The Gardner Company proposes to acquire a vacant 4,318 s.f. lot, currently owned by the Gloucester Housing Authority and construct three affordable new condominiums, in accordance with plans approved by the Zoning Board of Appeals. All of the units will be sold to pre-qualified, income eligible, first-time buyers at prices no greater than $125,000 for 2, two-plus bedroom townhouses and 1, one-bedroom handicap accessible unit. at $90,000. These prices will allow households earning approximately 60-70% of the area median income to qualify for purchase. All units will be deed restricted as permanently affordable, meet the requirements of the Local Initiative Program (LIP) of the Department of Housing and Community Development, and count towards the City's subsidized housing inventory. Multiple funding sources will combine to achieve the balance of the required $140,000 - $150,000 project subsidy. Construction financing will be provided by BankGloucester. The 10 Taylor Street Condominium project will revitalize an existing vacant lot in central Gloucester, and provide affordable housing in an established neighborhood. The site is within walking distance of Main Street, the waterfront and CATA bus service. CPA funding will be used to offset all project expenses, including land acquisition, site improvements, building construction and project management.