HYANNIS – Now is a great time for residents of Cape Cod to explore the possibility of becoming a first-time homeowner with several affordable homes available on the Cape.
That’s according to Cape Community Real Estate Director Gale Kelleher.
“We’re fortunate to have this housing inventory that allows people who work on Cape Cod to be able to live on Cape Cod,” Kelleher said.
“These home prices are based on people’s incomes and not on the current market value which is sky high, it’s nice to have a program like this in which homes are priced at a level people can actually afford.”
A full-service, nonprofit real estate department that is part of the Housing Assistance Corporation’s programs, Cape Community Real Estate has many homes listed on the Upper and Mid-Cape, including a 1 bedroom, first floor condo on Main Street Village in Mashpee.
The program is designed so that when residents who purchased homes as a first time buyer are ready to move on they then sell back to new first time home buyers.
“That’s exactly how we want it to work, you get into a deed restricted affordable house you’re there for a few years, sort of get your feet under you like training wheels,” said Kelleher.
“Then you can move onto a market rate house after a few years and another first time buyer will come and buy it.”
All homes come with an affordable deed restriction.
Eligible applicants must be a first time home-buyer, with certain exceptions, and earn at or below 80 percent of the Area Median Income for Barnstable County.
Household assets must be no more than $75,000, and the home must serve as the applicant’s primary residence.
“That’s how these houses are priced, based on someone living here, working here can actually afford,” continued Kelleher.
For more information, contact Gale Kelleher at 508 771 5400.
To see listings for new homes visit www.Capecommunityrealestate.com.
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