The Medway Affordable Housing Trust will soon be putting Unit 4-5 Kingson Lane on the market.  The 2 bedroom, approximately 1,700 sq .ft. condo townhouse has been thoroughly updated and is in move-in condition.  The anticipated price will be in the $150k range.  NOTE: This property will be sold according to 40B guidelines and subject to a perpetual deed restriction that limits all future sale prices to changes in income NOT market values.

Since this is an “affordable” home, income and asset limits are in place to determine qualified applicants.  (E.G. Fall 2016 income limits range from $51,150 for a single person household to $65,750 for a household of 3.  Household assets limit is $75,000.)

Once opened, the application period will last a minimum of 6 weeks.  Preparing a complete application package is hard work and some components require significant lead time.  While application forms for this unit are not yet available, it is possible to begin preparing for its issue.  

Typically, a complete application includes:

• The Application Form specific to the property being sold;
• Mortgage pre-approval letter from a lender familiar with affordable deed restrictions and complying with DHCD financing guidelines;
• Financial documentation  (Note: Terms such as “recent” or “current” refer to the eventual  date of submission):

• 3 most recent Federal tax returns;
• 3 most recent W2 and/or 1099-R forms;
• 6 most recent checking account statements;
• Most current statement for savings accounts, investment accounts, retirement accounts, certificates of deposit, owned property, gifts toward down payment;
• 5 most recent consecutive pay stubs (copies of unemployment checks);
• If self-employed: a detailed income/expense spreadsheet for the last 6 months and business checking and savings account statements;
• Social Security: most recent statement of current year’s  monthly payments and statement of amount received for latest tax year;
• Pension Payments: most recent statement of current year’s  monthly payments and statement of amount received for latest tax year;
• Child support/alimony: copy of divorce settlement indicating amount of payment;
• Contact information of anyone providing a gift amount toward down payment;
• Copies of divorce settlement papers, if you ‘ve owned a home in the last 3 years that was sold as part of divorce proceedings.

Notices about the availability of application forms will be published in  local newspapers, on the Town of Medway website and sent to registrants of the Affordable Housing list serve.  The Town’s affordable housing notification service can be accessed from the “Affordable Housing” page under “Boards & Committees”.  Further information can be requested from Doug Havens, Community Housing Coordinator: dhavens@townofmedway.org.