Affordable Housing Opportunities
The Village at Old Main in Falmouth
Maloney Real Estate is currently conducting a lottery for two brand new income-restricted condominiums at The Village at Old Main in Falmouth, MA.
Located at 41 Old Main Road, The Village at Old Main is situated close to shopping, dining, beaches, and the Shining Sea Bikeway. The community provides the perfect blend of quintessential Cape Cod architecture with the benefits and amenities of new construction. Both of the available affordable condominiums are 3 Bedroom / 2 Bathroom units featuring modern amenities and floor plans.
The affordable units are priced at $232,584. The monthly condo fee is $157. The condo fee covers master insurance, exterior maintenance, road maintenance, landscaping & snow removal. The 2019 Tax Rate for the Town of Falmouth with $8.56 per thousand-dollar value.
Featuring brand new construction, high-end finishes, and beautiful landscaping. Both units are spacious and include modern kitchens, large closets, storage space, and parking. Learn more about the design features here.
|Available Units||2 Condos|
|Size||3 bed / 2 bath|
Maximum Income Limits
|Household Size||Up to 80%|
Maximum Asset Limits
Assets include: checking and savings accounts, stocks, bonds, cash value retirement accounts (such as 401k, IRA), real property, bonds, and capital investments. If a potential purchaser divests him/herself of an asset for less than full and fair cash value of the asset within two (2) years prior to application, the full and fair cash value of the asset shall be included for purposes of calculating eligibility.
Requesting an Application
Households may request an application from Monday, August 12, 2019 – Friday, October 11, 2019 through the following methods:
- Download the Application PDF
- To have a hard copy of the application sent to your mailing address, please call: 781-992-5301 or send a request through email with your mailing address: firstname.lastname@example.org
- Applications may also be picked up in person at the Falmouth Public Library Main Branch located at 300 Main Street, Falmouth, MA 02450
Applications must be completed and submitted/postmarked on or before October 11, 2019 to:
Maloney Properties, Inc.
Attention: Village at Old Main Lottery
27 Mica Lane, Wellesley MA 02481
OR e-mailed to: email@example.com
Selection by lottery. Use and Resale Restrictions apply.
Free language assistance is available for those whose primary language is not English or have limited English proficiency. For more information or reasonable accommodations for persons with disabilities, please contact Maloney Properties:
Tel: 781-992-5301 | US Relay: 711 | E-mail: firstname.lastname@example.org
Applications will be reviewed for eligibility prior to the lottery. We will send emails to applicants upon receipt and processing of their applications. We will review applications to ensure they are completed correctly and that the proper documentation has been submitted.
All households who complete and submit an eligible application by the postmark deadline will be entered into the lottery.
Lottery Process and Timeline
Applications will be distributed between August 12, 2019 and October 11, 2019. Applications will be made available through e-mail, by mail, and in person during the scheduled distribution times. Applicants that prefer to submit a hard copy of the application (versus an e-mailed application) are required to mail the completed application back to Maloney Properties, Inc. The application must be submitted or postmarked on or before October 11, 2019.
- Applicants who submit an eligible application along with a mortgage preapproval letter by the deadline will then be entered into the lottery. Applicants must provide all supporting documents as described here at the time of application.
- All eligible applicants will receive an application number.
- The application number is used for the lottery to keep the identity of applicants confidential.
- Maloney Properties will then conduct a lottery after each eligible applicant has been assigned a lottery number (lottery #1 being first).
- Following the lottery, we will then show the unit to the top applicants based on the lottery waiting list.
Expected Closings: December 2019
Frequently Asked Questions
FAQ: The Development
Does parking come with the unit? Yes, one outdoor parking space.
What is the pet policy? Ordinary and usual domestic pet dogs, cats and birds (not to exceed one dog or two cats per unit) may be kept by any Unit Owner during such time as such Unit Owner actually occupies his or her unit, but, in the case of dogs, shall only be permitted in any part of the Condominium (other than within the unit of the owner thereof) unless carried or on a leash.
What is the Condo fee? The estimated monthly condo fee is $157 per month. The monthly fee includes: master insurance, exterior maintenance, landscaping, snow removal.
Is Storage available? No.
How is my income calculated? The household income is calculated based on the gross income of the household. Commissions, bonuses and other regular payments are included and considered part of the gross annual income.
Is there a minimum income requirement? There is not a specific minimum income requirement. All households must qualify for a mortgage. All applicants must submit a mortgage preapproval with their application in order to be considered eligible for the lottery. Household assets cannot exceed $75,000.
I didn’t file taxes last year. What do I need to provide? Individuals or households who did not file taxes must provide a verification of non-filing from the IRS in lieu of a tax return. To obtain the verification of non-filing, applicants should fill out a 4506-T form and file it by mail or hand deliver it to an IRS office. The IRS will mail back a letter of verification which must be provided with the income materials given to the marketing agent. See the IRS website to download a 4506-T form.
I received a pay raise between the time I picked up an application and the time I was income certified and now I am over the income limit. What do I do? Income is calculated at the time the applicant submits an applicantion to the lottery agent, not during the application process or at the time of the lottery. Eligibility must be maintained from the time of the application pick up until after income certification verification. Unfortunately, if an applicant’s income is over the income limit, the applicant will not be eligible for the particular unit for which they applied.
I have children in school/college, how does this affect my application? Income from children in school/college under the age of 18 is not considered towards the income of the household.
Are student loans considered income? Student loans are not considered income and may not be used to income qualify.
I am separated from my spouse, does this affect my application? Legally married couples shall both be considered part of the household, even if separated. Applicants with additional questions regarding this policy must speak with the marketing agent/seller.
I would like to appeal a decision regarding income eligibility. How do I appeal? Applicants who are rejected will receive a rejection letter in writing and will be given 7 days for the opportunity to appeal the decision.
Do I need a mortgage pre-approval to apply? Yes, you do need to submit a mortgage pre-approval with the initial application.
Can I have a co-signer on my mortgage? No. Only household members who will live in the unit can sign the deed and/or mortgage.
Can I receive a gift for down payment? Yes. You may receive gift money from someone outside of your household. However, all gift money is counted towards the asset limit.
Do I need to use a specific bank or lender to get a mortgage pre-qualification? You may use any bank or lender for a mortgage pre-qualification. We recommend the ONE mortgage & Mass Housing mortgage program for first-time homebuyers:
FAQ: Lottery Preference
Do I need to be a first time homebuyer to apply?
Yes, household must be a first-time homebuyer defined as not having owned a residential property for three years, including in a trust with the exception of:
- Displaced homemakers, where the displaced homemaker (an adult who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family), while a homemaker, owned a home with his or her partner or resided in a home owned by the partner.
- Single parents, where the individual owned a home with his or her partner or resided in a home owned by the partner and is a single parent (is unmarried or legally separated from a spouse and either has 1 or more children of whom the individual has custody or joint custody, or is pregnant).
- Households where at least one household member is 55 or over.
- Households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- households that owned a property that was not in compliance with State, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.
Do I need to be a resident of Falmouth to apply? No. However, Falmouth residents will receive a preference in the lottery.
Applicants will be given a local preference based on the following criteria:
- Current residents of Falmouth : A household in which one or more members is living in the city or town at the time of application. Documentation of residency should be provided, such as rent receipts, utility bills, street listing or voter registration listings.
- Municipal Employees of Falmouth : Employees of the municipality, such as teachers, janitors, firefighters, police officers, librarians, or town hall employees.
- Employees of Local Businesses: Employees of businesses located in the municipality.
- Households with children attending the locality’s schools, such as METCO students.
What documentation should be provided to prove Falmouth residency? If the household meets any of the above criteria, they must supply supporting documentation.
For Current residents of Falmouth, one of the following must be provided:
- A utility bill dated within the past 60 days (electric, gas, oil, cable, interest, telephone, or cell phone bill)
- A current signed lease agreement
- Voter Registration
For households that are applying as Municipal Employees of Falmouth or Employees of Local Businesses, the pay stubs provided for the income information would suffice if the paystubs show a Falmouth based address.
Households with children attending the locality’s schools, a Falmouth school transcript should be provided.
Are there any other preferences in the lottery? Yes, since the available units are 3-Bedrooms, there is a “Household Size Preference”.
Households requiring the total number of bedrooms in the unit based on the following criteria:
- There is at least one occupant per bedroom
- A husband and wife, or those in a similar living arrangement, shall be required to share a bedroom. Other household members may share but shall not be required to share a bedroom.
- A person described in the first sentence of shall not be required to share a bedroom if a consequence of sharing would be a severe adverse impact on his or her mental or physical health and the lottery agent receives reliable medical documentation as to such impact of sharing.
- A household may count an unborn child as a household member. The household must submit proof of pregnancy with the application.
- If the applicant is in the process of a divorce or separation, the applicant must provide proof that the divorce or separation has begun or has been finalized, as set forth in the application.
When is the lottery? The date of the lottery is listed above. All applicants will receive notification of the date, time, and location of the lottery, as well as their application number. The lottery will be open to the public.
Am I required to attend the information session on? No. Attendance at the information session is not required. The information session is simply to explain the process in detail. Applicants are encouraged to call or email with any questions they may have about the process.
Am I required to attend the lottery? No. Attendance at the lottery is not required. All applicants will be notified of their lottery number after the lottery.
Can I rent out my unit? No, the property must be your principal place of residence.
What are the restrictions with owning an affordable unit: Owners of the affordable unit must follow the use and resale restrictions. Each unit will have a Deed Restriction attached. The resale restrictions are:
- Resell for the Maximum Resale Price, as defined in the Deed Restriction
- Resell to an eligible buyer in the 80% AMI income category
- The condominium must be your primary residence. This means you cannot rent the condominium or own a home elsewhere or in trust.
- Owners must obtain approval before they refinance.
- Owners must obtain approval for capital improvements in order for them to be considered in the resale price.