Residents of Nassau Gardens have begun signing agreements to become shareholders in a newly formed nonprofit housing cooperative seeking to purchase the 19-acre hillside apartment and townhouse complex located off Route 1.
Approximately 100 residents gathered at the complex’s outdoor swimming pool for the official kickoff of the subscription sales drive, giving tenants 30 days from receiving their agreement packages to decide whether to transition from rent-paying tenants to cooperative shareholders.
The Nassau Gardens Cooperative Housing Association Inc. directors announced that they signed a $4 million purchase and sales agreement with the U.S. Department of Housing and Urban Development (HUD). HUD had previously taken over the mortgage after a private owner defaulted and lending banks foreclosed, offering Nassau Gardens tenants the first opportunity to buy the 204-unit complex before placing it on the open market. To successfully take title, the cooperative must secure subscription agreements from 80 percent of the units, representing 164 shareholders.
Following discussions, resident directors announced an initial milestone, with Michael Murphy, president of the resident directors, stating, “We only have 163 to go, because one’s been signed.” Roger Willcox, a consultant assisting with the conversion, expressed optimism that reaching the target by September 30 would position the cooperative well to close the deal, noting that deadlines could be extended if participation neared the threshold. Willcox confirmed a secured mortgage interest rate of 9.5 percent, with prospects for a lower 8 percent rate through the Massachusetts Housing Finance Agency, both backed by 40-year federal mortgage insurance.
While the $4 million purchase price and new HUD-mandated rent schedules—raising one-bedroom units from $265 to $310, two-bedrooms to $355, and three-bedrooms to $430—drew mixed reactions and questions from tenants anticipating lower costs, Willcox and directors maintained that the rates remained highly competitive within the Norwood housing market. Willcox emphasized that cooperative ownership would grant residents control over future rate adjustments. Addressing inquiries regarding exit terms, Willcox explained that while cooperative agreements traditionally span three years, withdrawal is typically permitted with 60 days’ notice, with equity recovery dependent on market demand from prospective buyers.
Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger
More…
-
Papers Passed On 650 Acres Of Westover-This Day in Norwood History-June 13, 1954
June 13, 1954-The title was passed on 650 acres of the Westover property this week.
-
Westover Sold To Boston Group On $277,500 Bid-January 21, 1954
Local Group Topped After Tie Offer After weeks of negotiations by opposing factions, marked by repeated hearings, conferences, and delays, Westover has at last been sold. These choice real estate properties in Norwood and Westwood for which George F. Willett struggled a lifetime to turn into a model garden village, went Tuesday afternoon for $277,500.00,…
-
Hillshire Community Lures Prospective Buyers to Norwood-This Day in Norwood History-January 19, 1951
During the past week hundreds of prospective home seekers visited the model homes at Hillshire “Homes of Charm,” Greater Boston’s newest home community, located on a large tract in the progressive, healthy town of Norwood. In this section, 47 new homes are erected or under construction. The location, just off Route 1A, is but five…
-
Ellis Gardens-June 30, 1950
This ad for Ellis Gardens ran on June 30th, 1950. OWN YOUR OWN HOME THE MOST SENSATIONAL OFFER IN THE SMALL HOME-BUILDING FIELD IN ELLIS GARDENS, NORWOOD 4 and 5 ROOM RANCH TYPE HOMES $10,500 to $10,900 ALL GENERAL ELECTRIC KITCHEN COMPRISING G.E. 8 ft. Refrigerator • G.E. Dishwasher• G.E. Electric Range • G.E. Disposal•…
-
Ellis “Dust Bowl” Termed Menace to Health-This Day in Norwood History-June 13, 1950
Homeowners near Ellis Gardens pressed town officials for action as dust storms worsened, prompting a Board of Health review.
-
Norwood Veteran’s Housing Project Progressing-This Day in Norwood History-January 31, 1950
ON SCHEDULE—Work is progressing according to schedule on the Norwood Veterans Housing Project off Roosevelt avenue. Thirteen cellars have already been poured and excavations have been made for a score more. Photo shows two-story structure going up with construction shacks to left. (McLean Photo) Discover more from Norwood Historical Society Subscribe to get the latest…
-
Pilgrim Heights Ad-This Day in Norwood History-April 25, 1942
(All articles were originally published in the Norwood Messenger unless otherwise noted) / Discover more from Norwood Historical Society Subscribe to get the latest posts sent to your email. Type your email… Subscribe
-
To Build 500 Medium Priced Homes-This Day In Norwood History-March 22, 1940
As a result of the interest that been been shown by the public in medium priced homes, the Model T Homes, Inc., are sponsoring a unique and attractive home community at Cleveland Park, located on the Boston to Providence super highway, in Norwood. Model T Homes, Inc., developers of the successful Ponkapoag Way, Canton, have…
-
Careful Planning Responsible For Cleveland Park-This Day in Norwood History-February 2, 1940
Twenty-five four, five and six-room houses have been planned for construction in Cleveland Park in the coming year. Four houses are now under construction and one is completed. Mr. and Mrs. Albert P. Nelson, formerly of Wakefield, are occupying this house, Mr. Nelson is in charge of sales. With his playroom transformed into an office,…
-
Compact Homes In Fine Location In Vernon Park-This Day in Norwood History-May 28, 1938
May 28, 1938- “Vernon Park, a group of fine all-electric homes being built by Nelson Bouchard on Vernon Street, Norwood, is outstanding in the beauty of the…”
Discover more from Norwood Historical Society
Subscribe to get the latest posts sent to your email.