Reading Affordable Housing Lottery: 10 New Condos

READING, MA — The town will hold a lottery for 10 new affordable housing units at The Postmark, 8 Sanborn St. in Reading. There are three one-bedroom units available for $215,100 and seven two-bedroom units available for $241,900.

The Postmark is a mixed-use development featuring 50 condominium units. The one-bedroom units range from 890 square feet to 920 square feet with one bathroom, and the two-bedroom units range from 1,176 square feet to 1,692 square feet with two bathrooms.

The homes come with vinyl flooring and carpeting in the bedrooms. Appliances include stove, fridge, microwave, dishwasher and a washer/dryer hookup. The affordable units will have deeded exclusive rights to an exterior on-site parking space.

Amenities at the complex include lounge room, gym, roof deck, patio and mail area.

The sales prices are set so that a household earning 70 percent of area median income would not expend more than 30 percent of income for housing. The new construction homes have a condo fee of $120/month for the 1BR and $135/month for the 2BR. These fees cover maintenance of the common area, landscaping, snow plowing and building insurance.

The homeowner is responsible for all other maintenance and insurance of personal property, and will also pay real estate taxes ($255/month (1BR) and $287/month (2BR) using 2019 tax rate of $14.23).

The units will be available to income-eligible first-time homebuyers, with some exceptions permitted under the program, as noted in the application. The units are planned to be available starting in the summer of 2020 and subject to change with no notice.

Key dates:

• Application Period opens February 25, 2020
• Information Session March 24, 2020, 7 pm, Select Boardroom, Town Hall, 16 Lowell St, Reading
• Application Deadline April 30, 2020, 1 pm
• Lottery May 18, 2020, 7pm, Select Boardroom, Town Hall, 16 Lowell St, Reading

Click here for more information, including qualifications.