Affordable Homeownership Unit Resales
When the owner of a unit subject to/with a North Suburban Consortium (NSC) affordable restriction or covenant decides to sell the unit (affordable homeownership unit), they are required to notify the NSC (781-324-5720 x 5729 or x 5730) to obtain the affordable resale price, which must be consistent with the increase in area median income using the owner's affordable purchase price as the starting point (current area median income/area median income at time of owner's purchase = % increase x owner's affordable purchase price) and to ensure the successful sale to another low or moderate income applicant/household. The NSC does not hold lotteries for these established affordable homeownership units, 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, Malden City Hall, 215 Pleasant Street, Third Floor, Malden, MA 02148 ATTN: HOME Program Director, or send by email to email@example.com. Please include an email address as notifications are sent by email.
When the owner of the affordable homeownership unit accepts an applicant's/household's offer to purchase, AT THAT TIME the applicant/household must 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 NSC Resale List).
Applicant/Household (gross) income cannot exceed 80% Median Family Income (MFI) Limits set by HUD annually.
HUD Income Limits 80% MFI (effective July 1, 2020):
1 person household: $67,400.00 2 person household: $77,000.00
3 person household: $86,650.00 4 person household: $96,250.00
5 person household: $103,950.00 6 person household: $111,650.00
7 person household: $119,350.00 8 person household: $127,050.00
Applicant/Household cannot have more than $75,000.00 in liquid assets. Liquid assets include stocks, bonds, CDs, as well as cash, savings, trust funds, retirement accounts, 401K, 403B, 457 and IRA accounts (see HUD Part 5 Assets Inclusions and Exclusions information below).
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 their unit.