Depot Square Condominiums

General Information

Depot Square Condominiums is new 46 unit condominium project located at 116-128 Rantoul Street in Beverly, MA. One affordable garden style unit is available for eligible first time homebuyers.

Lottery Applicant Criteria:

1. Must be a first time homebuyer defined has not having owned residential property for three years exception for displaced homeowners. A displaced homemaker is defined as:

• displaced homeowner: A displaced homeowner is an individual who is an adult, who has owned a home only with a spouse, who is legally separated from a spouse, and who does not currently own the home previously owned with a spouse.
• household that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
• household that owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
• An age-qualified household (in which at least one member is age 55 or Over) which is selling a home in order to purchase a unit.

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

3. All applicants’ allowable assets shall not exceed $50,000. Retirement assets are counted. While employed only the amounts the applicant can withdraw are counted less the early withdrawal assessed penalties. Complete Income and Asset Guidelines will be provided if you have an opportunity to purchase, at the Public Information meeting, upon request or you can view online at www.mcohousingservices.com.

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:
There is no local preference as there is only one unit available.

Housing Preferences
This lottery is open to all applicants and will have one lottery pool.

Preference for the one bedroom unit will be given to households which require a one bedroom unit. Unit preferences are based on the following:

• There is a least one occupant and no more than two occupants per bedroom.
• 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.
• 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 one bedroom affordable condominium unit price is $138,000 and the current area median income is $82,400, the Resale Price Multiplier would be $138,000/$82,400 = 1.64.

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