With housing at a premium, becoming a homeowner on Cape Cod continues to be difficult for low- to middle-income wage earners. In Yarmouth, a handful of residents will have an opportunity to achieve that dream through a buydown program HAC is administering for the town.
The program will enable 4 residents to purchase a market rate home at an affordable price. “Inventory has gotten really expensive so a buyer could find a market rate property priced at $289,000 and buy it at $189,000 with a deed restriction,” said Gael Kelleher, HAC’s director of Cape Community Real Estate. “It is the best deal in town. You can’t beat it.”
Qualified applicants must be first-time homebuyers (some exceptions apply), earn 80% of the Area Median Income (AMI) for Barnstable County, and have no more than $75,000 in household assets. To participate in the program, residents must fill out an application and return it to HAC’s offices at 460 West Main Street by Friday, November 17 by 5 pm.
Applications are available at HAC; Yarmouth Town Hall at 1146 Route 28; Yarmouth Housing Authority at 534 Winslow Gray Road; and all Yarmouth public libraries.
Winners will be selected by lottery and will receive a buydown of 35% of the purchase price of a market rate home of their choice, up to $100,000. The following are maximum prices of homes that can be purchased in Yarmouth through this program: $339,000 (four bedroom); $319,000 (three bedroom); $295,000 (two bedroom); and $273,000 (one bedroom).
Any house purchased through the program will be recorded and deed restricted as affordable.
Contact HAC Real Estate Assistant Betsie Rumbaugh at email@example.com or 508-771-5400, ext. 285 for more information on the Yarmouth Buydown Program.