General Information

Summerfield at Taft Hill is a new 130 unit 55+ Age-qualified Town Home development located on Douglas Road in Uxbridge, MA. A total of 15 affordable two bedroom town home units will be available by lottery to eligible 55+ age-qualified homebuyers in two lotteries. This information is for the first seven units only.

Lottery Applicant Criteria:

• Maximum allowable income limits can not exceed the following limits.

• At least one household member must be 55 years of age.

• May currently own home which must be sold if you have an opportunity to purchase. You are limited to $200,000 in equity after outstanding mortgage, legal and broker fees are paid.

• Household assets can not exceed $50,000.Retirment accounts will be counted. Complete Income and Asset Guidelines are located on the left navigation bar.

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 than 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.

Local Preference Criteria:
You must meet at least one of the following to be eligible for one of the four Local Preference units.

• Current Uxbridge Resident
• Employee of the Town of Uxbridge
• Parents or children of current Uxbridge residents

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

Housing Preferences
Preference will be given to local residents for four of the seven units. Refer to the application for the local preference guidelines. Preference for the two bedroom units will be given to households which require two bedrooms based on household size. Second Preference for households which require one bedroom based on household size. 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
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 2 bedroom affordable town home unit price is $137,800 and the current area median income is $72,800, the Resale Price Multiplier would be $137,800/$72,800 = 1.89.

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 $75,000 the resale price would be determined as follows: $75,000 x 1.89 = $141,7502.5% of the set new purchase price ($168,780 x 2.5% = $4,220). The total resale price would be $173,000.

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 Worcester 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.

Minority households are identified in accordance with the regulatory classifications established by HUD.