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. The remaining affordable two bedroom units are available on a first come first serve basis for eligible households.

Eligibility 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 $200,000 in equity after outstanding mortgage, legal and broker fees are paid.

• All applicants’ allowable household assets shall not exceed $75,000, 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.

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 $154,200 and the current area median income is $104,400, the Resale Price Multiplier would be $154,200/$104,400 = 1.47.

Upon resale, the Resale Price Multiplier is multiplied by the updated area median income number to determine the maximum resale price.

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.