Cornerstone Hill

A For Sale Community with new units being constructed and sold NOW!!!!

The Cumberland Housing Alliance, Inc. acting as developer/property owner/builder for the Housing Authority of the City of Cumberland, Maryland, is developing the Cornerstone Hill as a for sale community.

Conerstone Hill subdivision is located on James Day Drive, in Cumberland and has some of the best residential views in the City of Cumberland. The property is designed as a 39 unit for-sale project consisting of assorted 2 and 3 bedroom designs.

Phase I consists of 3 buildings with five townhome units in each building. The original 15 units are 3-story buildings with built-in garages, 3 bedrooms, 2.5 baths, and an open kitchen. These units were sold at a price point of between $114,000 and $145,000. The last  unit was sold in March 2011 to close out phase I.

Phase II of the project consists of nine two-story units with paver driveways and no garages. Phase II unit construction began in late Spring 2010 with all units sold as of April 27, 2012. Phase II units are two-story town home units of 1,450 -1,600 square feet of living space. They are designed with 2 and 3 bedrooms, with at least one bedroom on each floor, and are livable as single floor dwellings.  These units have hardwood floors, carpeting, Energy Star appliances, granite tile countertops, and an open floor plan. The units ranged in price from $97,500 to $134,954.

Phase III began construction on April 9, 2012 and will consist of up to 15 three bedroom units when completed.  These units have two and a half baths, upscale construction, walk in closets, second floor laundry, patios, balconies, amenties and garages and built as three seperate designs and locations.  The first design which is completed consist of two units # 3 and # 5 James Day Drive which have a fantastic view  overlooking the city at a price of $151,300. 

The second design which is three connected units of mobility assessable housing on the opposite end of the development at 179, 181, and 183 Sunrise Circle with a panoramic view to the east. These units feature (in addition to the above amenities) complete first floor living with mobility assessible features as well as two additional bedrooms, bath and storage on a second level.  A level front entrance and a 30 foot rear deck accent the unit.  All units are sold.

The next design which is complete is at 131-133 Sunrise Circle which shares a culdesac with the units at 3-5 James Day Drive and are identical in design.  These units are all sold.

The final design and location is under construction at this time.  This portion consists of three duplex units and one single family handicapped assessible unit located along Sunrise Circle with Interstate 68 behind them.  Two duplexs are complete with all four units sold.  Completion for the last three units will be prior to May 2017.

Cumberland Housing is accepting sales contracts during the construction period and if interested you should contact Liz Rhodes, at Coldwell Banker Real Estate.  The fully completed subdivision is subject to an Home Owner Association (HOA) and the related fees.

Target Market

The units will be targeted for sale to individuals of all ages .  All units in the sub-division must be sold to Households whose income does not exceed 120% of the area median income.  See Income Limits chart below. 

Number of Persons that will Reside in Unit (effective 4/27/2016)
1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
$60,600 $69,240 $77,880 $86,520 $93,480 $100,440 $107,400 $114,240


Project Financing

The project is funded through a $2.9 million dollar Neighborhood Conservation Initiative[2]grant to the Housing Authority of the City of Cumberland from the State of Maryland, funds generated from sales of homes, and additional grant funding. The total project size is projected to be $6,500,000.

Funding Restrictions

The funding used to complete this project carries the following requirements and restrictions related to the purchase and sales of homes in Cornerstone Hill:    All purchasers must meet the following requirement:

  1. Completion of an 8-hour certified homeownership counseling course (Cumberland Neighborhood Housing Service provides this specific course in Cumberland).
  2. All purchasers must have household income of 120% of Area Median Income or less as shown above.
  3. All units must continue to be owned by families at or below 120% of AMI at the time of purchase for a period of 15 years from the date of the first sale. This restriction will be incorporated into the deed as a deed restriction for the required period of time.
  4. Financing must be for a 30 year term at a fixed interest rate.
  5. The home purchased must be the primary residence of the one family buyer and cannot  be an investment property, rented, leased or used as a second home.
  6. The families who purchase homes in Cornerstone hill must meet generally excepted criteria related to debt to income ratios considered to be affordable under the HOME program.

Project Info:
Housing Authority of the City of Cumberland and
Cumberland Housing Alliance, Inc.
635 East First Street, Cumberland, MD 21502
Phone: (301) 724-6606 Extension 111

Email: development@cumberlandhousing.org 

 

Project Sales:
Liz Rhodes, at Coldwell Banker Real Estate
Phone: 301-777-3380

As a result of the funding for this project, these homes are being offered well below the cost to construct them.  In addition, we are currently offering a NO INTEREST-NO PAYMENTS loan which after a fifteen year period is completely foregiven.  It also decreases in principle each year.  However if the home is sold prior to the expiration of the fifteen year period, the owner will be responsible for the amount owed at the time of sale.
       
Price Explanation Address of For Sale Unit
165 Sunrise Circle 167 Sunrise Circle 169 Sunrise Circle    
Cost to Construct $209,278 $201,489 $201,489    
Advertised Sales Price $175,000 $156,000 $156,000    
Less: 15 Year Declining Foregiveable Loan  TBD $30,000 $30,000    
Adjusted Sales Price   $126,000 $126,000    
Status Under Construction Under Construction Under Construction    
Click on the link to see layouts of each unit   See 1st Floor Layout
  See 2nd Floor Layout
  See Exterior Design

167 and 169 Sunrise Circle will be available for occupancy in March 2017 and 165 Sunrise Circle will be available by May of 2017

Amenities

The units have the following amenities:

Electric Heat Pump Energy Star Appliances
Central Air Conditioning Electric Stove
Large Windows Refrigerator
Custom Kitchen Cabinets Dishwasher
Upscale Green Standard Bathroom Fixtures Microwave
Private patios laundry areas
Private driveways @ off street parking  
Single Car Garage w/ Door Opener  
Fantastic Views of Surrounding Area  
Outdoors maintained by HOA  Plus much more!

 

Application and Purchase Documents
(forms 801-806 must be submitted all at once with the sales contract)  Click on the underlined form # to download form.

Purchase Requirements
Form 801   Application
Form 802   EEO Data Collection
Form 803   Contract Contingencies
Form 804   HOA Document Receipt
Form 805   Permission to Use Photgraphs
Form 806   Lender Certification
Form 807   Homebuyer Counseling Certification - to be submitted after approval but before closing


Cornerstone Hill Community Association Documents

Disclosure Statement

Articles of Incorporation

By-Laws

Declarations of Covenants