Sudbury Housing Trust is looking for its sixth home in the Home Preservation Program

Published December 19, 2012 | Sudbury Housing Trust | Automatically Archived on 1/28/2013

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The Sudbury Housing Trust is soliciting proposals for the purchase of an affordable housing restriction on residential land and dwelling in Sudbury, MA.  Interested parties may request the RFP or more information from the Sudbury Housing Trust, Attention: Beth Rust, [email protected] or 978-639-3388.  Proposals are due on or before Friday, January 18, 2013 1 pm.

This Request for Proposal is issued pursuant to G.L. c. 30B, § 16. The Trust is interested in securing an affordable housing restriction at the lowest responsible price.  

The cost of the affordable housing restriction is the difference between the market price and the affordable housing price as regulated by the Massachusetts Department of Housing and Community Development.  The affordable housing price is currently $178,800 for a two-bedroom home and $201,800 for a three-bedroom home.  The property will be sold to an eligible household selected through a lottery being administered for this purpose.  The eligibility criteria for purchasing households include income and asset limits, the requirement to be a first-time homebuyer, and eligible households must present a sufficient mortgage pre-approval.

The property being offered must be located in the Town of Sudbury; must be suitable for residential use, and the home on the property must pass a home inspection test – with more details as listed in the RFP.

The contract award, if any, will take the form of an executed Offer to Purchase between the Trust and the Property Owner.  This Offer will subsequently be assigned to an interested and eligible purchaser who will then execute a Purchase and Sale agreement, and continue to closing.  The Trust reserves the right to award the purchase to the proposer offering the most advantageous combination of dwelling characteristics and purchase price, and shall not be required to award the proposer offering the lowest price. The Trust reserves the right to negotiate the purchase price with the selected proposer.