Andover Affordable Condo Receives 18 Applications
In early June, over 50 folks streamed in and out of an Abbot’s Pond condo. ACT’s executive director Denise Johnson greeted teachers, tradespeople, office assistants and nonprofit program workers all looking for a place to call home in Andover because they either worked in, lived in or wanted to raise their children in Andover. In a hot housing market that may not sound like an excess of demand. However, this was the only home in town for sale that was listed as affordable, could not invoke a bidding war, and was not age restricted. The folks that came to the viewing and wanted to buy this 2-bedroom condo didn’t have other affordable options.
Few Affordable Homes Available
The Abbot’s Pond condo is only the 2nd affordable home without an age restriction that has come on the market in Andover in 2022. This unit can be sold to a household that earns no more than 80% of the area median income. That’s $80,500 for a 3-person household. Eighteen applicants completed a lengthy application including documentation of income, assets, creditworthiness, and first-time homebuyer status in hopes that their name would be drawn to give them the opportunity to purchase the condo.
Housing Lottery Drawing Held
This week the drawing was held. Two ACT board members joined Denise to draw the names of applicants in the housing lottery. Sixteen names were drawn on a Zoom call (2 completed applications arrived after the deadline so were placed at the bottom of the list). The order they were drawn in is the order that each completed application and documentation will be reviewed and verified to see if the applicant is eligible to purchase this affordable condo. If the first person is not eligible or decides not to proceed with the purchase then the application for the second name drawn will be reviewed and so on until a buyer is reached who is eligible to purchase this affordable home. A word of advice for those of you looking for an affordable home, the income and asset restrictions vary from development to development so be sure to read the information carefully.
Housing Needed For Folks Who Work in Town
Andover needs more affordable housing. Too many folks who work in town, teach our children, greet us in local businesses, process our taxes at the IRS, care for our aging parents, or work with medicare applicants are unable to afford a market-rate home in Andover. We need to keep creating affordable housing and welcoming a diversity of incomes to this great community.
