Whittridge Place
General Information
Whittridge Place is a new 36 unit town home development located
on Mt. Vernon Street in North Reading , MA . Nine (9) affordable
two bedroom town homes will be available by lottery to eligible
first time homebuyers.
Lottery Applicant Criteria:
| Household Size |
1 |
2 |
3 |
4 |
| Max Allowable Income |
$46,300 |
$52,950 |
$59,550 |
$66,150 |
- Household assets can not exceed $50,000. Retirement assets are counted.
| 1. |
Individual retirement, 401K and Keogh accounts are included at 100% of the account value. |
| 2. |
The value of Retirement and Pension Funds differ if you are employed or are no longer working. If still employed the value is determined using the amount you can withdraw less any penalties or transaction costs. At retirement, termination of employment or withdrawal periodic receipts from pension and retirement funds are counted as income. Lump sum receipts are counted as assets. |
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Refer to left navigation bar for complete Asset/Income Guidelines. |
Local Preference Criteria
Households must meet at least one of the
following criteria to be eligible in the local pool. Proof
of local residency will be verified if you have the opportunity
to purchase.
- Employees: The definition of Employees shall be: “Active permanent full time or part time employees of the Town of North Reading, not including probationary, seasonal, or temporary employees.
- Residents of North Reading: Current North Reading residents, with verification provided by current utility bill.
- Parents or siblings of current North Reading residents: with verification provided by current utility bill and with relationship documented via copy of birth certificates.
- Persons who had resided in North Reading within 2 years immediately preceding their application for an affordable unit.
Number of Affordable Units and Breakdown for those who meet
the Local Preference Criteria
|
Total Number of Affordable Units: |
9 |
|
Local Pool |
6 |
| At
Large Pool |
3
|
| Affordable Housing
Price |
$164,000 |
Housing Preferences
Preference for the units will be given to households who
require two bedrooms. Second preference is for households who
require one bedroom.
Deed Rider
Deed restrictions are used to ensure the homes are affordable
for future buyers and are attached to the property in perpetuity.
If you choose to sell your home, there is a limit on the resale
price. The maximum resale price is determined using a Resale
Price Multiplier, a figure calculated by taking the initial
sales price and dividing it by the area median income. Fox
example, the initial town home price is $164,000 and the current
area median income is $82,400, the Resale Price Multiplier
would be $164,000/$82,400 =1.99.
Upon, resale, the Resale Price Multiplier is multiplied by
the updated area median income number to determine the maximum
resale price. For example, if the original buyer decides to
sell the home in 5 years and (we assume) the then current area
median income has increased to $87,000 the resale price would
be determined as follows: $87,000 x1.99 = $173,130.
In addition, the Monitoring Agent receives a resale fee that
can be added to the maximum resale price. The fee is equal
to 2.5% of the set new purchase price (i.e. $173,130 x 2.5
= $4,328.25). The total resale price would be $177,638.
Minority Preference
If the percentage of minority applicants in the Local Preference
Pool is less than the percentage of minorities in the Surrounding
HUD-defined area (as determined by the most recent Census data),
a preliminary lottery will be held comprised of all the minority
applications who do not qualify for the Local Preference Pool
and applicants would be ranked in order of the drawing. The
Local Preference Pool would then be adjusted by adding the
required number of minority applicants according to their ranking
from the At-large pool to the Local Preference Pool to achieve
the appropriate representation.
*** There may be changes to this Information.
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