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Lottery opens for 10 affordable Worcester condos

  • Posted by Homes Aug 28 - Filed in Homes - #Worcester  #Worcester Housing Authority  #The Overlook at Coes  #Maloney Properties  #Circuit Avenue South  - 683 views


    Photos courtesy of E3 Development LLC

    WORCESTER — Applications are now being accepted for a housing lottery offering 10 income-restricted homeownership units at The Overlook at Coes in Worcester.

    The development, at 52-54 Circuit Avenue South, includes a pair of 1-bedroom homes priced at $190,000 and 8 2-bedroom homes priced at $215,000. The units are reserved for households earning no more than 80% of the area median income.

    The single-bedroom homes are estimated at 704 to 712 square feet, while the 2-bedroom units range from 1,004 to 1,046 square feet. A pair of the 2-bedroom homes are built out for people with mobility impairments.

    Income limits vary by household size. The maximum annual income is $73,750 for a 1-person household, $84,300 for 2 people, $94,850 for 3, $105,350 for 4, $113,800 for 5 and $122,250 for 6.

    Applicants are also subject to a maximum asset limit of $155,000. Retirement assets are excluded from that calculation, while real estate is included.

    Applications became available Thursday, August 27th, and must be submitted online or postmarked by Monday, October 26th. Applications and additional information are available at TheOverlookAtCoes.com.

    Hard-copy applications may also be requested by emailing TheOverlookAtCoes@MaloneyProperties.com or calling 617-531-7123, Ext. 760. Applications can also be picked up at the Worcester Public Library, 3 Salem St.

    An online information session is scheduled for noon Wednesday, September 30th. Attendance is not required, and organizers said the session will be recorded and available afterward by request.

    Applicants will be selected through a lottery. Asset, use and resale restrictions apply, and preferences will be used in the selection process, including a preference for households with mobility impairments for the accessible units.

    Completed applications sent by mail should be addressed to Maloney Properties LLC, ATTN: The Overlook at Coes Lottery, 27 Mica Lane, Wellesley, MA 02481.

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