Canal Crossing

General Information

Canal Crossing is a new 16 unit town home development located on Honora Lane in Bourne, MA. Four (4) affordable two and three bedroom town homes will be available by lottery to eligible first time homebuyers. The 2 bedroom unit is an handicapped accessible unit.

PLEASE NOTE: Complete financial documentation and a mortgage pre-approval are required to participate in this lottery. A list of the required financial documents are located on the left navigation bar. Your mortgage pre-approval letter must be through a bank. An online mortgage pre-approval letter or a letter from a mortgage company will not be accepted. Your application will be incomplete and will not be included in the lottery without complete financial documentation and a mortgage pre-approval postmarked on or before the application deadline.

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 Size	1	2	3	4	5	6
Max Allowable Income	$40,150	$45,900	$51,600	$57,350	$61,950	$66,550

Household assets can not exceed $50,000. Retirement accounts will be counted. Refer to left navigation bar for Income and Assets Guidelines for complete list of applicable documents.

Local Preference Criteria
Households must meet at least one of the following criteria to be eligible in the local pool. Proof of local preference will be verified if you have the opportunity to purchase.

Current Bourne resident
Past Bourne resident
Currently working in the Town of Bourne
Immediate family (grandparents, parents, children or siblings) who live in Bourne

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

Total Number of Affordable Units:	4
Local Pool	2 (3 bedroom)
** Handicapped Pool	1 (2 bedroom)
At Large Pool	1 (3 bedroom)
Note: If there are no eligible handicapped applicants the designated handicapped unit will be distributed through the At-Large Pool.
Affordable Housing Price	Two Bedroom:	$138,550
	Three Bedroom:	$154,400

Housing Preferences

Preference for the two bedroom unit will be given to a household who requires two bedrooms. Preference for the three bedroom units will be for households that require three bedrooms. Unit preferences are based on the following:

a. There is a least one occupant and no more than two occupants per bedroom.

b . A husband and wife, or those in a similar living arrangement, shall be required to share a bedroom. Other household members may share but shall not be required to share a bedroom.

c. A person described in (b) shall not be required to share a bedroom if a consequence of sharing would be a severe adverse impact on his or her mental or physical health and reliable medical documentation is provided substantiating the adverse impact.

Deed Rider

YES. Deed restrictions are used to protect the affordability of the units for future buyers. The deed restrictions encumber the property in perpetuity, with certain exceptions. 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 2 bedroom affordable condominium unit price is $138,550 and the current area median income is $70,400, the Resale Price Multiplier would be $138,550/$70,400 = 1.96.

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 $74,000 the resale price would be determined as follows: $74,000 x 1.96 = $145,040.

Minority Preference

A preliminary lottery will be held if the percentage of minority applicants in the Local Preference Pool is less than 6.6%, as determined by recent Census data in the Barnstable Town MSA 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.