Affordable Homeownership Unit Resales
When the owner of a unit subject to or 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, those on the NSC Affordable Homeownership Resale List (NSC Resale List) receive notification by email that an affordable homeownership unit is being sold.
To be added to the NSC Resale List and receive notification when an affordable homeownership unit is being sold, complete the Affordable Homeownership Resale List Application (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 an email address as notifications are sent by email.
When the owner of an affordable homeownership unit accepts an applicant's/household's offer to purchase, at that time the applicant/household should complete the Affordable Homeownership Unit Application and make arrangements through their realtor and/or the owner's realtor to submit to the Malden Redevelopment Authority (MRA) the completed application along with ALL required documentation - by mail or hand delivery - no emails accepted. Thereafter, the MRA will determine if the applicant/household is income eligible to purchase the affordable homeownership unit (determination of income eligibility is done only when the owner has accepted an applicant's/household's offer to purchase NOT when the applicant/household submits an application to be added to the NSC Resale List).
Applicant/Household income (gross) cannot exceed 80% Median Family Income (MFI) Limits set by HUD annually. HUD Income Limits 80% MFI (effective April 1, 2018):
1 person household: $56,800.00 2 person household: $64,900.00
3 person household: $73,000.00 4 person household: $81,100.00
5 person household: $87,600.00 6 person household: $94,100.00
7 person household: $100,600.00 8 person household: $107,100.00
Owners of affordable homeownership units must occupy the unit as their principal place of residence and live in the unit a minimum of 10 months out of a 12 month period. Owners of affordable homeownership units may not rent or sublet the unit.