The two story, eight room home has four bedrooms and has been beautifully restored. The home has ample living space, 1 full and 1 three quarter baths, unfinished full basement, first floor washer/dryer hook-up, town water and sewer and oil heat. The price for the home has been set at $99,900 with the Town providing up to 1.5% of the sales price toward the buyer’s required down payment. Buyers will be chosen through a state-approved lottery process.
The project is funded, in part, by Community Development Block Grant funds through the Massachusetts Department of Housing and Community Development and administered by the Town of Winchendon. Interested persons must be “first-time homebuyers,” which is broadly defined, including but not limited to, someone who has not owned a home in the previous three years, a displaced homemaker, or someone with a family member who is 55 years of age or older. Applicants must also be verified to be of Low to Moderate Income status.
Interested applicants must obtain traditional mortgage pre-qualification for the amount of the purchase of the home. James Cruickshank, Executive Director of the Greater Gardner CDC, suggests those interested should begin to look in to this process early. “Qualifying for a traditional mortgage may take some time” says Cruickshank. “There are many options available to buyers, but each has its own unique qualifications and requirements.” Those needing guidance in this process can contact the Greater Gardner CDC to attend a First Time Homebuyer Education class. Classes are held monthly.
Those interested can call the CDC at 978-630-2975 for further information. Application packets will be available starting mid March, 2013. Interested applicants should call the Greater Gardner CDC at 978-630-2975 for further information.