ANSWERS TO SOME OF THE MOST FREQUENTLY ASKED QUESTIONS
To
make it easier for you to learn more about the added benefits of
living at Nobadeer Village, we offer you answers to these Frequently
Asked Questions (FAQs). Of course you may have questions of your own.
They are welcomed. Ask
your sales representative. There are no foolish questions. An
informed buyer is the best buyer.
1.
Why
does Nobadeer Village look like a cluster neighborhood?
Nobadeer Village was approved by the
Kingston Zoning Board of Appeals as a thirty lot single-family
development under Mass. State Law Chapter 40-B.
This means that in exchange for smaller lots and other
restrictions, eight of the thirty homes will be sold as affordable
homes to qualified applicants.
2.
What
does "40-B" stand for?
The term 40-B is a pseudonym for the
statute found in Massachusetts General Laws, Chapter 40, Section B.
This law was enacted due to the state legislators recognizing
the need to keep moderately priced housing within communities of the
Commonwealth. The premise
is that any community should have at least 10% of its overall housing
stock priced within the reach of people making 70% to 80% of the
community’s median income, allowing the opportunity of firefighters,
police officers, teachers, and others to live in the community in
which they work. It is
also sometimes referred to as the “anti-snob” zoning law.
3.
What
is the affordable component of Nobadeer Village?
In
the case of Nobadeer Village, eight of the thirty homes have been set
aside to be sold to families making 80% of the median income in this
area, adjusted for family size.
In Kingston, 80% of the median income is between $46,000.00 and
$66,000.00.
There is a special application and lottery process that is
undertaken to decide who is given the opportunity to buy the
affordable homes.
Preference is given to Kingston residents – local people who
already call Kingston home.
4.
What
are the other restrictions?
 |
All
homes will have at least a one-car garage. |
|
The
roads within the development will be private so a neighborhood
association will be formed and consist of all homeowners and
will pay for street plowing and from time to time, as needed,
common area maintenance such as road shoulders, drainage, entry
signage and upkeep. |
|
All
homes to be constructed will
be of traditional New England style capes, ranches and
colonials.
|
5.
What are the other homes priced at?
The
remaining twenty two homes are priced at what is called “market
price”. This is the
price that homes of its type, size, and location are selling for in
Kingston and surrounding towns. These
homes are still affordably priced in today’s real estate market.
6.
How
could this affect my appreciation?
Based upon history, it won’t.
In older existing 40-B communities in surrounding towns, the
market rate homes have been resold with an average appreciation of
between 6% and 15% per year.
