Two of the homes were developed by the North End Housing Initiative in partnership with Youth Build and NAI Plotkin, located at 271 Pine Street and 251 Central Street. Two additional homes have been developed by C&C Homes and are located at 402 Central and 414 Central Street.
The City of Springfield has invested a housing development subsidy into the development of all four homes utilizing CDBG-DR funding from the U.S. Department of Housing and Urban Development. Development subsidies cover the funding gap between development cost and re-sale value of the properties. The homes are being re-sold at a purchase price of $190,000, providing each purchaser with instant equity in the home and ensuring the homes will be affordable to low-and moderate-income buyers.
The buyers being selected through the public application and lottery process will be eligible to purchase one of the four homes. Eligible applications were submitted by the August 15, 2023 deadline. All eligible purchasers are current Springfield residents, must qualify as a first-time homebuyer, must have a household income at or below 80% of Area Median Income, and must qualify for a mortgage totaling $190,000 from a conventional lender. Each newly constructed home has three (3) bedrooms and 2 ½ bathrooms. Purchasers will be required to occupy the homes for a period of not less than fifteen years.
Officials conducted the special lottery drawing where winners were be selected from eligible applications that were received. The homes were funded largely by HUD/City’s HOME Program (Home Investment Partnerships Program). Residents selected will have the rights to purchase their respective homes at a price that is significantly lower than market value, giving them home equity from day one.
Mayor Sarno stated, “Now this is truly a heartwarming holiday gift not only to the families but just as important to our Maple High Six Corners neighborhood too. I want to thank CDO Tim Sheehan, Housing Director Gerry McCafferty, Deputy Housing Director Bobby DeMusis, Director of Disaster Recovery Tina Quagliato-Sullivan, Councilors Melvin Edwards and Maria Perez, New North Citizens Council, the team at NAI Plotkin and C&C Homes for their continued efforts in making the dream of owning a home for four special families a reality. My administration is looking forward to continuing this innovative initiative in other neighborhoods too.”
Councilor Edwards said, “I want to applaud Mayor Sarno and the Administration, and the developers for bringing this project to our Maple High Six Corners neighborhood. This initiative will not only enable four Springfield families to have a home where they can settle down and raise a family while immediately building home equity, but this also continues to build upon our city’s economic development efforts and building more housing units, which is desperately needed.”
