Ipswich River Point

General Information

Ipswich River Point is a new 36 unit development located at 82 Topsfield Road in Ipswich, MA. Nine (9) affordable two and three bedroom town home units will be available by lottery to eligible first time homebuyers.

Lottery Applicant Criteria:                     

• Must be a first time home buyer (not owned a home as a principal residence for a period of three years). Exception for displaced homemakers.

• Must not exceed the following maximum allowable income for your household size.

• Household assets can not exceed $50,000. Retirement assets are counted. Refer to Income and Asset Guidelines on left navigation bar for complete details.

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 verified if you have the opportunity to purchase.

• Current Town of Ipswich resident

• Member of immediate family of current Town of Ipswich resident

• Employed by the Town of Ipswich, any of its Department or Authorities

All applicants who apply for the lottery are included in the At-Large Pool.

Number of Affordable Units and Breakdown for those who meet the Local Preference Criteria

Housing Preferences
First preference for the two bedroom units will be given to households who require two bedrooms, based on household size. Second preference is for households that require one bedroom, based on household size.

First preference for the three bedroom units will be given to households that require three bedrooms, based on household size. Second preference is for households that require two bedrooms, based on household size and third preference is for households that require one bedroom.

Minority Preference
A preliminary lottery will be held if the percentage of minority applicants in the Local Preference Pool is less than 20.7%, as determined by recent Census data in the Boston-Cambridge-Quincy HUD defined area. This lottery will be comprised of all minority applicants who did not qualify for the local pool. Applicants will be ranked in order of the drawing. The Local Pool will be adjusted by adding the required number of applicants, in rank order, to achieve the appropriate minority representation in the Local Pool. Minority households are identified in accordance with the regulatory classifications established by HUD.

Deed Rider
YES. Deed restrictions are used to ensure the units are affordable for future buyers and are attached to the property in perpetuity. If you choose to sell your unit, 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. For example, the initial two bedroom unit price is $160,000 and the current area median income is $82,400, the Resale Price Multiplier would be $160,000/$82,400 = 1.94.

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 unit 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 x 1.94 = $168,780.

In addition, the Monitoring Agent may receive a resale fee that can be added to the maximum resale price. For example, assume the resale fee is 2.5% of the set new purchase price ($168,780 x 2.5% = $4,220). The total resale price would be $173,000.