The City of Revere and the Affordable Housing Trust Fund have announced that veterans are invited to apply for a veterans-preference lottery for two affordable homeownership condominium units at 133 Salem St in Revere.
The veteran-only application period will be open from August 23, 2024 to September 13, 2024. The lottery will be held at Revere City Hall in the Council Chambers on Wednesday, September 18, 2024, at 6 PM. If fewer than two eligible veterans apply, those who already applied from the previous applicant pool for this opportunity are eligible to be selected.
The two units available are:
-133 Salem St, Unit 102 – a 479 square foot studio with 1 parking space. For this unit, applicants must be at or below 70% of area median income; the sale price is $220,000.
-133 Salem St, Unit 208 – a 593 square foot 1-bedroom unit with 1 parking space. For this unit, applicants must be at or below 80% of area median income; the sale price is $285,000.
*70% of area median income is $79,800 for one person; $91,175 for a family of two.
*80% of area median income is $91,200 for one person; $104,200 for a family of two.
Additionally, homebuyers must (1) qualify for a FHA, VA or Fannie Mae or Freddie Mac-conforming fixed-rate mortgage loan, (2) provide a minimum 3% down payment or qualify for an approved Down Payment Assistance program, (3) pay closing costs, and (4) complete homeownership counseling by the time of purchase.
Interested applicants can apply online at https://www.northstrandcondos.com/new-application
You may also pick up an application at the Revere Department of Planning and Community Development (781-286-8181), or email Joe Gravellese, chair of the Affordable Housing Trust Fund Board, at [email protected], to request an application via email or ask questions about eligibility.
