209 Parkerville Road

General Information

209 Parkerville Road is a fully renovated affordable three bedroom single family home for an eligible first time homebuyer (certain exceptions and local preference will apply). This home features 2 bathrooms, full basement with washer and dryer hookup, and deck in 1224 livable square feet. Kitchen appliances include stove, refrigerator and microwave.

Lottery Applicant Criteria:

1. Household income can not exceed the following maximum allowable income for your household size.

Household Size	1	2	3	4	5	6
Max Allowable Income	$45,100	$51,550	$58,000	$64,400	$69,600	$74,750

2. Household must be a first time homebuyer defined has not having owned residential property for three years. ** The following exceptions apply:

a. 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;
b. 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);
c. households where at least one household member is 55 or over;
d. households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; and
e. 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.

** A home owned by one of the above exception must be sold prior to closing on the affordable unit.

3. Total household assets shall not exceed $75,000. Liquid retirement assets are counted.

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

Complete Income and Asset Guidelines are listed on the left navigation bar.

# of Affordable Units	One
Maximum Price	$189,000
Mortgage Pre-Approval:	All applicants must include a mortgage pre-approval letter, from an institutional lender familiar with affordable deed restrictions, and complete financial documentation with the application. Mortgage Guidelines:
	There are specific mortgage guidelines that must be met. They are: 1. The loan must have a fixed interest rate through the full 30-year term of the mortgage. 2. The loan must have a current fair market interest rate. (No more the 2 percentage points above the current MassHousing Rate.) 3. The buyer must provide a down payment of at least 3%, 1.5% of which must come from the buyer’s own funds. 4. The loan can have no more than 2 points. 5. The buyer may not pay more than 30% of their monthly income for housing costs.
Financial Documentation:	Complete financial documentation is required to participate in the lottery. The list of required financial documentation is located on the left navigation bar. If your documentation is incomplete you will not be included in the lottery.
Local Preference Criteria:	You must meet at least one of the following to be eligible for Local Preference: 1. Current Southborough Resident 2. Currently employed by the Town of Southborough 3. Currently employed by the Southborough Public School Dept., Algonquin Regional High School or Assabet Valley Regional Vocational School 4. Employees of local Southborough businesses 5. Households with children attending Southborough Schools, i.e. Metco Students
Proof of local residency will verified if you have the opportunity to purchase.
Housing Preferences This unit is for a household who meets at least one of the above Local Preference criteria. However, if there are no eligible local applicants, the unit will be available to eligible non-local applicants. Preference for the three bedroom unit will be given to household that requires three bedrooms, second preference is for households requiring two bedrooms and third preference is for a household requiring one bedroom. 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. The deed rider requires principal residency, affordability for perpetuity and prior approval from the Town and DHCD for capital improvements and refinancing. If you choose to sell your unit, there is a limit on the resale price. The maximum resale price is determined by DCHD using a Resale Price Multiplier, a figure calculated by taking the initial sales price and dividing it by the area median income. For example, if the initial price is $189,000 and the current area median income is $103,800, the Resale Price Multiplier would be $189,000/$103,800= 1.82. Upon resale, the Resale Price Multiplier is multiplied by the updated area median income number to determine the maximum resale price. Minority Preference A preliminary lottery will be held if the percentage of minority applicants in the Local Preference Pool is less than 13%, as determined by recent Census data in the Boston 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.