CAPE ELIZABETH – The town council wants to reserve condo units for sale to low-income residents; it just doesn’t want to be the party in charge of selling those homes.
On Monday, for the second time in as many years, the town council passed on its right to purchase unsold units in the Eastman Meadows condominium complex – which had been reserved for sale at $395,022 – and will instead let the developer move those units for whatever he can get on the open market.
As part of the agreement, the town will get to pocket the difference between the eventual sale price and the “affordable-housing” tag, and that money will help promote other low-cost housing projects.
To date, the 46-unit Eastman Meadows project has sold two of the six units initially set aside for sale to qualified low- and moderate-income buyers. Town Manager Michael McGovern said it’s likely buyers are unwilling to