09/24/2015

Subdivisions currently under construction include affordable housing

In 1992, the Town of Cape Elizabeth adopted regulations that require major subdivisions to include affordable housing. Interested home buyers should keep in mind that a small number of affordable homes are included in most new developments. Developments with affordable housing currently under construction include the Cottage Brook neighborhood, located off Spurwink Avenue; and the Eastman Meadows Condominiums, off of Eastman Road.

Affordable home under construction in Cottage Brook

Purchasing an affordable home is almost exactly like purchasing a market-rate home. The buyer comes to an agreement with the seller. The town is peripherally involved in two ways: First, the town maintains selling price information for low- and moderate-income families and sellers cannot sell affordable housing for more than the affordable price; Second, the town is involved in verifying that a buyer's income is within the affordable range. This is typically done with a copy of the most recent income tax return. The intent of the town is to minimize the administrative requirements for affordable housing.

At this time, the maximum income for low-income housing is $61,100 and the maximum selling price is $210,678. The maximum income for moderate-income housing is $114,563 and the maximum selling price is $395,022). Since adoption of the affordable housing requirements, 19 affordable homes have been approved/constructed and most of them purchased by Cape residents. For more information about the program, please contact the town planner at 207-799-0115.

Inquiries about purchasing affordable housing should be made the the builders directly. Craig Cooper, 207-799-3051, is constructing a low-income affordable home at Cottage Brook. Joel FitzPatrick, 207-767-2104, is constructing moderate-income affordable condominiums in Eastman Meadows.