The Andover group working to bring single-family affordable housing to town is getting set to pick a buyer of its sixth house in town.
Andover Community Trust soon starts the owner selection process for a permanently affordable three-bedroom home at 98 Andover St. - doors down from Wingate heading toward Ballardvale. This home is expected to be completed by the end of the school year and will be sold for $175,000 by ACT. Greater Lawrence Technical School students, under the supervision of their teachers, are building the home.
“We’re excited...we have a good track record on our houses and we will continue that record,” said John Pearson, president and architect of ACT.
Income-eligible individuals who are interested in being selected to purchase this home must attend one of the following information sessions: Sunday, Feb. 3 at 2 p.m.; Monday, Feb. 4, at 7 p.m.; or Wednesday, Feb. 6 at 7 p.m.
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, and ACT members will be on hand to answer questions and assist with the application process.
Pearson also said his group has already secured a location in town for a seventh affordable home. Number seven will be built on Woburn Street, south of South Elementary School, between Charlotte Drive and Island Way.
ACT rules state that it gives preference to income-eligible, first-time homebuyer households who will fully occupy a three-bedroom home. 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. 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 states that the organization is a strong believer that economic diversity is an important contributor to vital and livable communities. ACT will not discriminate in the selection of applicants. Individuals who have a financial interest in the project are not eligible to participate.
The half-acre lot on Andover Street was purchased by ACT from the town of Andover at a public tax-title auction in 2010. Pearson explained that ACT will continue to own the land, just as it does with the other five ACT homes in Andover. The house will be 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.
Pearson designed the Andover Street home. It is the third ACT home built by students from the Greater Lawrence Technical School, he said.
For more information, visit the ACT website at andoverclt.org or email ACT at email@example.com.
Andover Community Trust's affordable houses A three-bedroom home at 98 Andover St., selling for $175,000, will be Andover Community Trust's sixth affordable house built in town. The other ACT affordable homes are on these streets: Haverhill Street Heather Drive River Road Cheever Circle North Street A seventh ACT home is planned and will be built on Woburn Street.