Take a look at the interior! click on image to enlarge
Demetria’s Crossing is an affordable housing community being developed by the Demetria’s Crossing LLC, a partnership between Anagnost Investments, Inc. (a for profit developer) and NeighborWorks® Greater Manchester (a non-profit developer). The purpose of the project is to provide 66 new homeownership opportunities to first time homebuyers living in Manchester.
The property is situated on Karatzas Ave, conveniently located off exit 8 from I- 93 in Manchester. The 66 units consist of 26 (2-bedroom) townhouses and 40 (3-bedroom) townhouses in a condominium development. Each unit includes an unfinished lower level that can be converted into living space (additional bedroom, family room, etc.) as the owner desires.
Total development costs for the project are budgeted to be $11.9 million dollars. The average targeted sales prices (subsidized price) of the units are $169,900 for a two bedroom unit and$184,900 for a three bedroom unit. At these subsidized prices, units are affordable to households earning 50% - 120% of the area median income.
In addition, borrowers may also qualify for up to a $20,000 deferred loan at 0% Interest through New Hampshire Housing Finance Authority’s New Production Initiative for down payment and closing cost assistance. NeighborWorks® Greater Manchester is also pursuing additional funds through The City of Manchester HOME Community Improvement Funds and the FHLBB AHP program to further increase the affordability of these units to first time homebuyers. Through these additional resources and financing programs, these units can be purchased by households earning 50% of AMI.
The homes at Demetria’s Crossing will have a permanent affordable deed restriction. Homes will be sold at the full appraised fair market value which is at an average of $210,000 for a two bedroom and$235,000 for a 3 bedroom unit. The difference between the appraised value and the targeted sales price will be recorded as a deferred lien against the property until transfer/re-sale. A buyer will always be able to realize the value of their equity appreciation over time, but will not be able to take advantage of a windfall as a result of the reduced targeted sales price.
The 66 units will be constructed in four phases of development
Currently completed is Phase 1 of the development consisting of 18 units. It is anticipated that we will be able to begin construction of Phase II by August, 2008. Construction of Phase II is estimated to take 8 months and it is anticipated that these 14 additional 3 bedroom units will be ready for Spring 2009 occupancy.
Based on current sales projections, we anticipate phase III Construction to begin no later than November, 2008 and Phase IV Construction to begin June 2009.
This project represents a unique partnership created by a for-profit entity, a public housing authority, and a not-for-profit where each organization brings a successful track record and essential role to the project.
