Edgartown house buy-down program deadline approaches

The deadline for applying to the Edgartown “buy-down’ program is 5 pm, February 18. Town housing officials said they want to be sure people who may qualify take advantage of the opportunity.

“This is an exciting program and has never been initiated on the Island until now,” Sibel Suman, affordable housing committee administrative assistant, wrote in an email to The Times. “We really want the word to reach every potential applicant.”

Under this program, Edgartown will work with qualified buyers to find suitable property on the open market in the $500,000 range, then furnish a subsidy of up to $200,000 to bring the price of the house down to level that works with state income guidelines.

The decline in home prices on Martha’s Vineyard caused problems for brokers and sellers, but it has presented an opportunity for buyers the town hopes to help through this program.

More information is available on the town website (edgartown-ma.us/cms/) or call the housing office at 508-627-6178.