Below are some frequently asked questions about the Resale Pool. If you do not see your question below, or if you would like additional information, please contact Antonia Finley, Homebuyer Coordinator, at 617/349-4643 or email@example.com.
No. The Resale Pool differs from a waiting list because an applicant's place in the Pool does not necessarily determine when they will be offered a unit. The minimum and maximum incomes required varies between units and not all applicants will be eligible for all units.Therefore, an applicant who is #5 in the Pool may have the opportunity to purchase a unit before an applicant who is #3 in the Pool.
Existing affordable homeownership units are offered through the Resale Pool when current owners decide to sell. Newly developed units are offered through separate application processes when available. To be notified when newly developed units are available, contact the Housing Division at 617/349-4622 or firstname.lastname@example.org.
The units offered through the Resale Pool are located throughout the City, in many different types of buildings. Because the units become available when a current owner moves, we cannot predict which units will become available at any given time.
There is no way to determine when an applicant will be offered a unit. It depends on the number of units available each year; the number of bedrooms in those units; and the maximum and minimum incomes required for those units, as well as each applicant's preference group, income level and assets. Some applicants may be offered units shortly after application, while others may have to wait.
No. Applicants in the Resale Pool will be offered units for which they are eligible as they become available. If a unit is not in a location that works for you, you may decline to purchase the unit.
The Resale Pool occupancy standards require that couples in a relationship share a bedroom, and that children of the same sex who are less than ten years apart in age share a bedroom. Children of the opposite sex may have separate bedrooms regardless of age. Applicants may choose to under-house themselves in certain circumstances by selecting additional unit size options on the application.
Yes. Include the child on the application and include documentation from a medical professional stating the estimated due date. The child will be considered as a household member for purposes of unit size and selection preference when birth is estimated within four months. However, you may apply earlier than that and we will move your application to the appropriate preference group at a later date.
No. Only current household members can be included on the application. When a new person becomes a permanent household member, they should be added to the application.
When an applicant has a change that affects their eligibility based on unit size or selection preferences, they are placed in the appropriate new preference group based on the date their application was received. This may result in either higher or lower placement than in the previous group. Changes can only be accepted in writing with appropriate documentation.
If you have a change in income, or a significant change in assets, please notify the City in writing with appropriate documentation. Notification can be sent to Antonia Finley, Homebuyer Coordinator, 344 Broadway, Cambridge MA 02139 or via email at email@example.com. When a unit is available, we use the most current income information on file to determine eligibility. If you do not update your information, you may not be matched to the appropriate units for your household.
Yes. If you have concerns about your credit score, you may still apply to the Resale Pool. The City can assist you in creating a plan to help repair your credit prior to purchasing a unit. You can remain in the Resale Pool for an unlimited time.
If you are invited to view a unit but are not interested, or if you view a unit and do not want to make an offer, you do not need to take any action. There is no penalty for not making an offer on a unit. Not making an offer on a unit does not affect your position in the Resale Pool.
No. All units in the Resale Pool are offered as is, with a fixed price.
If you submit an offer on a unit, and are selected to purchase the unit, you will be required to sign a Letter of Intent and make a deposit of $1,000. You may be required to enter into a Purchase and Sales Agreement. All buyers are required to complete an approved First Time Homebuyer class and obtain conventional mortgage financing from a bank. The City can assist you in finding a mortgage product that works for you. Buyers must meet all terms and conditions of their mortgage lender.
For information on the homebuying process, please click here.
Yes, all units sold through the Resale Pool are subject to residency, limited equity, and resale restrictions. The full restriction is given to prospective buyers to review prior to committing to purchase a unit.
If you would like to be removed from the Resale Pool, you can send the request in writing to Antonia Finley, Homebuyer Coordinator, at 344 Broadway, Cambridge MA 02139, or via email to firstname.lastname@example.org.
If you would like more information, you can contact Antonia Finley, Homebuyer Coordinator, at 617/349-4643 or via email at email@example.com . The Housing Division regularly holds regular information sessions where staff is available to review how to apply for available housing and answer questions from applicants. Click here to check the calendar to see when the next session is being held.
You do not need to be a Cambridge resident to apply to the Resale Pool. However, Cambridge residents receive priority.