FRAMINGHAM, MA - The Town of Framingham is hoping at least three new home owners will be moving into Downtown Framingham this fall.
In October a lottery agent will be orchestrating the sale of two single family homes and one condominium unit the Town purchased as foreclosed bank owned properties. The homes were purchased using a portion of the $1.2M in Federal Stimulus money awarded to the Town and slated specifically for neighborhood stabilization.
After purchasing the homes, the Town hired a contractor who rehabilitated the properties to get them ready to go back on the market.
The Town of Framingham will be holding a public information meeting to present details of the project and answer any questions Tuesday September 7, 2010 7:00pm, in the Blumer Community Room, Framingham Town Hall, 150 Concord St., Framingham, MA.
All three of the properties are in the Downtown Framingham neighborhood, south of Waverly Street, and close to the Framingham MBTA Commuter Rail station -- near several large parks, a beach, public skating rink, museums, hospital, library, downtown shops and restaurants and also convenient to Rt. 9, Rt. 126, MassPike, Rt. 85, Rt. 495 and other major routes.
As an incentive to purchase these formerly distressed properties, the Town of Framingham is offering a $25k "buy down subsidy" on the two single family homes, and a $5K subsidy on the Mellen Street condo.
The program uses a a creative approach to recycle grant money -- if sale of the properties are successful, the Neighborhood Stabilization Program will reinvest the proceeds from the sales to rehabilitate more distressed properties.
There are a few steps a prospective buyer has to go through to enter the lottery -- and a few requirements of who can (and who can not) enter to win one of the properties.
Ability to enter the lottery is based on income. Two of the properties are being sold to individuals or families with a household income of 120% of the area median, (the guidelines are also based on family size). The condo is being offered to individuals or families with household income of 50% of the area median. Applications for the lottery require full documentation, (3 years of Federal tax returns, last 5 pay stubs, 1099's, w2's, checking and savings details, etc).
The $25k or $5k buy down subsidies come with strings attached -- there's a "recapture" condition on the sale agreement of the single family homes -- generally it says if the buyer resells, tranfers or otherwise loses ownership the property within ten years, the Town may be entitled to a refund of all or some of the subsidy, (the condo is being sold with a 5 year recapture condition).
Even with the conditions, the terms may make it worthwhile for qualified buyers to consider applying. Down-payments for these homes can be as low as 3% -- and only half that has to be from buyers' own funds. (More financial details can be found using the links at the end of this article). The most important thing to know right now is that the application filing deadline is September 29, 2010. Be sure to get the paperwork and information you need together before then if you plan to apply.
The project to purchase, rehabilitate and resell the properties is under the auspices of the Framingham Community & Economic Development department, the Framingham Neighborhood Stabilization Program, the Framingham Housing Authority.
Comprehensive information about the properties, application requirements and information about other affordable housing lotteries can be found on a website operated by housing lottery agent Mark O’Hagan of MCO & Associates in Harvard, MA at www.mcohousingservices.com
For additional information, contact Maureen O’Hagan, Director, Lottery Programs, MCO Housing Services, P.O. Box 372, Harvard, MA 01451, Phone: 978-456-8388, FAX: 978-456-8986, email: email@example.com