Bedford, MA – Cottages at Depot Crossing
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Affordable Housing Lottery
The Cottages at Depot Crossing
162 South Road, Bedford, MA 01730
1 Detached Three-Bedroom Condo Unit $197,400
Lottery for one affordable homeownership unit at the Cottages at Depot Crossing development in Bedford, MA, including eligibility requirements, the selection process, and a lottery application.
The key milestones for this housing opportunity:
- Application Period opens July 31, 2017
- Information Session September 7, 2017, 7 pm, 2nd Floor Conference Room, Town Hall, 10 Mudge Way, Bedford
- Application Deadline October 6, 2017, 1 pm
- Lottery October 24, 2017 7pm, 2nd Floor Conference Room, Town Hall, 10 Mudge Way, Bedford
This application is a first step in the lottery process and does not assure you a home. Applicants must secure approval for a mortgage loan and submit evidence of such approval together with the application.
Please contact the agent below for any questions or to submit your application:
Lara Plaskon
Sudbury Housing Trust
278 Old Sudbury Rd
Sudbury, MA 01776
(978) 639-3387
housing@Sudbury.Ma.US
Project description
The Cottages at Depot Crossing development is a Planned Residential Development located on Cheevers Path at 162 South Road in Bedford, Massachusetts. The site is 3.5 acres, and the project consists of nine cottage-style units (seven detached and two attached) operated as a condominium. The development is served by a private way internal road off South Road. The development also provides for a path connection toward the Minuteman Bikeway.
The monthly Condominium fee is estimated at $328, which represents and equal share of the total condominium expenses covering landscaping and snow removal, taxes, insurance and contribution to reserve. The homeowner will also pay monthly real estate taxes estimated at $244 using Bedford’s 2017 tax rate of $14.81. The affordable unit in this lottery will be offered at $197,400.
In accordance with the program guidelines, the initial purchase prices are established so that a household is not required to spend more than 30% of 70% Boston Area Median Income (AMI) monthly for housing costs.
The units will be available to income eligible first-time homebuyers, with some exceptions permitted under the program, as noted in this application.
The units are built on slabs with radiant heat. The affordable unit (unit 6, 9 Cheevers Path) is a detached unit, and indistinguishable from the market units, with an immediate available occupancy. The 3BR affordable unit is 2,165 square feet in size across two floors. The first floor has a front porch, back patio and single car garage. The first floor plan has a master bedroom with adjoining full bath, and open dining and living rooms from the kitchen, with laundry area and half bath. Upstairs opens to a large open loft area, and has two bedrooms, and full bath.
