News Release (8/20/11): Owner selection to begin
                                                      for Andover Community Trust’s new affordable homes

The owner selection process for a permanently affordable three-bedroom home at 57 North St. in Andover is beginning in September. This home is expected to be completed by December and will be sold for $167,150 by Andover Community Trust (ACT). Based on a strong belief that economic diversity is an important contributor to vital and livable communities, Andover Community Trust advocates for and develops permanently affordable homes in Andover.

Income-eligible individuals who are interested in being selected to purchase this home must attend one of the following information sessions: 7 p.m. Wednesday, September 7; 2 p.m. Sunday, September 11; or 7 p.m. Monday, September 19. All sessions will be held on the third floor of Memorial Hall Library in Andover. Applications will be available at the end of each meeting.

Andover Community Trust gives preference to income-eligible, first-time homebuyer households with one to four school-age children. Total household income must be less than 80 percent ($51,000 to $64,000, depending on family size) of the area median income, as established annually by the U. S. Department of Housing and Urban Development (HUD). In addition, family assets may not exceed $75,000. All applicants must complete a first-time homebuyer’s class before being selected to purchase this home.

ACT will not discriminate in the selection of applicants. Individuals who have a financial interest in the project are not eligible to participate.

The home will be built by the developer of Northfield Commons on a lot purchased by ACT. ACT received a $165,000 grant award from the Andover Affordable Housing Trust Fund and a $50,000 grant from the North Shore HOME Consortium competitive funds to assist in the construction of this home. Local foundations, banks and others have contributed funds, and local banks will provide the homeowner mortgage. Andover Community Trust will continue to own the land. The house is sold with a 99-year ground lease and resale formula to establish a purchase price to keep the home affordable, if the owner chooses to sell it in the future.

For more information see the Owner Selection page
or Contact Us.