09/24/2015
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.
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.