{"id":2329,"date":"2010-08-16T14:06:21","date_gmt":"2010-08-16T19:06:21","guid":{"rendered":"http:\/\/framingham.com\/news\/?p=2329"},"modified":"2011-03-27T03:39:39","modified_gmt":"2011-03-27T08:39:39","slug":"framingham-house-lottery","status":"publish","type":"post","link":"https:\/\/www.framingham.com\/news\/2010\/08\/16\/general-interest\/framingham-house-lottery\/","title":{"rendered":"Framingham House Lottery"},"content":{"rendered":"

FRAMINGHAM, MA<\/strong> - The Town of Framingham is hoping at least three new home owners will be moving into Downtown Framingham this fall.<\/p>\n

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<\/em>.<\/p>\n

After purchasing the homes, the Town hired a contractor who rehabilitated the properties to get them ready to go back on the market.<\/p>\n

The Town of Framingham will be holding a public information meeting<\/strong> to present details of the project and answer any questions Tuesday<\/strong> September 7, 2010<\/strong> 7:00pm, in the Blumer Community Room, Framingham Town Hall,\u00a0 150 Concord St., Framingham, MA.
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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.<\/p>\n

\"Map<\/a>

Two homes and one condo unit being sold in a Framingham Home Lottery, October 5, 2010<\/p><\/div>\n

As an incentive to purchase these formerly distressed properties, the Town of Framingham is offering a $25k \"buy down subsidy<\/em>\" on the two single family homes, and a $5K subsidy on the Mellen Street condo.<\/p>\n

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.<\/p>\n

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) <\/em>enter to win<\/em> one of the properties.<\/p>\n

Ability to enter the lottery is based on income.\u00a0 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).\u00a0 The condo is being offered to individuals or families with household income of 50% of the area median.\u00a0 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).<\/em><\/p>\n

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).<\/em><\/p>\n

Even with the conditions, the terms may make it worthwhile for qualified buyers to consider applying.\u00a0 Down-payments for these homes can be as low as 3% -- and only half that has to be from buyers' own funds.\u00a0 (More financial details can be found using the links at the end of this article).<\/em> The most important thing to know right now is that the application filing deadline is September 29, 2010<\/strong>.\u00a0 Be sure to get the paperwork and information you need together before then if you plan to apply.<\/p>\n

The project to purchase, rehabilitate and resell the properties is under the auspices of the Framingham Community & Economic Development<\/strong> department, the Framingham Neighborhood Stabilization Program, <\/strong>the Framingham Housing Authority.<\/strong><\/p>\n

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\u2019Hagan of MCO & Associates in Harvard, MA at www.mcohousingservices.com<\/a><\/p>\n

For additional information, contact Maureen O\u2019Hagan, Director, Lottery Programs, MCO Housing Services, P.O. Box 372, Harvard, MA 01451, Phone: 978-456-8388, FAX: 978-456-8986, email: lotteryinfo@mcohousingservices.com<\/a><\/a><\/em><\/p>\n

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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… [read more]<\/a>.<\/p>\n","protected":false},"author":63,"featured_media":2497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118],"tags":[1248,1247,1246,1249,1252,1245,214,817,193,1251,1250],"class_list":["post-2329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-interest","tag-131-mellen-st","tag-51-highland-st","tag-71-alexander-st","tag-ced","tag-federal-funding","tag-framingham-house-lottery","tag-grants","tag-housing","tag-public-meeting","tag-stimulus-money","tag-town-of-framingham"],"_links":{"self":[{"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/posts\/2329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/comments?post=2329"}],"version-history":[{"count":34,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/posts\/2329\/revisions"}],"predecessor-version":[{"id":3709,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/posts\/2329\/revisions\/3709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/media\/2497"}],"wp:attachment":[{"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/media?parent=2329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/categories?post=2329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.framingham.com\/news\/wp-json\/wp\/v2\/tags?post=2329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}