LYNNFIELD — Located on Ramsdell Way in Lynnfield, Grandview Estates is a new 40-unit condominium complex developed under Ch. 40B offering 10 two-bedroom affordable units for eligible first-time homebuyers (certain exceptions apply).
These units features 2.5 baths and either a one- or two-car garage with living space ranging from 2,055 to 2,305 square feet. A refrigerator, stove/oven, microwave and laundry hookup are also included in each unit.
The units will be distributed in two lotteries. The current application is for the first six units only. The second lottery will be scheduled at a later date.
A public information meeting is scheduled for Monday, Nov. 24 at 6:30 p.m. at the Lynnfield Town Hall, 55 Summer St., during which specific questions will be answered and an overview of the lottery process will be provided to interested applicants.
The maximum sales price for the affordable units will be $174,700. The monthly HOA fee is $125 and the town’s 2014 tax rate is $14.77 per thousand.
The units will be sold by lottery as outlined in the informational package to be distributed at the lottery information night. It is also available by downloading an application directly from MCO Housing Services Inc. by sending an e-mail inquiry to: lotteryinfo@mcohousingservices.com.
Those unable to attend the informational meeting may also call MCO Housing Services at 978-456-8388 for information on the process and obtaining an application.
The application deadline is Monday, Dec. 22, 2014. Complete applications must be postmarked on or before Dec. 22 to be included in the lottery. No exceptions will be made. Applications must be mailed to: MCO Housing Services, P.O. Box 372, Harvard, MA 01451.
It is important to note that all applicants must include a mortgage pre-approval letter from an institutional lender familiar with affordable deed restrictions as well as complete financial documentation with their application.
An application will be considered incomplete and will not be included in the lottery if a mortgage pre-approval letter and all required documentation is not received on or before the application deadline. A mortgage pre-qualification letter will not be accepted.
The lottery will be held at 6:30 p.m. on Monday, Dec. 29, 2014 in the Conference Room at Lynnfield Town Hall.
