Description
The City of Worcester is selling an 8,008 sq ft vacant parcel at 5 Gates Road and is seeking a qualified purchaser/developer to acquire the land and construct a taxable single‑family home that meets specific affordable‑housing covenants. The buyer must provide a 10 % bid security deposit, comply with zoning and environmental requirements, and complete construction within 30 months of conveyance, with a 30‑year affordability restriction thereafter.
• Minimum purchase price $27,700 with 10 % bid security.
• Development must start within 30 days of receiving a building permit and be finished within 30 months, else the property reverts to the City.
• Affordability covenant requires the home to be sold only to first‑time buyers earning ≤ 80 % of AMI, with resale price caps tied to Worcester’s median sale price.