Elm Court

Highlights

Elm Court is a new 7 unit town home development located at 1271 – 1285 Elm Street in Concord, MA. Two 2 bedroom affordable units are available, by lottery, to eligible first time homebuyers.

Public Information Meeting:

7:00 p.m., Wednesday, December 12, 2007
Dept. of Planning and Land Management
141 Keyes Road , Concord
1^st Floor Meeting Room

Application Deadline:

January 7, 2008

Lottery Date:

7:00 p.m., Wednesday, January 17, 2008
Dept. of Planning and Land Management
141 Keyes Road , Concord
1^st Floor Meeting Room

Affordable Price:

$160,000

Mortgage Guidelines:

There are specific mortgage guidelines that must be met. They are:

The loan must have a fixed interest rate through the full term of the mortgage.
The loan must have a current fair market interest rate. (No more the 2 percentage points above the current MassHousing Rate.)
The buyer must provide a down payment of at least 3%, 1.5% of which must come from the buyer’s own funds.
The loan can have no more than 2 points.
The buyer may not pay more than 38% of their monthly income for housing costs.

Location:

1271 – 1285 Elm Street , Concord

Town Website:

www.concordma.gov

Local Preference Criteria:

Applicants must meet at least one of the following to be in the local pool.

Current Concord Resident
Employed by the Town of Concord
Current employees and student of public and regional school district serving the Town of Concord

Proof of local residency will be verified if you have the opportunity to purchase.

Maximum Allowable Income:

Household Size	1	2	3	4
Max Allowable Income	$46,300	$52,950	$59,550	$66,150

Total # of Units:

# of Affordable Units:

Unit Style:

two bedroom town homes

Two Bedroom Units:

Two bedrooms
1300 sq. ft., not including attic space
2 1/2 bathrooms
Washer and dryer hookup