AFFORDABLE UNITS
The North Strand Condos has available through a lottery process eighteen (18)
deed restricted affordable condos for sale. The condos are designated under
the following Greater Boston Average Medium Income Restrictions (AMI): Six (6) Condos at the 70% AMI level and Twelve (12) Condos at the 80% AMI level.
Restricted Community Wealth Builder Housing Units must be sold to first time homebuyers as defined: First-time homebuyer means an individual or household, of which no household member has had an ownership interest in
a principal residence at any time during the three (3)-year period prior to the date of qualification as an eligible purchaser, unless such ownership was by
(i) any individual who is a displaced homemaker (as may be defined by the Massachusetts Executive Office of Housing and Livable Communities) (ii) any individual who is a single-parent who has only owned a house with a former spouse while married or (iii) any individual who has owned a dwelling unit
whose structure is not permanently affixed to a permanent foundation in accordance with local or other applicable regulations or is not in compliance with applicable building codes, or other applicable codes, and cannot be brought into compliance with the codes for less than the cost of constructing
a permanent structure.
At the time eligibility is determined, homebuyers must have assets, excluding qualified retirement plans, of less than $100,000.
Additionally, homebuyers must (1) qualify for a FHA, VA or Fannie Mae or Freddie Mac-conforming fixed-rate mortgage loan, (2) provide a minimum 3% down payment or qualify for an approved Down Payment Assistance program, (3) pay closing costs, and (4) complete homeownership counseling by the time of purchase.
