Meetings Ahead
Some meetings in Provincetown are in person, some are online, and some are both. Click on the meeting you want to attend on the calendar at provincetown-ma.gov for a link to an agenda and details.
Thursday, Aug. 4
- Public Pier Corp. Board, 5 p.m., Town Hall
- Zoning Board of Appeals, 6 p.m., Town Hall
Monday, Aug. 8
- Select Board, 6 p.m., Town Hall
Tuesday, Aug. 9
- Licensing Board, 5:15 p.m.
Thursday, Aug. 11
- Board of Assessors, 10:30 a.m., Town Hall
- Water and Sewer Board, 2 p.m., Veterans Memorial Community Center
- Public Pier Corp. Board, 5 p.m., Town Hall
- Planning Board, 6 p.m., Town Hall
Conversation Starters
When an Affordable Home Sells
A three-bedroom condominium on Hensche Lane is on the market for a potential buyer who makes between 65 and 80 percent of the area median income. This is good news; but it is not the only news that deserves reporting.
The sellers of that unit are going to make some money on their investment. Housing Specialist Michelle Jarusiewicz said that the unit sold in 2001 for $119,000. After 21 years, the residents are selling the unit, which was originally constructed by Community Housing Resource Inc., for $261,140. They have earned $142,140 in equity.
While this is obviously not reflective of the current market — the median condominium price in Provincetown is $825,000 — it is something.
The resale price for deed-restricted affordable housing units like this one is set based on a formula that includes the area median income at the time of the sale and the original purchase price. The point of the formula is to tie the value of the property to the area median income rather than the price of real estate.
The people who bought the property back in 2001 raised children there and are ready to retire, Jarusiewicz said. The home will now be placed in a lottery and awarded to someone new. Applications are being accepted until Aug. 16.
Eligible buyers must earn no more than $69,600 annually for two people, $78,300 for three, $86,950 for four, $93,950 for five, or $100,900 for six.
Two other condominiums are being offered at higher income limits. They are currently under construction at 286A Bradford St. and also available by lottery. For more information, write to [email protected]. —K.C. Myers
