Housing Assistance Corporation is inviting first-time homebuyers seeking to become homeowners on Cape Cod to a Virtual Info Session for three affordable homes being built on Kendall Lane in Falmouth, on Wednesday, Feb. 16, from 5:30 to 6:30 p.m. People can register for the session, which will be held on Zoom, at haconcapecod.org/lotteries.
Housing Assistance is overseeing the affordable housing lottery for the three deed-restricted homes which are being built as part of a new 28-home development that is in close proximity to Little Pond. Each home will consist of three bedrooms and two-and-a-half baths and are priced at $270,000.
“This is an incredible opportunity that is being made available through the Town of Falmouth and the developers to bring some much-needed affordable homeownership to the region,” said Housing Assistance’s Director of Real Estate Gael Kelleher. “It has become increasingly challenging for first-time homebuyers earning $50,000 to $80,000 on Cape Cod to enter the market. There is no inventory for them to purchase a home. This is a perfect opportunity at a perfect time.”
Applications for the Kendall Lane homes can be filled out online on Housing Assistance’s website, haconcapecod.org/lotteries. Hard copies can be found at Housing Assistance’s Hyannis office at 460 West Main Street as well as at Falmouth Town Hall, Falmouth public libraries, and the Falmouth Housing Authority on Scranton Avenue.
The deadline to submit an application is Friday, April 1 at 5 p.m. The lottery drawing will be held within 30 days of the application deadline.
Eligible applicants must be first-time homebuyers with certain exceptions; have less than $75,000 in household assets; and have income at or below 80% of the Area Median Income (AMI) for Barnstable County. Those limits are $54,450 for a one-person household; $62,200 for a two-person household; $70,000 for a three-person household; $77,750 for a four-person household; $84,000 for a five-person household; and $90,200 for a six-person household.
Next week’s info session will cover a range of topics, including details about the new homes, the lottery application process, and the steps applicants should be taking now, including getting a mortgage pre-approval and working on strengthening their credit. Kelleher also recommends applicants take a first-time homebuyer class which is offered by Housing Assistance. To register for an upcoming class, visit haconcapecod.org.
With Housing Assistance conducting several other upcoming lotteries in the region, Kelleher said there will be additional opportunities for first-time homebuyers to become homeowners.
“It is not an easy process,” Kelleher acknowledged of applying for a deed-restricted home. “The buyers who are able to purchase these houses are credit rock stars who are money smart and who have saved. They have good jobs and they have worked really hard to make this dream come true.”