Demetria’s Crossing is an affordable housing community developed by the Demetria’s Crossing LLC, a partnership between Anagnost Investments, Inc. (a for profit developer) and NeighborWorks® Greater Manchester (a non-profit developer). The purpose of the project is to provide 66 new homeownership opportunities to first time homebuyers living in Manchester, New Hampshire.

The property is situated on Karatzas Ave, conveniently located off exit 8 from I-93 in Manchester. The 66 units consist of 26 (2-bedroom) townhouses and 40 (3-bedroom) townhouses in a condominium development.

All of the town homes at Demetria’s Crossing have a permanent affordable deed restriction in the form of a second mortgage. Homes will be sold to a buyer at the full appraised fair market value which average $210,000 for a two bedroom and $225,000 for a 3 bedroom unit (values as of 12/2009). However a buyer only needs to be able to qualify for a primary mortgage of the subsidized price less their down payment.

The difference between the appraised value and the targeted sales price will be recorded as a deferred lien (aka Second Mortgage) against the property until transfer/re-sale. This second mortgage will never accrue interest and requires no repayment while they own the home. When the unit owner sells the property, they will sell it for the full appraised value at the time of resale and this loan is able to be, in effect, transferred to the next qualified buyer. The homebuyer will always be able to realize the full value of their equity and appreciation over time.

To qualify, a buyer must make less than 120% of the area median income. To learn what these maximum income limits are, please contact any sales associate at (603) 669-6194.

This project is both FHA and New Hampshire Housing Finance Authority (NHHFA) approved.