Cornerstone Cohousing in Cambridge, Massachusetts is about half through
the construction period, some units will be available for move-in this
summer, the rest by January, 2002. Of the 32 units, only one market
rate three bedroom townhouse and the four limited equity affordable units
are still available. Attached is the notice for the last limited
equity units orientation. Limited equity means that if you sell your
unit in the future you can only sell it for cost plus inflation and only to
another limited equity qualified buyer. More Cornerstone details are
available at our WEB site
http://www.cornerstonecohousing.org
I sent this notice to the Cohousing-L list a few days ago, but the
email that came back in my digest subscription was empty of content.
Michael Arnott
Cornerstone Cohousing
Cambridge, Massachusetts
* * * * * * * * * * * * * * * * * * * * * * * * *
City of Cambridge
and
Cornerstone Village Cohousing
are pleased to announce
Four
Affordable Condominiums for Sale
for income-eligible first-time
homebuyers
through the City's Inclusionary Zoning Ordinance
About Cornerstone Cohousing:
Cornerstone Village is a 32-unit
community, planned and designed by member
households. A mixture of
apartments and townhouses with common facilities,
it is currently under
construction on Harvey St. in North Cambridge. We are
committed to
creating a community that promotes sensible sharing of personal,
social,
and natural resources, provides a safe, stimulating environment for
the
growth of children and adults, and fosters beneficial relationships with
the surrounding community and the world at large.
About the
Units:
BEDROOMS BATHS SQ.
FEET COST
1
1
636
$ 112,000
2
1
816 $ 126,000
3
1 1/2
1213 $ 140,000
3
2
1211 $ 140,000
Eligibility
Requirements:
- Appropriate household size for
available units
- Income below the following maximum limits
Household
Size
Maximum Income
1
person $36,750
2
people
$42,000
3
people
$47,250
4
people
$52,500
5
people
$56,700
6
people
$60,900
- Pre-qualified for a mortgage amount sufficient to
purchase the unit
- Applicants must have a minimum of $5,000 - $7,000
for down payment plus closing costs
- Attendance at a Cornerstone
Orientation Meeting
Eligible applicants will be prioritized
according to a City ranking system
(as outlined in the application
packet). Those selected will go through
Cornerstone's membership
process. There is a priority for Cambridge
residents. Further
information will be given at Cornerstone orientation. Use
and resale
deed restrictions will apply to property.
DEADLINE FOR SUBMITTING AN
APPLICATION IS MAY 16, 2001 by 12 noon
City of Cambridge, Community
Development Department, 238 Broadway.
For more information and an
application, please call the Housing Division at
349-4600
CORNERSTONE ORIENTATION:
MONDAY, MAY 7, 7-9 pm, Banneker
School, 21 Notre Dame Ave.
Cambridge, Massachusetts
The City of Cambridge does not discriminate on the basis of
disability.
The City will provide auxiliary aids and services, written
materials in
alternative formats, and reasonable modifications in
policies and procedures
to persons with disabilities upon request.
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