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E.P. house lottery deadline looms

December 9, 2012

EAST PROVIDENCE — As of last week, only four applications have been received for a chance to own a newly-renovated single family home on Anthony Street that will be offered in a city housing lottery for first-time home buyers.
The deadline for applications is coming up on Dec. 14 with the drawing to take place during City Council's meeting on Dec. 18, which starts at 7:30 p.m. at City Hall, 145 Taunton Avenue.
The home located at 78 Anthony St. has 1,592-square-feet of living area, including three bedrooms; one and ½ baths with a laundry area on second floor; an eat-in kitchen; full-sized dining and living rooms; high efficiency gas heating and windows with fully insulated walls and ceiling; and a backyard with off-street parking.
And all for the low sale price of $130,000.
The city purchased the property in 2011 out of foreclosure for $110,000, then renovated it for $100,000, with all money coming from federal funds directed through the state. The city renovated it incorporating high efficiency heating and insulation technologies. The renovations also included new roofing, siding, windows, and new heating, plumbing, and electrical systems. The property has a lead safe certificate that was issued on July 19. The renovations were completed in August.
At the City Council's meeting on Dec. 18, a winner and two alternates will be drawn in case the winner falls through. The winner will have 45 days to close on the property.
The application numbers will be randomly drawn and placed in the order drawn on a lottery result list.
The order drawn will reflect the order that households will have the opportunity to be qualified to purchase the property. Only three households will be picked out of the pool at the lottery drawing.
The first household drawn will have the first opportunity to purchase this home. If they fail to close within 45 days of the drawing, the next household drawn will have the opportunity to purchase this home. If the second household cannot close within 45 days from being notified, the final household drawn will have the opportunity to purchase this home. If all three fail to close within the specified time frames, a new lottery drawing will be publicized and a new drawing will take place.
There will also be a 30-year affordability period that will be placed on the deed to the property restricting its resale price.

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