Ripples Hill Subdivision
Phase 1
All six of the houses that are to be built in Phase 1 of Island Housing Trust's first major housing project have been completed; the sixth lot was sold in early July and the house was completed in early January. The new owner, an Acadia National Park employee and his family, are now living in their new house. Phase 1 includedinfrastructure (roads, sewer) to reach and support the first six houses to be built at Ripples. Phase 1 includes lots 11-16 on the map (see link below).
Phase 2
An additional three lots have been created in Phase 2 at Ripples Hill. They are lots 17 through 19 on the subdivision plan listed on this page. Funds were raised from our generous donors to underwrite the site work for Phase 2. Site construction was undertaken and substantially completed prior to the end of 2011. The three new lots are now available for sale. Contact Chris at 288-4496 for more information.
The houses are located on Farnhams Way off the Beech Hill Road in the Village of Somesville, Town of Mount Desert. The so-called Ripples Hill development will ultimately be the site of 19 units of workforce housing that is affordable to those employed on Mount Desert Island, Maine.
Map and directions coming soon!
Qualifications for Homeownership
Preferred applicants wishing to apply for an opportunity to purchase a house in the Ripples Hill subdivision should meet the following qualification criteria:
- Household income for a family of four or less is equal to or less than 120% of area median income (AMI) for the State of Maine for 2012. Currently, 120% of AMI for the State of Maine is $73,200. (Applicants with household incomes higher than 120% may qualify if certain other criteria are met; contact IHT for more information.)
- One adult member of the household has earnings from employment on MDI equal to or greater than 20% of area median household income (or $12,200).
- Qualifies for bank financing, and
- Lives in the house year-round.
Keeping Houses Affordable
Further, those purchasing houses at Ripples Hill must adhere to affordability covenants that limit the equity a homeowner may accrue and keep the houses affordable over time to individuals and families of similar income.
For an explanation of long-term affordability and to learn more about IHT's resale formula and covenants click here.
Application Materials
For More Information
Contact Chris Spruce at the IHT office at 207-288-4496, or email Chris at director@islandhousingtrust.org.
You may also complete the application above and send it to:
Island Housing Trust
P.O. Box 851
Mount Desert, ME 04660
Christopher Spruce, Executive Director • Island Housing Trust • P.O. Box 851 • Mount Desert, ME 04660
207-288-4496 (office) • director@islandhousingtrust.org
Office located at: 8-B Bethany Lane, West Eden Common, Bar Harbor, ME 04609
|
