Stagecoach Heights Development – Affordable Units

Introduction

Stagecoach Heights is in Hopkinton , Massachusetts located off of Route 135 on Wood Street . Selected units will be affordable units under the New England Fund of the Federal Home Loan Bank Board (FHLBB).  These units will be made available at sales prices of $173,500 for two bedroom units and $181,900 for three bedroom units.  The units will include the standard FHLBB 99 year deed rider to ensure their long term availability as affordable units. 

To ensure that the houses will be made available in a fair and equitable manner, a lottery of eligible applicants will be held in accordance with the Fair Housing Marketing Plan.  The applicants chosen in the lottery will be screened for income qualification and will be offered an opportunity to purchase units based on the order in which they will have been drawn in the lottery.

Income Eligibility

In order to be eligible for the lottery, applicants must meet all of the following requirements.

a)  Applicants must be first-time home buyers. A person is a “first-time home buyer” if no person in his or her household has, within the preceding three years, owned a home or owned an interest in a home with one or more people, such as through joint ownership.  Displaced homemakers and households over the age of 55 do not have to be first-time homebuyers, but must sell their current property in order to purchase a unit in the Stagecoach Heights development.

b)  Applicants must have household income not exceeding the following limits (80% of HUD median income limits) and must have a maximum family size of four persons for a two bedroom unit and six persons for a three bedroom unit:

          Household Size         Maximum Bedroom                 Household Income Limit
                                                       Unit                                       (HUD 80% of Median)

           1  person                      2                                              $46,300
           2  persons                    2                                              $52,950
           3  persons                    2                                              $59,550
           4  persons                    2                                              $66,150
          5  persons                    3                                              $71,450
          6  persons                    3                                              $76,750

c)  Applicants should be able to provide a down payment in an amount necessary to purchase the unit.

d)  Applicants should also be able to meet closing costs associated with getting a mortgage, which can range up to 5 percent of the sales price.

e)  Applicants must be able to support the monthly costs of the unit including the mortgage housing costs and other debt.

f)  A good credit history is required, however previous problems may be explained.

Lottery Eligibility

Hopkinton Resident - Local Preference - A member of the applicant's household must either be a Hopkinton resident, immediate family member of a Hopkinton resident, or  presently be an employee of the Town of Hopkinton or a business located in Hopkinton.

Open Pool- Household who does not qualify for Hopkinton Resident – Local Preference Pool.

The Lottery

The lottery will be held at 6 PM on July 19, 2006 at Town Hall in Hopkinton.  It is not necessary for applicants to be present at the lottery drawing.    All of the applicants will be drawn in the lottery and their standing will be determined by the order in which they were drawn.  Applicants will be notified of their standing in the Hopkinton Resident and Open Pool categories.  Those with a relatively high standing will be screened to certify their income eligibility. 

How to Apply

To apply for the lottery, fill in the attached application and send it to Stagecoach Heights Housing Lottery, PO Box 337 , Hopkinton , MA 01748 .  THE DEADLINE FOR_APPLICATIONS IS  June 28, 2006 at 5PM. Applications received after that time will be returned.