| Demetria's Crossing C O N D O M I N I U M S |
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Demetria’s Crossing is an affordable housing community being developed by the
Demetria’s Crossing LLC, a partnership between Anagnost Investments, Inc. (a for profit
developer) and NeighborWorks® Greater Manchester (a non-profit developer). The
purpose of the project is to provide 66 new homeownership opportunities to first time
homebuyers living in Manchester.
The property is situated on Karatzas Ave, conveniently located off exit 8 from I-93
in Manchester. The 66 units consist of 26 (2-bedroom) townhouses and 40 (3-
bedroom) townhouses in a condominium development. Each unit includes an unfinished
lower level that can be converted into living space (additional bedroom, family room,
etc.) as the owner desires.
Total development costs for the project are budgeted to be $11.9 million dollars.
The average targeted sales prices (subsidized price) of the units are $169,900 for a two
bedroom unit and $184,900 for a three bedroom unit. At these subsidized prices, units
are affordable to households earning 50% - 120% of the area median income.
In addition, borrowers may also qualify for up to a $20,000 deferred loan at 0%
Interest through New Hampshire Housing Finance Authority’s New Production Initiative
for down payment and closing cost assistance. NeighborWorks® Greater Manchester is
also pursuing additional funds through The City of Manchester HOME Community
Improvement Funds and the FHLBB AHP program to further increase the affordability of
these units to first time homebuyers. Through these additional resources and financing
programs, these units can be purchased by households earning 50% of AMI.
The homes at Demetria’s Crossing will have a permanent affordable deed
restriction. Homes will be sold at the full appraised fair market value which is at an
average of $210,000 for a two bedroom and $235,000 for a 3 bedroom unit. The
difference between the appraised value and the targeted sales price will be recorded as
a deferred lien against the property until transfer/re-sale (0% Interest, Non-Amortizing).
A buyer will always be able to realize the value of their equity appreciation over time, but
will not be able to take advantage of a windfall as a result of the reduced targeted sales
price.
The 66 units will be constructed in four phases of development as follows:
Phase 1 - 18 units of 8 quantity 3 Bedroom Units & 10 quantity 2 Bedroom units
Phase 2 - 14 units of 3 Bedroom Units
Phase 3 - 14 units of 4 quantity 3 Bedroom Units & 10 quantity 2 Bedroom units
Phase 4 - 20 units of 14 quantity 3 Bedroom Units & 6 quantity 2 Bedroom units
As each phase of the development achieves 50% sold status, construction will
begin on the following phase.
Currently completed is Phase 1 of the development consisting of 18 units. As of
January 1, 2009, 11 units have closed and 2 additional units are under agreement and
slated for closing in early 2009. We have begun construction of Phase II. Construction
of Phase II is estimated to take 8 months and it is anticipated that these 14 additional 3
bedroom units will be ready for Late-Spring 2009 occupancy.
Based on current sales projections, we anticipate phase III Construction to begin
no later than November, 2008 and Phase IV Construction to begin June 2009.
Demetria’s Crossing itself is the second phase of a larger residential project being
developed by Anagnost Investments, Inc. Anagnost in partnership with the Manchester
Housing and Redevelopment Authority is developing the balance of the site containing
138 units of affordable multi-family rental housing. The fully constructed Phase I, Stella
Arms Apartments, consists of 66 Units (2 qty 1 Bedrooms, 36 qty 2 bedrooms, & 28 qty
3 bedrooms). Phase II, Sidora’s Terrace Apartments, is projected to begin construction
in July and consists of 72 Units (2 qty 1 Bedrooms, 46 qty 2 bedrooms, & 24 qty 3
bedrooms). An allocation of Low Income Housing Tax Credits has been awarded to the
projects and construction is occurring simultaneously to the Demetria’s Crossing
development.
In all, 204 units of new affordable housing will be provided.
This project represents a unique partnership created by a for-profit entity, a public
housing authority, and a not-for-profit where each organization brings a successful track
record and essential role to the project.
| 603.669.6194 Call for More Information Today! |
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