Affordable Ownership

• Am I an eligible buyer?

  There are three main criteria to purchase an affordable home:

  1. Household income does not exceed 80% AMI (recalculated annually)
  2. Household assets do not exceed $75,000
  3. First-time homebuyer

   

• Are HELOC loans permitted?

  Home Equity Line of Credit (HELOC) loans are not permitted because any loan product must have a fixed rate, among other requirements, in order to be approved by the Town and EOHLC. HELOC loans have a variable rate. 

• Can I add add or remove someone from my Deed Rider?

  In short, it depends. Regardless, you must make a request and receive written permission from both the Town of Westwood and EOHLC to add or remove someone on the Deed Rider. 

  • Heads of household may sometimes be added or removed when there's a change in household members, such as marriage, divorce, or death. 
    • e.g. Two siblings purchase a home together. One sibling gets married and the other sibling moves out. In this example, the new spouse may be added while the sibling that moved out may be removed. 
    • If the owner of a home passes and the spouse was never added to the deed, the spouse may be added afterward only if 1) they can provide proof of marriage and that they've been living in the home, 2) do not own any other residence, and 3) the home is not in probate. 
  • In rare circumstances, children can be added to the Deed Rider. EOHLC has allowed it if the child was the parent's caretaker or if the child has permanently limited income due to disability. 

• Can I choose the buyer of my home?

  The current owner cannot choose the buyer. A buyer will be selected through a Lottery administered by EOHLC or - in some cases - on a first come, first serve basis by a listing agent assigned by the Town and EOHLC. The buyer must meet income requirements for the current year and qualify for a 30-year fixed mortgage. 

• Can I make capital improvements to my home?

  Capital improvements must be approved by EOHLC and the Town in order to be considered and added to the resale price. EOHLC defines capital improvement as a necessary maintenance improvement, not covered by a condominium or homeowner association fee, that if not done would compromise the structural integrity of the property.  Examples of necessary capital improvements include the following:

  • New roof
  • Exterior painting due to deterioration
  • Structural deficiencies such as termite or other pest damage, water damage, or other maintenance as required
  • Replacement of windows due to damage or long-term wear and tear
  • Appliance replacement (stove, dishwasher, refrigerator)
  • Septic tank replacement
  • Heating or plumbing replacement
  • Replacement of siding, shingles, or clapboard due to damage or long-term wear and tear
  • Other improvements identified by the owner and reviewed by EOHLC 

  The following improvements will not be considered capital improvements and cannot be added to the resale price when the property is sold:

  • Installation of outdoor decks
  • Flooring (except in cases of replacement due to damage or long-term wear)
  • Additions
  • Garages
  • Landscaping
  • Other items identified by the owner that are upgraded or luxury improvements

  If a condominium or homeowners’ association has a special assessment, EOHLC will take into consideration the cost to the homeowner on a case-by-case basis. Additional documentation may be requested.

  At the time of resale, EOHLC will determine the current value of the improvement based on the depreciation schedule. For example, if a new heating system is installed for $5,000 and the owner sells the property 5 years later, the full $5,000 will not be added to the resale price. As with market rate properties, the value of the heating system is the greatest when it is new and it depreciates over time.

  To begin the review process, please mail the following information to EOHLC and Westwood:

  A letter requesting approval for the cost of a capital improvement, including:

  • a description of the work to be done
  • an estimate of the cost
  • an explanation of why the work is a capital improvement

  If the request is approved, EOHLC will require a copy of the paid invoice after the completion of the work. EOHLC will consider the useful life of the improvement and prepare a depreciation schedule for the cost of the improvement.

  Requests for capital improvements or questions must be directed to both Monitoring Agents at the addresses above. 

  Please note that capital improvements under certain Deed Riders did not require approval in the past. However, these improvements may not be fully accounted for in the Maximum Resale Price after adjusted for affordability. 

• Can I put my home into a trust?

  Putting your home into a trust is not permitted, as this would be a change in ownership. Likewise, you may not will the home to anyone. However, you may leave the proceeds from the sale of the home to someone in your will if you choose.

  Upon the passing of the homeowners, the home would go through probate similar to any other home that's not in a trust. The difference is that the resale must be executed in accordance with the Deed Rider. The Town would need to be notified of the owner's passing as soon as possible with a Notice of Intent from the executor or another representative. Next, EOHLC would determine the Maximum Resale Price at which the home will be sold based on the Deed Rider Discount Rate/Multiplier. EOHLC and the Town will find an income-eligible buyer. The homeowner can designate a beneficiary of the assets remaining from the sale of the home after any liabilities are paid in their will. We recommend including in the will that the property must be sold in accordance with the Deed Rider at no more than the Maximum Resale Price determined by EOHLC, the proceeds from which will go to the designated beneficiary. 

• Can I sublease my home?

  Subleasing or renting out an affordable homeownership unit is not allowed. 

• Does the Town or Commonwealth receive any profit from the resale of my home?

  The homeowner will receive all profits minus a 2% Resale Fee (includes broker fee) that is factored into the Maximum Resale Price calculation. The Town and Commonwealth will not receive any proceeds. 

  If, under an extenuating circumstance, the home was sold to an ineligible buyer, the proceeds of the sale above the Maximum Resale Price go the Town. Though the home may not be sold to an ineligible buyer unless authorized by the Town. 

• How can I affordably maintain, repair, update, or weatherize my home?

  Maintaining your home is important, but sometimes costly. Here are several assistance programs available to income-eligible households unless otherwise stated. Always check the website of the respective program for the most up to date information and program eligibility. 

  Weatherization & Energy

  Program	Description	Eligibility
  MassSave Home Energy Assessment	Free online or in-person home energy assessment Free energy saving products e.g. power strips, faucet aerators Eligibility screening for rebates and incentives	1-4 unit homeowners of any income
  MassSave Enhanced Residential Program	Free home energy assessment Free insulation upgrade  Increased rebates on efficient heating equipment	Income-eligible homeowners of 1-4 unit homes
  MassSave Income Eligible Program	Free home energy assessment Free insulation upgrade  Free air sealing upgrade Free home appliances e.g. washer, refrigerator, dehumidifiers, etc.	Income-eligible homeowners of 1-4 unit homes (lower limits than the Enhanced Residential Program)
  MassSave Heating & Cooling Consultation	Free consultation with a Heating & Cooling Specialist	Homeowners of any income
  MassSave HEAT Loan	No interest rate loans for qualifying energy-efficient home upgrades	Any participants of the MassSave Home Energy Assessment Program

   

  Repairs, Upgrades, & Accessibility - Loans & Grants

  Program	Description	Eligibility
  MassHousing Home Improvement Loan Program (HILP)	Low-interest loans for non-luxury improvements	Income-eligible homeowners
  MassHousing Septic System Repair Loan	Low/no-interest rate loans to repair failing/non-compliant septic systems	Income-eligible homeowners
  MassHousing Get the Lead Out	Low/no-interest rate loans to remove lead paint	Income-eligible homeowners, investor-owners, and nonprofits
  Massachusetts Rehabilitation Commission Modification Loan Program (HMLP)	Loans to make necessary adaptations & modifications to your home	Adults and children with disabilities
  USDA Single Family Housing Repair Loans & Grants (Section 504 Home Repair Program)	Loans to repair, improve, or modernize your home Grants to remove health and safety hazards	Loans - income-eligible homeowners Grants - income-eligible senior homeowners

   

  Repairs, Upgrades & Accessibility - Labor & Supplies

  Program	Description	Eligibility
  Habitat for Humanity (multiple affiliates) ReStore Habitat for Humanity Greater Boston 1580 VFW Parkway, West Roxbury, MA Habitat for Humanity MetroWest/Greater Worcester 310 Pond Street, Ashland, MA	Sells surplus & secondhand home products e.g. tile, flooring, appliances, etc.	Open to all
  South Shore Habitat for Humanity Critical Home Repair Program	Non-emergency repair assistance, including performing the work and covering a portion of associated costs up to $10,000 e.g. accessibility improvements, roof repair, weatherization, deck repair	Income-eligible homeowners of single family homes
  Boston Building Resources Cooperative Reuse Center Online on Craiglist or in person at 100 Terrace Street, Boston, MA	Sells secondhand & surplus building materials  Offers workshops & additional discounts	Shopping is open to all Additional discounts for income-eligible customers through a Plus membership
  Rebuilding Together Boston Safe at Home Program	Performs home repairs & much-needed updates	Inability to pay

  
  

• How can I learn more about being a first-time homebuyer?

  The Housing Consumer Education Center at the South Middlesex Opportunity Council (SMOC) offers a First Time Home Buyer Course. 

• How can I purchase an affordable home?

  Four Local Initiative Program (LIP) developments in Westwood offer households the opportunity to purchase a home at a reduced rate. All of these LIP units are encumbered by Affordable Housing Deed Restrictions and intended to remain affordable in perpetuity through resale to income-qualified eligible households. Information on how to buy a unit as they become available are posted  on this page.

• How do I refinance my home?

  In order to refinance, you must submit a written request to and receive written approval from the Town and EOHLC. In reviewing the request, the Monitoring Agents will want to ensure the monthly cost to you remains affordable for a moderate-income household, that you'll be able to afford the monthly payments, and that there is a benefit to refinancing. 

  The financing must:

  • Have a fully amortizing fixed rate
  • Be from an institutional lender
  • Have a fixed interest rate through the full term of the mortgage at the current fair market interest rate
  • Be no more than 2 points
  • Not exceed 97% of the Maximum Resale Price
  • Not be co-signed by anyone not on the Deed Rider

  Owners are discouraged from loans that:

  • Have high closing costs
  • Have a higher interest rate than your existing loan
  • Roll unsecured debt into the mortgage 

  To request refinancing or fixed interest equity loan, submit the following by mail or email to both Monitoring Agents at the address above. 

  • Contact information - name, property address, phone, email
  • Amount of refinancing/2nd mortgage
  • Lending institution information - institution name & name, phone, and email of loan officer
  • Commitment letter from lender that includes the amount, interest rate, points, and loan terms (e.g. 15-year)

  If approved, the Monitoring Agent will provide an Eligible Finance Certificate. 

• How do I sell my home?

  You must submit a written request to sell with the required documentation listed below to AND receive a written response from the Town of Westwood and EOHLC. EOHLC and the Town will locate an eligible buyer following the Resale Instructions in your Deed Rider. We strongly advise contacting the Housing & Land Use Planner in advance of submitting your written request so they know to expect it and to discuss the process.

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  To begin the process, please mail or email the required documents to both Monitoring Agents at the addresses listed above. 

  1) If your Deed Rider predates 2006 and uses a Discount Rate - 

  • Conveyance Notice: written notice of your intent to sell with your name, property address, email, and phone number
  • Deed Rider copy: if you no longer have yours, request one at the Norfolk County Registry of Deeds
  • Appraisal no older than 120 days
  • Color photo of exterior
  • Property Information Form

  2) If your Deed Rider is from 2006 or later and uses a Resale Price Multiplier - 

  • Conveyance Notice: written notice of your intent to sell with your name, property address, email, and phone number
  • Deed Rider copy: if you no longer have yours, request one at the Norfolk County Registry of Deeds
  • Color photo of exterior
  • Property Information Form

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  After receiving the Conveyance Notice, EOHLC will send a written response to you stating the price for which you may sell your home. This price is called the Maximum Resale Price, and is determined based on the formula in your Deed Rider. The Maximum Resale Price of your home is calculated differently depending on the age of your Deed Rider:

  • If your Deed Rider uses a Discount Rate (predates 2006): Discount Rate listed in your Deed Rider x Appraised Value*
  • If your Deed Rider uses a Resale Price Multiplier (2006 or later): appropriate current median income x Maximum Resale Price multiplier factor listed in the Deed Rider*

  *In both cases, EOHLC will further adjust the Maximum Resale Price if the resulting price is more than what a household earning 70% AMI can reasonably afford. 

  For a period of 90 days, the Town and EOHLC reserve the right to restrict the sale of the home to a buyer who is income-eligible under the LIP. If an eligible buyer is located, but is unable to secure financing within the 90-day period, EOHLC has an additional 60 days to locate another eligible buyer. 

• What is the Maximum Resale Price?

  The Maximum Resale Price is the price at which EOHLC determines you can sell your home. How it's calculated depends on the age of your Deed Rider:

  • If your Deed Rider uses a Discount Rate: Discount Rate listed in your Deed Rider x Appraised Value*
  • If your Deed Rider uses a Resale Price Multiplier: appropriate current median income x Maximum Resale Price multiplier factor listed in the Deed Rider*

   In addition, the following may be factored into the calculation:

  1. 2% Resale Fee (includes broker fee, etc.)
  2. Approved capital improvements**

  *In both cases, EOHLC will further adjust the Maximum Resale Price if the resulting price is more than what a household earning 70% AMI can reasonably afford. 

  **Please see FAQ regarding capital improvements.