Affordable Housing Lottery: Gemini Springfield Offers Hope for First-Time Homebuyers
Springfield, Mass. - With high interest rates and increasing construction costs, finding an affordable home is a challenge. Through Gemini Springfield, home ownership is in reach for some local families.
Twenty newly constructed condominiums are being sold significantly below market rate for first-time home buyers. The Gemini townhomes are developed and funded through Home City Development, Inc., a non-profit real estate developer focusing on resident-centered mixed-income housing.
Aspiring homeowners must submit an application to be considered for the home lottery. The first of two lotteries will accept applications through June 28. As of mid-June, only a handful of applications had been submitted.
Springfield residents will be given priority for home ownership. If fewer Springfield residents apply, more opportunities will be available for non-residents.
The condominiums are high-quality construction, including modern electric appliances, high-efficiency heating and cooling systems, central air-conditioning, granite countertops and attached garages. The Gemini townhomes are located on Morris Street in Springfield.
These homes join other HCDI developments that include Brookings Apartments and Liberty Hill. Each of the developments includes opportunities for residential engagement, such as community centers, public gardens, afterschool teen programs and career development classes, bringing together residents in a cohesive way.
“We build better neighborhoods,” said HCDI Executive Director Thomas Kegelman, “The work goes beyond just the bricks and mortar. We’re trying to build something that involves the people who live there.”
Building Affordable Opportunities
The high-quality homes are funded through the CommonWealth Builder Fund, a government-sponsored initiative to address the racial homeownership gap in Massachusetts. The program subsidizes the construction of new, quality, moderately-priced single-family homes and condominiums in Springfield and other Massachusetts communities.
“We all know it’s hard to purchase a home these days,” Kegelman said, adding that the program makes home ownership a reality for many Springfield residents.
The subsidies are passed along to the home buyer, making homes affordable to those for whom home ownership would otherwise be out of reach.
“We can offer homes at literally half the cost of what a comparable property would cost,” said Kegelman. “People who are currently locked out of the market will now have an opportunity.”
The starting price of the Gemini condominiums are $170,000 for a two-bedroom unit. There are two income categories for homebuyers. For one, homebuyers must earn less than 80 percent of Springfield’s median income to be eligible, which is $61,350 for a one-person household. Incomes are based on a sliding scale of household size, with a six-person household maximum income of $101,650. The other income category is for those households earning less than 100 percent of Springfield’s median income.
Other restrictions are necessary to qualify, like limiting non-retirement assets to below $100,000 and securing a mortgage pre-approval. Details can be found on the Gemini Townhomes website, geminispringfield.com.
Building a Future for Families and Their Community
Home ownership continues to decline in the US, affecting both neighborhoods and individual families. According to the National Association of Realtors, the share of first-time homebuyers was 26 percent in 2022, a decrease from 34 percent a year earlier.
Owning a home is critical for building strong communities, but also helps individuals build a future for themselves and their families.
“One of the key elements of this is wealth building,” Kegelman said. Buyers earn equity so they can refinance or sell their property in the future, allowing them to achieve other goals in life whether it’s financing a business, sending a child to college or retiring.
Kegelman noted that the program allows HCDI to target communities like Springfield with a predominately minority population, helping to close the wealth gap between white and non-white households in Massachusetts.
The Gemini Townhomes not only help individuals build a better future, but help support neighborhood stabilization and boost home values by increasing the rate of home ownership in the area.
The initial lottery application deadline is being promoted by Stand Out Truck®, which will drive through neighborhoods of potential applicants. The truck's graphics will include a QR code directing passersby to the application website. By encouraging applications from Springfield residents, the entire city will benefit.
“By providing people with safe, decent, affordable housing, we give them the opportunity to grow and succeed, and contribute to the community,” Kegelman said. “And to establish a base from which all other things grow when you try to raise a family.”
To apply, visit geminispringfield.com. Applicants must be prequalified and submit applications no later than June 28 to be included in the first lottery of the first twenty homes.
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