Marble Farm Condominiums

Lottery Description:

1. The applications for this housing opportunity will be generally available, including on-line, in hardcopy at the Regional Housing Services Office (RHSO), and sent to anyone interested in applying. Notice of this opportunity will be advertised, and communicated widely through local, regional and state channels.
2. Applications are to be submitted with all required information. Applications can be emailed to JenP@rhsohousing.org, or mailed to or dropped off at 37 Knox Trail, Acton MA 01720. Applications that are dropped off should be placed in the big black metal USPS mailbox outside the RHSO office building. You may also contact Jen at JenP@rhsohousing.org for a SharePoint link where you can upload your documents.
3. The applicant’s household size will be determined from the application, and the required number of bedrooms as indicated on the application. Priority shall be given to households requiring at least the number of bedrooms in the unit.
4. The maximum gross household income will be verified and compared to the HUD 2021published income limits.
5. 1 person- $92,650,  2 person- $105,850, 3 person- $119,100, 4 person- $132,300
6. The household assets will be verified and compared to the $275,000 maximum asset limit. Assets include but are not limited to all cash, cash in savings accounts, checking accounts, certificates of deposit, bonds, stocks, cash value of retirement accounts, value of real estate holdings and other capital investments. Equity from the sale of any home will be included with other household assets that cannot exceed a total of $275,000.
7. One household member must be over 55 years of age. The unit is restricted to residential use and occupancy by senior citizens, their spouses and their children.
8. Applicants cannot own other residential property, and must sell it before closing on this property.
9. Applicants will be reviewed in the order of completed applications received. Once an application is deemed complete by the Lottery Agent, the Lottery Agent will then determine initial eligibility and will notify the applicant of their status.
10. After a buyer has indicated that they want to proceed, the Sudbury Housing Trust, as the monitoring agent, will review the buyer's income, assets and other criteria before the buyer can proceed to purchase the unit.
11. Upon the satisfaction of the qualification requirements of both the Resale and Monitoring Agent, the qualified buyer is then able to move forward and execute the Purchase and Sale with the seller.
12. The first qualifying household with a complete application will sign a reservation form and provide a $1,000 deposit in the form of a certified or bank check within a mutually agreed upon timeframe. This is applied to the overall purchase amount.
13. All potential buyers are encouraged to attend a First Time Homebuyer Class prior to closing. Organizations offering these classes can be found at www.chapa.org.
14. There are specific closing and financing requirements for loans on these units, which are listed below. We strongly encourage households to apply through banks who are aware of the resale restrictions and guidelines for affordable housing programs. These banks will likely have access to additional first-time homebuyer programs that may be of great assistance and increase your buying power such as the Massachusetts Housing Partnership’s ONE Mortgage Program or MassHousing no-MI product.
15. The loan must have a fixed interest rate through the full term of the mortgage, with a fair market interest rate.
16. The interest rate must be locked in – not floating.
17. The buyer must provide a down payment of at least 3%, 1.5% of which must come from the buyer’s own funds.
18. The loan can have no more than 2 points.
19. The buyer may not pay more than 38% of their monthly income for monthly housing costs.
20. Mortgage co-signers are not accepted, and Loans from non-institutional lenders will not be accepted.
21. The Fair Housing Act prohibits discrimination on the basis of race, creed, color, sex, age, disability, marital status, familial status, veteran status, sexual orientation, and/or national origin, or any other basis prohibited by law and is specifically prohibited in the sale of these units. An applicant who believes that they have been discriminated against in the buyer selection and sales process may contact: the Massachusetts Commission Against Discrimination; and/or the United States Department of Housing and Urban Development.
22. Disabled persons are entitled to request reasonable accommodation of rules, policies, or services, or reasonable modification of housing.