New Homeownership Opportunity in Shelburne
Construction is underway on our newest Shared Equity housing development: Bay Ridge Condominiums. Once completed, the project will add 14 three-bedroom and 12 two-bedroom affordable homes for sale on Margaret’s Way in Shelburne.
The development consists of 7 buildings. Six buildings have four townhomes each. The homes on the ends have 3 bedrooms and the middle two homes have 2 bedrooms. The seventh building will be a duplex with two accessible homes available in early 2025.
The buildings will start construction about a month apart with the duplex being the last. Occupancy for the first building is expected to be in June of 2025 with the other buildings to follow about a month apart.
For more details and pricing information, please click on the links below.
Common Features for All Homes
- 9-foot ceilings
- Oversized windows throughout
- Open floor plan
- Electric heat and air conditioning
- 2 car garage
- Energy efficient
- Washer and dryer hookups
Two Bedroooms
12 Townhouses available
- Approximately 1,360 square feet
- Each bedroom has an attached bathroom
Three Bedrooms
12 Townhouses available
- Approximately 1,400 square feet
- The owner’s suite has a full bathroom and a walk-in closet
- Attend CHT’s Shared Equity Program Informational Meeting. Click here to sign up for the meeting
- Complete a CHT Shared Equity Program Application and be deemed income and asset eligible. Click here to fill out the application online or download a pdf.
- Provide CHT a pre-approval for these homes from a local lender that works with CHT.
- Attend CHT’s Homebuyer Education Workshop, which includes a financial counseling appointment. Click here to sign up for the workshop.
To be eligible to purchase these homes, you must:
- Meet income limits to purchase these homes. These limits are less than CHT’s typical Shared Equity Program.
| Household Size | Maximum Income |
|---|---|
| 1 person | $83,300 |
| 2 person | $95,200 |
| 3 person | $107,100 |
| 4 person | $118,900 |
| 5 person | $138,000 |
| 6 person | $147,500 |
- Meet the asset eligibility for the Shared Equity Program. Click here for those details.
- Agree to the Shared Equity Program guidelines and resale restrictions including the home being your primary residence and sharing your home’s market appreciation when you are ready to sell. Click here for more information on the Shared Equity Program
- Attend CHT’s Shared Equity Program Informational Meeting. Click here to sign up for the meeting
- Attend CHT’s Homebuyer Education Workshop, which includes a financial counseling appointment. Click here to sign up for the workshop We encourage you to complete Homebuyer Education as soon as you can, but it does NOT have to be completed before the buyer selection deadline.
- Qualify for a conventional mortgage with a local lender that works with CHT.
- Be able to pay for closing costs ($9,000 to $12,000), at least $3,000 must be your personal savings.
The monthly homeowners association (HOA) fee covers trash, recycling, master insurance, landscaping, exterior maintenance, property management fee, and snow removal from the road and sidewalks. Owners will be responsible for shoveling their short driveways in front of the garages. The windows of the homes and exterior of the building are covered by the HOA. The drafted documents for the HOA will be available soon. They will be finalized before the first home is sold.
CHT will use a points based selection process for choosing buyers for these homes. To be included in the buyer selection, you must complete the following by January 15, 2025:
- Submit a complete application for the Shared Equity Program and meet the income and asset eligibility requirements.
- Submit a pre-approval for the home from a lender that works with CHT.
- Must have attended a Shared Equity Informational Meeting within the last year.
The criteria to earn points is the same as our typical buyer selection process. Click here to review the buyer selection process.
Additional details and pricing information available for the homes below.
-
BayRidge New This Week
13 Margaret's Way
Shelburne, VT 05482
$169,000 - Apply By Jan 15th
ViewApply by Wednesday, January 15, 2025 at 5:00 PM to be part of the buyer selection for this home. For more information about the...
- Bedrooms2
- Bathrooms2.5
- ParkingOff Street Parking
- Sq Ft1,360
- TypeFeatured Listing, Homes For Sale
3 weeks ago -
BayRidge New This Week
9 Margaret's Way
Shelburne, VT 05482
$189,000 - Apply By Jan 15th
ViewApply by Wednesday, January 15, 2025 at 5:00 PM to be part of the buyer selection for this home. For more information about the...
- Bedrooms3
- Bathrooms2.5
- ParkingOff Street Parking
- Sq Ft1,400
- TypeFeatured Listing, Homes For Sale
3 weeks ago