Blanchard Place

Public Information Meeting:

7:00 p.m., Tuesday, February 19, 2008
Acton Town Hall, Room 204

Application Deadline:

March 14, 2008

Lottery Date:

7:00 p.m., Wednesday, March 26, 2008
Acton Town Hall, Room 204

Affordable Price:

Two Bedroom - $154,400
Three Bedroom - $171,700

Mortgage Pre-Approval:

A mortgage pre-approval letter is required to participate in this project. The pre-approval letter must be based on your credit score and current financial situation and MUST be from a bank and received with your application before the application deadline. A pre-approval letter from a mortgage company or an online letter will NOT be accepted. A list of banks will be available at the Public Information Meeting and upon request.

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:

Prospect Street

Town Website:

www.acton-ma.gov

Local Preference Criteria:

• Current Acton resident
• Employed by the Town of Acton, the Acton Public Schools, the Acton-Boxborough Regional School District or the Acton Water Department
• Parent, son, daughter or sibling of current Acton Resident
• Employee working in the Town of Acton

Maximum Allowable Income:

Total # of Units:

12

Unit Style:

Town Homes

Two Bedroom Unit:

Two bedrooms
2 1/2 bathrooms
One car garage
+/- 1,672 sq. ft.

Three Bedroom Units:

Three bedrooms
+/- 2,600 sq. ft.
2 1/2 bathroom
One car garage