Carriage House Junction

General Information

Carriage House Junction is a new 22 unit development located at 602 & 606 Essex Street in Hamilton, MA. Six (6) affordable three bedroom town homes will be available by lottery to eligible first time homebuyers.

Lottery Applicant Criteria:

• Must be a first time homebuyer (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 Hamilton Resident
• Employed by the Town of Hamilton
• Working in the Town of Hamilton
• Attending school in the Town of Hamilton

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 

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

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 3 bedroom affordable town home unit price is $180,000 and the current area median income is $82,400, the Resale Price Multiplier would be $180,000/$82,400 = 2.18.

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 2.18 = $189,660.

In addition, the Monitoring Agent may receive a resale fee than can be added to the maximum resale price. For example, assume the resale fee is 2.5% of the set new purchase price ($189,660 x 2.5% = $4,742). The total resale price would be $194,402.