to view the Affordable Housing Plan - Town of North Andover

the same for all units, regardless of household size or number of bedrooms. When the household
leaves Wood Ridge, it returns the share to the corporation and receives the cost of the share plus
profit accrued while the shareholder owned the share.
Residents pay a monthly “net carrying charge” to the corporation. This net carrying charge (i.e.
rent) is a function of number of bedrooms and household income. For each unit, a “gross carrying
charge” is determined. This charge is closely related to Fair Market Rents established by HUD and
is a function of number of bedrooms. The residents are expected to contribute up to 30% of their
monthly income towards this gross carrying charge. If this amount is insufficient to cover the gross
carrying charge, the difference is made up through project-based Section 8 vouchers. Most of the
time, about 80% of the residents are receiving Section 8 vouchers, and about 20% have sufficient
income to cover the gross carrying charge.
Number of SHI Units
The Table 11A below summarizes North Andover housing included in DHCD’s Subsidized
Housing Inventory. As of March 2006, the official number of units was 584. This 584 consisted of
575 units shown in the upper part of the table, plus 9 units from Meetinghouse Commons and
Oakridge Village/Maplewood Reserve. Over the coming year or so, as more building permits are
pulled for these two projects, it is anticipated the number of subsidized units will increase to 672.
Table 11B shows how North Andover relates to other surrounding communities in the pursuit of
achieving the 10% goal. It shows that North Andover is not alone in failing to meet the 10%
threshold established by Chapter 40B. Only Andover and Lawrence have met the 10% threshold.
North Andover Affordable Housing Plan
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