A nonprofit developer is offering a Gloucester three-bedroom condo for sale to a qualified first-time buyer.
Applications are due Tuesday, June 30, for the renovated condo at 10 Haven Terrace. The 1,100 square foot, three-bedroom, one-bath condo is offered at $195,000; to be income-eligible to apply, buyers must earn no more than 80% Area Median Income.
Harborlight Community Partners (HCP), a North Shore nonprofit affordable housing manager and developer, is in the final stages of renovating the unit, which is part of the Cape Ann Community Land Trust, which merged with HCP in 2013.
The unit had gone into foreclosure, but HCP was able to acquire the note to save it as an affordable first-time home buyer home and keep it off the open market. Bob Gillis, HCP board president and president and CEO of Cape Ann Savings Bank was a key leader in the effort.
The City of Gloucester Affordable Housing Trust made a commitment of $35,000 to the renovation effort. Project partners include general contractor is Nikki Bach of Bach Builders, Frank Webb Home, Timberline, Cape Ann Floor Covering, RDM Electric, DRS Plumbing & Heating, and Doyon’s Appliance.
“While this was a big lift for one unit, we feel strongly this was the right thing to do," said Andrew DeFranza, executive director. "As an affordable housing developer, we are committed to fair and equitable housing opportunities for all, be that rental housing or the chance for moderate income families to enter the home ownership market.”
The City of Gloucester Affordable Housing Trust made a commitment of $35,000 to the effort. Project partners include general contractor is Nikki Bach of Bach Builders, Frank Webb Home, Timberline, Cape Ann Floor Covering, RDM Electric, DRS Plumbing & Heating, and Doyon’s Appliance.
The buyer for the condo will be chosen by lottery. Income guidelines apply; please go to www.harborlightcp.org/housing/housing-lottery-opportunity/ for more information and for the lottery application.
For more information on the work of HCP, visit www.harborlightcp.org.