WEBSTER WILLOWS CONDOMINIUMS

WEBSTER WILLOWS CONDOMINIUMS

391 Pleasant Street, Melrose , MA

Affordable Housing Lottery

Melrose Massachusetts Condominiums

Thank you for your interest in the Affordable Housing Condominium available in Webster Willows, located at 391 Pleasant Street , Melrose . Please see the information below which describes the available unit, the eligibility requirements, the process for selecting purchasers, and the resale restrictions.

We are accepting applications on a first-come-first-serve basis.
We encourage interested parties to apply as soon as possible.

**Application**

To download the Application click HERE

Application Information

Description of Unit Resale Restriction

Eligibility Requirements Owner Selection Process

The following is the criteria households must meet in order to participate in this affordable housing lottery.

A “household” shall mean (1) an individual or (2) two or more persons who will live regularly in the unit as their principal residence and who are related by blood, marriage, law or who have otherwise evidenced a stable inter-dependent relationship. A household may only submit one application.

Households and households with relatives with financial interest in the development are not eligible to participate in the lottery.

All applicants must be first time home buyers, meaning they have not owned a residence in the past three years. There are some exceptions, please contact the Office of Planning and Community Development for clarification.

Applicants are strongly encouraged to take a First Time Homebuyers Workshop and may be required to do so by financial programs in which the applicant chooses to participate (such as the North Suburban Consortium First Time Homebuyers Down Payment Assistance Program).

An eligible purchaser is a household whose annual income does not exceed 80% of the area median income adjusted for household size as determined by the U.S. Department of Housing and Urban Development (HUD) (see table below). Annual income will be determined in a manner set forth by The Code of Federal Regulations, Title 24, Section 5.611 and 92.203.

A household may not have more than $50,000 in assets, as defined by Massachusetts ’s Department of Housing and Community Development LIP guidelines.

While no specific minimum income requirement exists, an applicant must be able to obtain adequate financing to purchase the unit and must, in most cases, not pay more than 30% of the household income towards monthly housing costs. All applications must include a pre-approval (not pre-qualification) acceptance letter from a federal or state chartered or licensed lending institution for at least the purchase price of the affordable unit.

The applicant’s household size must be appropriate for the unit. The number of bedrooms needed shall be determined in accordance with Massachusetts Sanitary Code.

All household members and borrowers must live regularly in the unit as their primary residence and may not rent their unit.

Households interested in purchasing the affordable units must submit a completed application and provide all required information to the City of Melrose Office of Planning and Community Development (OPCD). Applications will be reviewed and accepted on a first-come-first-serve basis.

All applicants will receive confirmation that their application has been received and whether they are eligible purchase the unit.

After verification of eligibility, selected applicants will be instructed to begin the process of obtaining their financing for the purpose of purchasing the affordable units.

The selected applicants will have fifteen (15) days from notification to sign the purchase and sales agreement with the seller. A $1,000 down payment will be due when the purchase and sales agreement is signed. After the purchase and sales agreement is signed, the purchasers have forty five (45) days to obtain the necessary financing commitment to buy the home. At the closing, the applicants will be required to pay the balance of the down payment as well as closing costs.

If at any point in the lottery process a selected applicant becomes ineligible or uninterested, the next eligible applicant in that pool will be notified that they must begin the process of obtaining financing.

The units will remain affordable to low and moderate-income households in perpetuity. This is accomplished via a “Deed Rider” that will be recorded with the deed at the time of purchase. This Deed Rider limits the price at which the unit can be resold and requires that the unit be re-sold to households with an annual income that does not exceed 80% of median income at the time of sale. Therefore, any equity appreciation to be gained from the sale of the units will be limited by this factor.

A City of Melrose monitoring agent will be available to help future sellers comply with these requirements when they sell their units. Other conditions regarding unit pricing, resale, transfer, leasing and junior encumbrances are covered in the provisions of the Deed Rider. A copy of the Deed Rider is available for review at Melrose City Hall in the Office of Planning & Community Development and can be provided on request.