Wild Rose Estates

General Information

Wild Rose Estates is a new 4 unit development located at the corner of Wild Rose Drive and Lowell Street in Andover, MA. One (1) affordable three bedroom town home is available by lottery to an eligible first time homebuyer.

Lottery Applicant Criteria:

1.  Must be a first time homebuyer (not owned a home as a principal residence for a period of three years.) Exception for:

• displaced homemakers, where the displaced homemaker (an adult who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family), while a homemaker, owned a home with his or her partner or resided in a home owned by the partner;

• single parent, where the individual owned a home with his or her partner or resided in a home owned by the partner and is a single parent (is unmarried or legally separated from a spouse and either has 1 or more children of who the individual has custody or joint custody, or is pregnant);

• households where at least one household member is 55 or over;

• households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; and

• households that owned a property that was not in compliance with State, local or model building codes and that cannot be brought into compliance for less than the cost of construction a permanent structure.

2.  Must not exceed the following maximum allowable income for your household size.

3. Assets can not exceed $75,000.  Retirement assets are counted. 

• Individual retirement, 401K and Keogh accounts are included at 100% of the account value. 

• The value of Retirement and Pension Funds differ if you are employed or are no longer working.  If still employed the value is determined using the amount you can withdraw less any penalties or transaction costs.  At retirement, termination of employment or withdrawal periodic receipts from pension and retirement funds are counted as income.  Lump sum receipts are counted as assets. 

See Income and Asset list for complete details.  Located on the left navigation bar.

Local Preference Criteria

This unit is for a household who meets at least one of the following Local Preference criteria. Proof of local residency will verified if you have the opportunity to purchase. If the unit is unable to be filled with a local household the unit will be open to applicants who are not in the local pool based on household size and lottery ranking.

 Current Resident of the Town of Andover

 Employees of the Town of Andover

All applicants who apply for the lottery are included in the At-Large Pool.

Minority Preference

If the percentage of minority applicants in the Local Pool is less than the percentage of minorities in the surrounding HUD-defined area (as determined by the most recent Census data), a preliminary lottery will be held compromised of all the minority applications who do not qualify for the Local Preference Pool and applicants should be ranked in order of the drawing. The Local Preference Pool will then be adjusted by adding the required number of minority applicants according to their ranking from the Open Pool to the Local Preference Pool to achieve the appropriate representation.  The actual percentage for the Andover Metropolitan Statistical Area is 20.7%.

Minority households are identified in accordance with the regulatory classifications established by HUD: Black/African American; Asian; Native American or Alaska Native; Native Hawaiian or Pacific Islander; or other (not White); and Hispanic/Latino.

Number of Affordable Units and Breakdown for those who meet the Local Preference Criteria  

Total Number of Affordable Units:    1

Affordable Housing Price:      $175,000

Housing Preferences

Unit preference for the three bedroom unit will be given to a household which require three bedrooms, based on household size. Second preference to households which require two bedrooms, based on household size and third preference to household 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

YES. 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 3 bedroom affordable town home unit price is $175,000 and the current area median income is $85,300, the Resale Price Multiplier would be $175,000/$85,300 = 2.05.

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 than can be added to the maximum resale price.