A $3.24 million state award will support a 36-home development in Middletown, with five homes aimed at a lower household-income threshold than the remaining 31.
The Aquidneck Green project at 351 East Main Road will use modular construction for three-bedroom detached homes, duplexes and triplexes. Marathon Development LLC is the developer, according to the town's Oct. 29 announcement.
The town lists five homes for households earning up to 80% of area median income, with proposed prices of $353,800. The other 31 are designated for households earning up to 120%, at proposed prices of $399,999.
Area median income is a regional income benchmark used to determine eligibility. The applicable dollar limit depends on household size.
Gov. Dan McKee and the Executive Office of Housing announced the $3,239,964 award Oct. 29 through the state's Housing 2030 Entry-Level Homeownership Program. Local leaders said the homes would be deed restricted, which the town says keeps them affordable forever. The deed terms are not in the announcement. The announcement did not provide a construction start date.
These are proposed prices and eligibility tiers for a planned development. Buyers will need the eventual application rules, household-size limits, financing terms and resale restrictions to assess whether a home is within reach.
