Tight Income/Wealth Criteria Leave Beautiful 'Affordable' Unit In Center Languishing

The first of three affordable units planned for the development at 134 Main Street was completed and put up for sale last May, but it has not sold yet.

With a purchase price of only $126,200, this 786 square foot unit for qualified buyers is a real gem, offering prospective buyers an opportunity to own a home in the heart of Groton Center where they can walk to a variety of stores, banks, offices, restaurants, churches, the Library, the Hansen Playground, the Gazebo at Town Field and even to the Rail Trail. And the best part of this property is the magnificent view to Gibbet Hill's lush fields and the grazing Black Angus cattle.

According to Fran Stanley, Groton's Housing Coordinator, the affordable unit has not sold for lack of interest, but due to restrictions placed on the sale of affordable housing units by the Commonwealth. Many applicants, she said, qualify on income criteria but not allowable assets.

For example, she explained, under state law, pensions are counted as income only, but 401ks gross value is considered 'wealth' rather than counting the income the assets generate. As many rely on 401ks for retirement, more and more people are excluded from the program. She recommended that the state revisit this rule, established about 2o years ago before 401k's played such an important retirement role.

Another problem, she explained is that state does not allow a family member to give money toward the purchase of an affordable unit for another family member. She said that people living on disability have such low incomes that they often cannot qualify to purchase even a heavily subsidized unit without financial assistance. If the state allowed such gifts, more people on disability could own a home, thus lessening the burden on the state.

Groton's Affordable Housing Trust and the owner and developer of the property, Groton resident Bob France, President of Senate Construction, worked together to make this special location available for mixed use - commercial, market rate units and ultimately three affordable units. Town Meeting voted to approve an investment of more than $400,000 from the Trust to make the affordable units possible.

This one-bed room affordable unit will be followed by a three-bedroom later in the year and a two bedroom slated for next year. It is anticipated that the three-bedroom unit will be priced at $166,500 and the two-bedroom likely at $145,500.

All units will be sold by lottery based on a person or family's eligibility. The one-bedroom is the only unit available for immediate occupancy.

For more information on eligibility and an application, contact Groton Housing Coordinator Fran Stanley at 978.732.1913 or fstanley@townofgroton.org