Regency at Bolton

General Information

Regency at Bolton is a new 60 unit age-qualified (55+) development located on 893 Main Street (Route 117) in Bolton, MA. Fifteen affordable two bedroom units will be available by lottery for eligible households. There will be a minimum of two lotteries. This lottery is for the first six units only.

Lottery Applicant Criteria:

• Household income can not exceed the following maximum allowable income limits.

• If applicants are current homeowners and have an opportunity to purchase their homes must be sold and they are limited to $150,000 in equity after outstanding mortgage, legal and broker fees are paid.

• All applicants’ allowable household assets shall not exceed $50,000, the full value or portion of retirement assets are counted if you are not currently receiving income from them. Refer to the left navigation bar for complete details.

  Additional Guidelines:
  
• At least one household member must be 55 years of age or older.
• Each unit shall be occupied by no more than three (3) persons; however a fourth occupant shall be allowed for the purpose of providing health care to the occupants.
• Children under the age of eighteen shall not be allowed to live in any Unit as their primary residence or reside in a Unit except as a guest, whose visit can not exceed one (1) month at any one time and not exceed a cumulative total of six (6) weeks in a year.
• Units must be owner occupied. They cannot be rented or leased.
• Non-household members are not permitted to be co-signers on the mortgage.
• Buyers are responsible for 5% down payment and closing costs.

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.

• Current Bolton Resident
• Adult child or parent of current Bolton resident
• Employee of the Town of Bolton or Nashoba Regional School District

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
Preference for the units will be given to households which require two bedrooms, based on household size. Second preference is given to households that 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 13.5%, as determined by recent Census data in the Eastern Worcester County, MA HUD Metro FMR 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 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. For example, the initial 2 bedroom price is $150,000 and the current area median income is $93,900, the Resale Price Multiplier would be $150,000/$93,900 = 1.59.

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 $97,000 the resale price would be determined as follows: $97,000 x 1.59 = $154,230.

In addition, the Monitoring Agent may receive 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 ($154,230 x 2.5% = $3,856). The total resale price would be $158,086.