Affordability

Anticipated Monthly Expenses: $2,000 - 2,200*

*This is an estimated monthly cost based on the expected sale price, current interest rates, and anticipated project costs. The true monthly expense total will not be known until a purchase is complete.

Includes:

- Monthly Mortgage Cost

- Property Taxes

- Home Insurance

- Homeowners Association Fees

- Electricity and Heating

This is part of the of the monthly costs of owning a home, but the state-of-the-art design of Salisbury Square Village will keep this part around $0 per month for energy costs and only require utility taxes and fees.

Learn More about Energy Efficiency at Salisbury Square Village

Not Included

This estimate does not include phone, cable television, internet, or other household expenses.

Affordability Subsidy

Salisbury Square Village homes are made affordable through an "Affordability Subsidy" that remains with the home.

This subsidy makes the home affordable by filling in the gap between the appraised market value of the home and the price at which the home would be affordable to moderate income buyers.

At Salisbury Square Village, the new homes are estimated to have a market value of $410,000.

That price is unaffordable for moderate income households (households with income between 80% and 120% of the local area median income).

For households in this income range, the affordable price for these homes is $254,000.

Here's where the Affordability Subsidy comes in. It helps make the home affordable by reducing the price of the home by $156,000.

The original buyer gets the benefit of this reduction in price and to keep the home affordable for future buyers, every new eligible buyer will also get the benefit of the price reduction. That means in the future when the home is resold and the market value has gone up, the sale price will still be reduced by $156,000.

Below is an example of how it could work for you.

When you purchase a home:

$410,000 Original Appraised Value

less $156,000 in Affordability Subsidy

_________________________

= $254,000 Net Purchase Price = What you pay

At Time of Resale:

$450,000 New Appraised Value

less $156,000 in Affordability Subsidy

_________________________

= $294,000 New Selling Price = What the next buyer pays

Your Proceeds from a Future Sale

In this example your net proceeds would be the new selling price minus the amount remaining on your mortgage.

The home may be appraised at a higher value but the actual sale price gets reduced so the home can stay affordable for the families who need it most.

Permanently Affordable

Anticipated Home Sale Price: $254,000

Buyer Eligibility

Household Income Limits

Do you want to take the next step on a new home?