News Flash

Andover News

Posted on: December 3, 2020

Affordable Homeownership Opportunity at Riverside Woods

Riverside Woods Photo for Lottery

Applications are now available for an affordable homeownership lottery at Riverside Woods, 459 River Road, a senior living community for those age 62+.  Qualified buyers will be entered into a lottery for 8 affordable one and two-bedroom garden-style condominium units in Building 3.  This is the third of 4 lotteries that will be used to distribute the affordable units. The application deadline is February 1, 2021.  The application packet can be found here: Riverside Woods Application Packet and are also available at the 2nd Floor Customer Service Center in the Town Offices, 36 Bartlet Street.

Income qualifications:

Max Income Limits         1 person              2 persons            

Up to 60% median           $41,460                 $47,040

Up to 80%                          $54,900                 $62,750

Up to 120%                        $82,320                 $94,080

 Asset Limits for each household:

  • If your income is less than the 80% median then $275,000 may be held in assets.
  • If your income is less than the 120% median, then $550,000 may be held in assets.
  • The attached application has information on what is considered an asset.

 Housing Prices:

Median Income Limit     Up to 60%           Up to 80%           Up to 120%

1 Bedroom Unit                 $142,300              $196,900              n/a

2 Bedroom Unit                 n/a                         $220,700              $343,000

KEY MEETING DATES 

Public Information Meeting- Via Zoom 

6:00 p.m., Thursday, January 7, 2021 

https://us02web.zoom.us/j/83902855114?pwd=YkNvRVZTVVQ2QU5adWtyRFgyRTYwdz09  

Meeting ID: 839 0285 5114 

Passcode: 451264 

An open house will not be scheduled due to the current Covid-19 pandemic, but you can call the Sales Office Monday - Friday from 9 a.m. to 5 p.m. at (978) 705-4606 to schedule an appointment to view the model units. 

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