Affordable Homeownership Opportunity At Riverside Woods In Town Of Andover

Press release from Town of Andover:

December 3, 2020

Applications are now available for an affordable homeownership lottery at Riverside Woods, 459 River Road, a senior living community for those age 62+. Qualified buyers will be entered into a lottery for 8 affordable one and two-bedroom garden-style condominium units in Building 3.

This is the third of 4 lotteries that will be used to distribute the affordable units. The application deadline is February 1, 2021. The application packet can be found here: Riverside Woods Application Packet and are also available at the 2nd Floor Customer Service Center in the Town Offices, 36 Bartlet Street.

Income qualifications:

Max Income Limits 1 person 2 persons

Up to 60% median $41,460 $47,040

Up to 80% $54,900 $62,750

Up to 120% $82,320 $94,080

Asset Limits for each household:

• If your income is less than the 80% median then $275,000 may be held in assets.
• If your income is less than the 120% median, then $550,000 may be held in assets.
• The attached application has information on what is considered an asset.

Housing Prices:

Median Income Limit Up to 60% Up to 80% Up to 120%

1 Bedroom Unit $142,300 $196,900 n/a

2 Bedroom Unit n/a $220,700 $343,000

KEY MEETING DATES

Public Information Meeting- Via Zoom

6:00 p.m., Thursday, January 7, 2021

https://us02web.zoom.us/j/83902855114?pwd=YkNvRVZTVVQ2QU5adWtyRFgyRTYwdz09

Meeting ID: 839 0285 5114

Passcode: 451264

An open house will not be scheduled due to the current Covid-19 pandemic, but you can call the Sales Office Monday - Friday from 9 a.m. to 5 p.m. at (978) 705-4606 to schedule an appointment to view the model units.

This press release was produced by Town of Andover. The views expressed are the author's own.