Developed By: Community Action for Better Housing (CABH)
SINGLE-FAMILY HOME FOR SALE
25 Bonney Street, New Bedford, MA
Purchase Price: SOLD
Downpayment & Closing Cost Assistance Provided By the City of New Bedford.
CABH is offering this beautiful single-family home as part of an ongoing effort by the City of New Bedford’s Office of Housing and Community Development and CABH, Inc. to promote homeownership opportunities in our neighborhoods to qualified first time homebuyers. The property will be sold to an income eligible first time home buyer through a lottery in accordance with the U.S. Department of Housing and Urban Development’s (HUD) HOME Program guidelines.
PROGRAM GUIDELINES
This single-family home has approximately 1,700 square feet of living space with gas heat and cooking. This home has been deleaded and includes 3 bedrooms, 1 bathroom, a fully-applianced kitchen (all new), dining room, family room, along with a spacious living room. Other features include off-street parking, a full basement, deck and a secure backyard. Improvements made to the property include baseboard heat with separate zone on second floor, remodeled bathroom, new kitchen counter top and freshly painted interior. The property will be sold to an income eligible first time home buyer through a lottery in accordance with U.S. Department of Housing and Urban Development’s HOME Program guidelines.
Applicants must be first time homebuyers.
Applicants gross annual household income cannot exceed 80% of the median family income for the City of New Bedford as established by HUD as follows:
1 Person
2 Person
3 Person
4 Person
5 Person
6 Person
7 Person
8 Person
$41,000
$46,850
$52,700
$58,550
$63,250
$67,900
$72,600
$77,300
CABH, Inc. is selling the property at less than the fair market value of the property to ensure affordability to an eligible first-time homebuyer. CABH, Inc. and the City of New Bedford will impose a deed restriction for right of first refusal/ recapture if the property is sold within a fifteen (15) year period.
Eligible applicants will be pre-qualified by the bank of their choice for the period September 23, 2009 to October 23, 2009. The participating bank will offer mortgage financing to eligible applicants according to the following terms:
Purchase Price $149,900
Applicants will have to provide a minimum of 1½ % ($2,475) of their own funds for the required down payment.
Applicants must complete an approved homebuyers education course (Two sessions in February – contact OHCD at 508-979-1500 for more information).
The City will provide an additional 1½% ($2,475) for the down payment and will pay for most of the closing costs.
The City will provide gap-financing assistance based on the financial need of the homebuyer.
ALL AND ONLY CITIZENS-UNION SAVINGBANK APPROVED APPLICANTS WILL BE ELIGIBLE FOR THE FIRST TIME HOME BUYER LOTTERY.
Additional information may be obtained by contacting:
BE ELIGIBLE FOR THE FIRST TIME HOME BUYER LOTTERY.