Affordable Homeownership Unit Resales
When the owner of a unit with a North Suburban Consortium (NSC) affordable restriction or covenant decides to sell their unit (affordable homeownership unit), they are required to notify the NSC to ensure the successful sale to another low or moderate income applicant/household. The NSC does not hold lotteries for these, however, the affordable homeownership unit is first offered to those on the NSC Affordable Housing Resale List (this is done prior to the affordable homeownership unit being listed in the open market for sale).
To be added to the NSC Affordable Housing Resale List and receive notification when an affordable homeownership unit is being sold, complete the Affordable Housing Resale List Application (see below) and return the same to the Malden Redevelopment Authority, P.O. Box 278, Malden, MA 02148 ATTN: HOME Program Director, or send by email to firstname.lastname@example.org. Please include your email address as this is how notifications are sent.
The Malden Redevelopment Authority (MRA), agent and representative member of the NSC, will determine if the applicant/household is income eligible to purchase an affordable homeownership unit ONLY IF AND WHEN the seller has accepted the applicant's/household's offer to purchase NOT when the applicant/household is added to the NSC Affordable Housing Resale List. If an applicant's/household's offer has been accepted by the seller, complete the application and contact the MRA to make arrangements to submit to the MRA the completed application and ALL required documentation - by mail or hand delivery - no emails accepted.
Applicant/Household income cannot exceed 80% Median Family Income (MFI) Limits set by HUD annually.
HUD Income Limits 80% MFI (effective April 14, 2017):
1 person household: $54,750.00 2 person household: $62,550.00
3 person household: $70,350.00 4 person household: $78,150.00
5 person household: $84,450.00 6 person household: $90,700.00
7 person household: $96,950.00 8 person household: $103,200.00