Prospect Street Project

50-52 Prospect Street
Springfield, MA 01107
United States

Price:
$225k
Bedrooms:
2
Accessible:
No
Main Listing Image

 

Property Overview

Property Facts:

Property Type:
Other
Year Built:
2024

Located at 50-52 Prospect Street in Springfield, Prospect Street Project is a new construction duplex, which is available by lottery, for an eligible first-time homebuyer (certain exceptions apply) earning up to 80% of the Area Median Income (AMI).  Each duplex unit includes two bedrooms and 1 and 1/2 bathrooms in 928 sq. ft. A refrigerator, stove/oven, microwave, central air conditioning and washer and dryer hookups are included.  Driveway parking.  Gas heat. City water and sewer.  Applicants are purchasing the full duplex.  One unit must be owner occupied, and the second unit can be rented to a household earning up to 80% AMI.  The estimated monthly rent you can charge is up to $1,700 per month which can be used to pay the monthly mortgage payment.  The tenant would be responsible for all utilities except water and sewer, which would be the owner’s responsibility.

 

Property Details

Unit Details

Basement:
No
Appliances:
Microwave
Refrigerator
Stove/Oven
Listing Garage Parking
Garage Parking:
There is no garage parking.
Heating type:
Gas
Air Conditioning:
Yes
Pets allowed:
Yes
 

Eligibility Information

Income limits:
1: $61,350; 2: $70,100; 3: $78,850; 4: $87,600
Asset limits:
$75,000
Must be first time homebuyer:
Yes
Age Restrictions:
No restriction
 
 

Application Information

Application Type:
Lottery
Application Deadline:
February 11, 2025
 
Application Process:

It is very important for everyone to understand the procedure.   Please understand the allowable income guidelines are adjusted based upon your household size.  Also be advised that the program and its requirements are subject to changes in state or federal regulations. 

 

Lottery Pools

The Duplex will be distributed through the Open Pool.  All eligible applicants will receive a lottery code prior to the lottery.  This code is what will be announced during the lottery to protect your privacy. 

 

All eligible applicants will be pulled, and their lottery code announced at the time of the lottery.  This order of selection will establish the rankings for the home’s distribution. The highest ranked applicant that meets the household size preference would have the first opportunity to purchase the property. 

 

NOTE:  The property will not be offered to smaller households until all two-bedroom households have been offered the unit.  This means if we exhaust the two-bedroom household ranking list we will then begin offering it to smaller households in ranking order. Occupancy will not be more restrictive than the State Sanitary Code.

 

 

Time Frames

If you are selected and have the opportunity to purchase the property your application will be submitted to the Monitoring Agent for final eligibility determination. Once final approval has been received by the Monitoring Agent, you will speak with a representative to view the property.  An Applicant selected for a home will start working with their lender immediately to finalize the necessary mortgage loan, depending on the anticipated closing date. 

 

Acceptance of Home

If you choose not to purchase the property, you will go to the bottom of the list and will likely NOT have another opportunity. 

 

Summary

We hope this helps explain the process by which the units will be distributed.  It can be a lengthy and sometimes complicated process.  We greatly appreciate your participation and wish you the best of luck in the lottery process.

 

Application link https://mcohousingservices.com/affordable-homes-for-sale/
Brochure Website: https://mcohousingservices.com/affordable-homes-for-sale/
Application Documents:
Monitoring/Lottery Agent or Property Manager
MCO Housing Services
Contact
Maureen or Jennifer or Laura
Phone
+1 978-456-8388