Ripples Hill Subdivision Launched
Site construction is nearing completion on Phase 1 of Island Housing Trust's first major housing project is a workforce housing development on Beech Hill Road in the Village of Somesville, Town of Mount Desert. Voters in the Town of Mount Desert authorized the Board of Selectmen to convey the 9.99-acre parcel to the Island Housing Trust at a special town meeting in November 2005. The land will be the site of 19 units of workforce housing affordable to those employed on MDI.
Phase 1 includes the necessary infrastructure (roads, sewer, etc.) to reach and support the first six houses to be built at Ripples. Earlier this year, IHT completed fundraising for the Phase 1 site costs. Phase 2 fundraising efforts to achieve the overall capital campaign goal of $1 million to cover the infrastructure costs of all 19 houses will begin as construction of Phase 1 houses near completions.
Those wishing to apply for an opportunity to purchase a house in the Ripples Hill subdivision must meet the following qualification criteria:
- Household income for a family of four or less is equal to or less than120% of area median income (AMI) for the State of Maine for 2008. Currently, 120% of AMI for the State of Maine is $66,500.
- One adult member of the household has earnings from employment on MDI equal to or greater than 20% of area median household income (or $11,080)
- Qualifies for bank financing, and
- Lives in the house year round
IHT also has reserved one-third (6) of the houses to be built in the Ripples subdivision for otherwise qualified applicants who work in the Town of Mount Desert, live in the Town, or formerly lived in the Town. This is in recognition of the Town's gift of the Beech Hill Road parcel to Island Housing Trust.
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 to similar income individual and families over time.
For more information about eligibility criteria or to request an application for eligibility, please contact Chris Spruce at the IHT office, 207-288-4496 or email him at islandhousingtrust@roadrunner.com
