City of Cambridge, MA
08/14/2023 | Press release | Distributed by Public on 08/14/2023 09:25
First-Time Homebuyer Lottery Opportunity - The Pathmark
TheCity of Cambridgeis offering four new affordable condominiums for sale to income-eligible first-time homebuyers through a lottery process. These affordable condos are located at The Pathmark, 97 Elmwood Street in North Cambridge near Davis Square.
The condos offered through this lottery opportunity will serve households earning up to 80 percent of the area median income. The available condos include: one (1) studio unit, one (1) 2-bedroom unit, and two (2) 3-bedroom units.
Interested applicants must complete and submit the online application no later than Monday, September 18, 2023 at 8:00 p.m.
City staff will host a virtual information session on Tuesday, August 22, 2023from 6:00-7:00 p.m. to provide an overview of the lottery, eligibility requirements, how to apply, and answer questions about this opportunity. Attendance is not required to apply for this opportunity.
For more information, visit www.cambridgema.gov/HomebuyerLottery.
Household Income Eligibility Guidelines and Unit Pricing
|
Household Size |
Max. Household Income |
|
|
Studio Condo (585 sq. ft.) |
1-Person | $83,610 |
| 2-Persons | $95,550 | |
|
2-Bedroom Condo (879 sq. ft.) |
2-Persons | $95,550 |
| 3-Persons | $107,500 | |
| 4-Persons | $119,440 | |
|
3-Bedroom Condo (-1,018 - 1,152 sq. ft.) |
3-Persons | $107,500 |
| 4-Persons | $119,440 | |
| 5-Persons | $129,000 | |
| 6-Persons | $138,550 |
| The Pathmark Unit Pricing | ||
|
Condo Sales Price |
Estimated Monthly Housing Costs | |
|
Studio Condo |
$229,000 | $1,697 |
|
2-Bedroom Condo |
$294,000 | $2,185 |
|
3-Bedroom Condo |
$326,000 | $2,425 |