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Peoples Regional Opportunity Program (PROP) Offers Affordable Homeownership
This condominium in Westbrook's Frenchtown neighborhood is one of six recently constructed by the People's Regional Opportunity Program (PROP), as part of an initiative to provide attractive and affordable new housing in a very tight housing market. A third building is being built nearby, using the same modular construction method. Each of the condominiums has three bedrooms, dining room, kitchen, living room and bath. First-floor units have a single bathroom; townhouse units have an added half-bath. Amenities include a tile floor in the kitchen, concealed space for a washer and dryer, double closets in the bedrooms, and off-street parking.
Buyers must qualify for the home ownership program, under which PROP and its partners - Maine State Housing Authority, Federal Home Loan Bank of Boston, and the City of Westbrook (HUD Community Development Block Grant Funds) - subsidize a portion of the purchase price. The asking price is $144,000 but the subsidy, through a soft second mortgage applied from PROP, could lower the first mortgage to $65,000 to $110,000. The completed units are located at 32 and 17 King St. Prospective buyers will be required to complete a Homeownership Counseling program.
Plans are underway to renovate an additional ten units in the same area.
For more information on the condominiums:
For more information about PROP and their many programs, visit them at their website (http://www.propeople.org/).
Content Archived: March 21, 2011