Down Payment Assistance

Down Payment Assistance

Bread & Roses Housing administers the North Andover Downpayment Assistance Program. The North Andover Affordable Housing Trust provides downpayment assistance to qualified homebuyers who want to purchase a single-family home or condominium in North Andover for use as their principal residence. Applications must be submitted to Bread & Roses Housing and will be accepted on a first come/first served basis until all allocated funds have been distributed. The amount of allocated funds is determined by the North Andover Affordable Housing Trust.

DPA is considered a “deferred payment loan.” The loan is interest free, and you will not be required to repay the loan or make any payments on the loan unless, during the 10-year term of the mortgage, the property is sold or transferred; is refinanced or encumbered without the Trust’s prior approval; is no longer used as your primary residence; or you otherwise violate any of the terms of the mortgage.

Who is Eligible? Applicants must meet the following eligibility requirements:

• Be a first-time homebuyer (or one that has had no homeownership interest in a principal residence during the past 3 year OR you are a displaced homemaker or single parent who has only owned a home with a former spouse while married);

• Complete a homebuyer education class conducted by a HUD approved housing counseling agency and provide certification of completion;

• Own or have assets that do not exceed $75,000 ($375,000 for those over 55 years of age);

• Intend to reside in the purchased property as your primary residence;

• Put down no less than 1.5% of the sale price; and

• Earn a household income that is at or below 100% of Area Median Income.

Bread & Roses Housing’s home ownership opportunities are among the most accessible and affordable in New England. Our community land trust model is a progressive solution to community change in the area of affordable housing.