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Chapter 40B Affordable Property Resale Application 55+ Development: Crescent Gate Condominium, Unit 201 Property Address: 7 Crescent Way, Sturbridge Maximum Resale Price: $166,100 Packet Includes:
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How to fill out chapter 40b affordable property

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How to fill out chapter 40b affordable property

01
Determine if the property is located in a town that has opted into Chapter 40B affordable housing regulations.
02
Submit a comprehensive permit application to the local zoning board or special permit granting authority.
03
Include required documents such as a site plan, architectural drawings, and affordable housing marketing materials.
04
Attend public hearings to present the project and address any concerns or questions from the community or board members.
05
Obtain approval from the zoning board or special permit granting authority before beginning construction on the affordable housing development.

Who needs chapter 40b affordable property?

01
Developers looking to build affordable housing in municipalities that have opted into Chapter 40B regulations.
02
Low to moderate-income individuals and families in need of affordable housing options.
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Chapter 40B is a Massachusetts law that allows for the development of affordable housing by permitting developers to bypass certain local zoning laws if a certain percentage of the units are designated as affordable.
Developers who create housing projects under the Chapter 40B regulations are required to file for Chapter 40B affordable property designation.
Filling out Chapter 40B affordable property involves completing specific forms provided by the state, including information about the project, its affordability levels, and compliance with local regulations. It's advisable to consult with local authorities or legal counsel for accurate guidance.
The purpose of Chapter 40B is to promote the availability of affordable housing in Massachusetts by streamlining the development process and encouraging the construction of units that are affordable to individuals and families with low to moderate incomes.
Information that must be reported includes the number of affordable units, the total number of units in the project, the income levels of qualifying tenants, and compliance with the specific affordability guidelines set by the state.
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