First-time homebuyers have a rare opportunity to purchase a deed-restricted affordable condominium in the heart of downtown Andover, with applications due by June 16 and an open house scheduled for Saturday, June 7 from 11 a.m. to 1 p.m.
The two-bedroom, one-bathroom unit at 1 Powder Mill Square, Unit 302, is listed at $281,100. Located in the desirable Powder Mill Square development off Route 28, the condo offers scenic views of the Shawsheen River, contemporary features, and unbeatable access to shops, restaurants, commuter rail, and schools — all within walking distance.
The 933-square-foot unit features hardwood floors, recessed lighting, central air conditioning, in-unit laundry, and gas cooking. The building includes elevator access, and the unit comes with a designated off-street parking space. Monthly condo fees are $278, and the current local property tax rate is $12.49 per $1,000 of assessed value.
Eligible buyers must be first-time homebuyers with a pre-approved fixed-rate mortgage, a minimum 3% down payment, and no more than $75,000 in liquid assets. Income limits apply, with maximum allowable household income ranging from $72,950 for a one-person household to $104,200 for a four-person household.
Priority will be given to applicants whose household will fully occupy the unit.
Applications are available online at andoverclt.org or by emailing info@andoverclt.org. All completed applications must be submitted by 4 p.m. on June 16. For more information, contact the Andover Community Trust at 978-276-9228.