The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
Important Information
Important Information
Become a Heritage Donor
Southern Maine, much like the state and nation, continues to combat the ever-growing problem of affordable housing.
​
Over the last year, this challenge has only been exacerbated by the devastating impacts of the COVID-19 pandemic; rapid in-migration resulting in further decreases in our already limited housing stock, skyrocketing development costs, and crippling supply shortages.
In 2020, Maine was recognized as having the “ninth largest gap between the income of an average renter and the income needed to afford a two-bedroom rental” and our three towns-Arundel, Kennebunk and Kennebunkport-were identified as three out of the five least affordable towns in York County. The lack of affordable housing in our community has intensified - the Bangor Daily News reported in June 2022 that Kennebunkport had the highest increase in home values since the pandemic - a 47% increase in the median home value from $665,000 in February 2020 to $977,000 in April of 2022.
​
With the Heritage Woods project complete, we are ready to begin work on our next neighborhood. Again, funding will be necessary for land acquisition, design, planning, and construction to meet our 25 home goal by 2025. As a neighbor and friend- please consider a generous tax-deductible gift to help us meet our next $600,000 project fundraising goal. Your financial support will help ensure that individuals and families will have access to homes that align with what they can afford, and our town will remain healthy, vibrant and strong.
To undertake and complete a project on the scale of Heritage Woods, we need to raise $600,000.
From our experience in building Heritage Woods, we have learned that:
-
KHHT must provide a significant subsidy to make houses affordable for our targeted households leveraged from public support, institution grants and governmental sources.
-
While mortgage financing from each buyer roughly covers the cost of the actual buildings, the cost of land, planning, regulatory approval, and infrastructure construction all need to be offset by KHHT.
-
To maintain affordability, land will need to come either from a donation or be purchased with support from a major grant, or from a combination of both.
HERE'S HOW WE'LL ALLOCATE THE $600,000 RAISED FOR OUR NEXT PROJECT:
