The City is interested in increasing affordable housing opportunities for those who would like to live in Newburyport. In addition to our Housing Rehabilitation Program, we work with developers to increase our supply of units that are reserved for people who are of low to median income, who might not otherwise be able to afford housing in the City.
Affordable Homeownership Resale Opportunities
There are several units within the City of Newburyport that are deed restricted as "affordable." When these units are placed on the market as a resale, the Newburyport Affordable Housing Trust (NAHT) through the Newburyport Planning Office, is charged with helping to find eligible buyers.
Maritime Landing
This property was developed by Portside Realty Development as an affordable housing project under Chapter 40B. As a result, 25% (29 total) of the 116 units have permanent deed restrictions on them which requires that they be made available for purchase by qualified, income-eligible applicants.
Maritime Landing offers amenities including fitness, media and club rooms. Close to shopping, major highways, and minutes from downtown and the commuter rail.
Foundry Square
This property was developed by Trinity Financial in conjunction with the City of Newburyport to provide affordable home ownership opportunities at the former DPW site on Merrimac Street. The project was completed in 2006 and provided the City with 13 affordable housing units.
Foundry Square is within walking distance of the downtown, waterfront, and the recently completed rail trail.
ELIGIBILITY
In order to be eligible to purchase affordable resale units:
- You must purchase a deed-restricted affordable resale unit and agree to future resale restrictions
- The home must be intended for and maintained as your principal residence
- Your assets must not exceed $75,000 (or $375,000 for those over 55)
- You must be approved for a mortgage with a lender
- Some units (such as the ones at Foundry Square) require you to be a first time home buyer (or one that has had no homeownership interest in a principal residence during the past 3 years OR you are a displaced homemaker or single parent who has only owned a home with a former spouse while married)
- You must fall within 80% of the HUD annual median household income in the Boston Area as indicated below (as revised 2/2012):
Household Size Income Limits $45,500 $52,000 $58,500 $65,000
| Site | Price | BRs | Baths | Amenities |
|---|---|---|---|---|
| Foundry Square | $171,014.10 | 1 |
1 |
UNDER AGREEMENT - FIRST TIME HOME BUYERS - One bedroom, one bath, ground floor unit within walking distance to downtown, waterfront, and rail trail. |
Affordable Housing Resale Application
Please call or email if you have any questions. If you are interested in setting up a showing or getting approved for a purchase, please complete the Affordable Housing Resale Application and return it to the Planning Office. You may also email us to be put on our mailing list to be notified of future affordable resales.
DOWN PAYMENT ASSISTANCE PROGRAM
The City of Newburyport, through its Affordable Housing Trust, offers up to $25,000 for each eligible buyer to put towards down payment and/or closing costs for the purchase of deed-restricted affordable units. It is intended for lower income home buyers who can afford monthly mortgage payments but do not have enough to pay the initial home purchase costs. The goal of the program is to increase homeownership among low and moderate income households in the City of Newburyport.
To qualify for the program, eligible buyers must provide a down payment equal to a minimum of 3% the property's purchase price and be approved for a mortgage with a lender.
Down Payment Assistance is considered a “deferred payment loan.” The loan is interest free and you will not have to pay anything back unless you refinance or sell the property within ten (10) years. If the property is sold prior to the fifth anniversary of the sale, you will be required to pay back the full amount. Between five and ten years, the loan is forgiven in an amount equal to 20% of the assistance provided for each of the years remaining on the loan. If you reside in your home for 10 years, the deferred loan will be forgiven.
Downpayment Assistance Application
Affordable Rental Housing
The Newburyport Housing Authority is the best place to inquire about local affordable rental opportunities. They own and manage developments at the Sullivan Building, Horton Terrace, and Kelleher Park, in addition to administering Section 8 vouchers, and other housing programs. You may also visit MassAccess to view affordable and barrier-free rental housing.
Links:
See MassAccess for other available affordable and accessible units.
Newburyport Subsidized Housing Inventory (SHI) (as of 8/31/11)
Department of Housing & Community Development (DHCD)
U.S. Department of Housing & Urban Development (HUD)
Citizens' Housing and Planning Association (CHAPA)
Mass. Housing Partnership's Soft Second Loan
Housing Trusts - M.G.L. Chapter 44 Section 55C
Archived Affordable Housing Trust Agendas