Published by The Boston Globe
About 40 people expressed interest in two new affordable housing units in Needham at a meeting Tuesday night, but so far, only three have applied to enter the lottery taking place July 20, according to the company managing the lottery.
The deadline for applications is July. 9
Applicants must be first-time home buyers with ties to Needham and meet income requirements, which are based on a maximum of $64,400 for a family of four. Preference will be given to families that can fill the three bedrooms in each condominium located at 21 High St.
The units are part of a project called Craftsman Village at Needham Heights, built by Craftsman Village Needham LLC, which includes four market-rate units that sold for $600,000. The affordable units are priced at $196,500 and are slightly smaller than the market-rate condos at about 1500 sq. ft. Each has one and a half bathrooms and a two car garage.
Affordable housing owners pay taxes on the affordable price rather than the appraised value of the home, and they pay lower monthly association fees. The condos cannot be sold for less than what the owner paid for it, but the resale price is restricted to maintain affordability.
MCO Housing Services, the company running the lottery, expects around 15 to 20 applications by the deadline, said Maureen O’Hagen, director of the lottery program. She expects the affordable condos, along with the market-rate units, to close in September or October.
“It allows people to move in who may not have the opportunity to,” O’Hagen said. “I’m thrilled with the turnout of the meeting. We’re confident we’ll have two solid buyers.”
The lottery will take place at Needham Public Library, 1139 Highland Avenue, on July 20 at 7 p.m.
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