Affordable Housing Drawing Attracts Hundreds in Shrewsbury
Prospective homeowners clamored to purchase affordable units at The Ivy at Shrewsbury.
More than 200 prospective homeowners recently participated in an affordable housing drawing for just 14 town homes at K. Hovnanian's newest development The Ivy at Shrewsbury, according to Shrewsbury Councilman Mike DeNofa.
The high-end complex located on Patterson Avenue is nearing completion after construction started a little more than a year ago, and while K. Hovnanian has sold some of the development's 61 units - about 15 or so by a recent count - the mandated inclusion of affordable housing resulted in hundreds applying for the few affordable units.
The Ivy at Shrewsbury is being advertised as a centrally located private community with three, three-level home designs to chose from. Housing prices, according to a K. Hovnanian site, show prices starting at just under $350,000, with the most expensive option coming in at close to $440,000.
It was not immediately known what the cost of the affordable units is, though the number is a percentage of comparable home prices in the area.
Work is still under way on The Ivy at Shrewsbury. All of the developments buildings have been erected and several units have been completed, though work isn't expected to conclude on the property for several months.
Shrewsbury approved the development more than three years ago, DeNofa said.