Reading, MA – 8 Sanborn Street, Postmark Square-1 & 2 Bedroom Units
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Affordable Condominium Units for Purchase Offered Via Lottery
The key milestones for this housing opportunity:
- Application Period opens February 25, 2020
- Information Session March 24, 2020, 7:00 pm Select Boardroom, Town Hall 16 Lowell St, Reading
- Application Deadline April 30, 2020, 1:00 pm
- Lottery May 18, 2020, 7:00 pm Select Boardroom, Town Hall, 16 Lowell St, Reading
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.
The Postmark was approved by the Reading Community Planning and Development Commission under the zoning bylaws of the Town of Reading and MGL Chapter 40R on September 11, 2017. In this development, a total of ten (10) affordable condominiums will be constructed and sold to homebuyers with incomes that shall not exceed 80% of the Boston-Cambridge-Quincy MSA area median income.
The Postmark is a mixed-use development conveniently located in the heart of the Town of Reading, just 12 miles north of Boston. The town offers a variety of dining and entertainment options and proximity to all major highways and the commuter rail. There is 8,000 square feet of commercial space as well as the 50 condominium units.
The one-bedroom units (units 1005, 3009, 4007) range from 890 square feet to 920 square feet with one bath. The two-bedroom units (1002, 2001, 2008, 2011, 3006, 3010, 4001) range from 1,176 square feet to 1,692 square feet with two baths.
The homes have an open floor plan with gas heating and air-conditioning powered by natural gas. The floors are vinyl and bedrooms carpeted. The appliances include stove, fridge, microwave, dishwasher with a washer/dryer hookup. The affordable units will have deeded exclusive use rights of an exterior on-site parking space. The affordable units are be located throughout the building, with no distinguishing marks on the outside of the units, and owner have equal access to the community amenities including lounge room, gym, roof deck and patio as well as mail area.
The affordable units will be offered under the MGL 40R program, administered by Department of Housing and Community Development (DHCD) and monitored by the Barnstable Housing Authority. The sales prices are set so that a household earning 70% of area median income would not expend more than 30% of income for housing.
The new construction homes have a condo fee of $120/month for the 1BR and $135/month for the 2BR. These fees cover maintenance of the common area, landscaping, snow plowing and building insurance. The homeowner is responsible for all other maintenance and insurance of personal property, and will also pay real estate taxes ($255/month (1BR) and $287/month (2BR) using 2019 tax rate of $14.23).
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 planned to be available starting in the summer of 2020 subject to change with no notice.
Please contact Lara Plaskon at (978) 287-1092 for free language assistance. Favor de comunicarse con el Lara Plaskon en 978-287-1092 para ayuda gratis con el idioma.
Applications are accepted in hardcopy only and may be either mailed (postmarked by the due date) or delivered to the address listed below.
Please contact the agent below for any questions, to request an application be mailed or to submit your application:
Lara Plaskon
Sudbury Housing Trust
278 Old Sudbury Rd
Sudbury, MA 01776
(978) 639-3387
housing@sudbury.ma.us
