The owner selection process for a permanently affordable three-bedroom home at 98 Andover St. in Andover is beginning in February. This home is expected to be completed by the end of the school year and will be sold for $175,000 by Andover Community Trust (ACT). Students of Greater Lawrence Technical School (GLTS), under the supervision of their teachers, are building the home.
Income-eligible individuals who are interested in being selected to purchase this home must attend one of the following information sessions:
- 2 p.m. Sunday, February 3,
- 7 p.m. Monday, February 4, or
- 7 p.m. Wednesday, February 6
All sessions will be held on the third floor of Memorial Hall Library in Andover. Applications will be available at the end of each meeting, and ACT members will be on hand to answer questions and assist with the application process.
Andover Community Trust gives preference to income-eligible, first-time homebuyer households who will fully occupy a three-bedroom home. Total household income must be less than 80 percent ($51,000 to $64,000, depending on family size) of the area median income, as established annually by the U. S. Department of Housing and Urban Development (HUD). In addition, family assets may not exceed $75,000. All applicants must complete a first-time homebuyer’s class before being selected to purchase this home.
Based on a strong belief that economic diversity is an important contributor to vital and livable communities, Andover Community Trust advocates for and develops permanently affordable homes in Andover. ACT will not discriminate in the selection of applicants. Individuals who have a financial interest in the project are not eligible to participate.
This half-acre lot on Andover Street was purchased by ACT from the Town of Andover at a public tax-title auction in 2010, and ACT will continue to own the land. The house is sold with a 99-year ground lease and resale formula to establish a purchase price to keep the home affordable, if the owner chooses to sell it in the future.
John Pearson, ACT president and architect, designed this permanently affordable three-bedroom home. This is the sixth ACT home, and the third built by students from the Greater Lawrence Technical School.