Affordable Owner-Occupied Home with Rental Apartment
63 Gridley Street
Now Taking Applications
New construction 3 bedroom, 1 and 1/2 bath, owner-occupied home with rental 3 bedroom, 1 and 1/2 bath apartment.
Approximately 1,321 sq. ft per floor; crawl space basement.
Gas forced air heating and water heater.
All electric kitchen appliances including refrigerator, stove, microwave, dishwasher, washer & dryer. Stone countertops.
Priced well below market value at $295,000
Only available to a first-time homebuyer defined as (i) you have never owned a home before, or (ii) you have not owned a home in the past 3 years.
Household Income must be less than 80% of Area Median Income for Bristol Connecticut
Home Sale Schedule (subject to change)
| Date | Event |
|---|---|
| Tuesday, July 23, 2024 | Open House 1 - 10am - Noon; 5pm to 6:30pm |
| Saturday, July 27, 2024 | Open House 2 - 10am - Noon |
| Wednesday, July 31, 2024 | Issuance of Certificate of Occupancy Expected (1) |
| Friday, August 2, 2024 | Application Deadline for 63 Gridley - 5pm |
| Friday, August 9, 2024 | Final Qualified Applicants Notified (2) |
| Monday, August 12, 2024 | Lottery Drawing - Location TBD |
| Monday, September 30, 2024 | Estimated Closing Date (3) |
- If CO not issued, additional schedule changes may be issued.
- If insufficient number of qualified applicants for this home, application deadline may be extended.
- This is an estimated date subject to several factors related to buyer financing and the closing process.
Qualifications - PLEASE READ CAREFULLY
Your income, employment history, available cash for downpayment, debt, credit rating, must be such that you are able to obtain financing from a lender of your choice. While this level of income will ultimately be determined by you and your chosen lender, as a general guideline, the minimum income needed assuming an acceptable credit rating, low debt, current interest rates, and funds available for down payment is for example for the 63 Gridley home, assuming $35,000 downpayment, is about $84,000 per year.
Your household income must also be less than 80% of Area Median Income for the City of Bristol adjusted for your household size. For example, if there are 4 people who will live in the home including children, the maximum household income you can make to qualify is $97,450 per year. Use this table to determine the upper Income Limit to qualify.
Other qualifications and deed restrictions on the resale of the home apply. See the application package download for more details. Open House will be held in early July. Information Meetings are being held and attendance is recommended. The buyer will be selected from a pool of qualified applicants in late August.
How to Apply
To apply, after attending an information meeting, please fill out our application. Then, provide us with the requested documentation of your income and assets, and obtain a Pre-Qualification letter from a bank or mortgage company of your choice showing that you qualify to purchase a $295,000 home. Note the qualifications listed on this page as well as the restrictions on the home.
The home will be sold by NHS New Britain directly to the buyer; no brokers should respond. We do not pay broker fees.