Three Town-owned MCI Houses Available In Rent Escrow Program
CHATHAM – Three of the four bungalows that the town owns on Old Comers Road will be available to rent early next year.
The homes, part of the town-owned historic Marconi property, are part of a rent escrow program open to first-time homeowners who meet income qualifications. Under the five-year lease, half of the $1,800 monthly rent on the three-bedroom homes is escrowed. The town kicks in another $500 per month, and at the end of the lease period, the money must be used to purchase a home in Chatham or on Cape Cod. If an applicant does not qualify for a mortgage, the money is returned to the town’s general fund.
The three homes are located at 576, 579 and 563 Old Comers Rd. The application process is open to anyone, but one of the three homes will be reserved for applicants who live or work in town or have a child in the school system.
The program is administered by the housing authority, which will hold an informational session on Thursday, Dec. 14 at 6 p.m. and Saturday, Dec. 16 at 10 a.m. at the housing authority offices at 240 Crowell Rd.
The deadline for applications is Tuesday, Jan. 16 at 2 p.m. Application packets are available at www.chathamha.org/Documents.aspx.
Maximum qualifying income for the homes is $64,450 for one person; $73,650 for two persons; $82,850 for three persons; $92,050 for four persons; and $99,450 for five-person households. Rent cannot exceed 30 percent of annual household gross income. Applicants can have assets of no more than $75,000.
A lottery to choose the three tenants will be held as soon as possible after the deadline, according to Housing Authority Executive Director Tracy Cannon. The homes will be ready for the new occupants to move in around March 1.
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