lottery application package

LOTTERY APPLICATION PACKAGE
PHASE ONE
Application Deadline: 5:00 PM, Thursday, May 21, 2015
Submit to: Housing Assistance Corporation
460 West Main Street
Hyannis, MA 02601
460 West Main St. Hyannis, MA 02601
[email protected]
508-771-5400 fax: 508-778-7514
Sachem’s Path
Surfside Road and South Shore Road
Nantucket Massachusetts
Lottery Telephone Line (508)771-5400 x. 285
APPLICATION PACKAGE
APPLICATIONS MUST BE RETURNED
AND RECEIVED NO LATER THAN
5:00 PM, Thursday, May 21, 2015
To: Housing Assistance Corporation
460 West Main Street
Hyannis, MA 02601
PLEASE RETURN COMPLETED AND SIGNED
APPLICATION & DOCUMENTATION FORMS ONLY
MAIL YOUR LOTTERY APPLICATION EARLY
Lottery will be held within 30 to 45 days of application deadline date.
YOU DO NOT HAVE TO BE PRESENT TO BE SELECTED
Information Sessions will be held at Nantucket High School
Saturday, March 28th at 1:00PM and Thursday, April 2nd at 5:30 PM
460 W est Main St. Hyannis, MA 02601
[email protected]
508-771-5400 fax: 508-775-7434
TABLE OF CONTENTS
General Information
Page 1
Eligibility
Pages 2-3
Application Process
Pages 4-5
HUD Definition of a Person with a Disability
Pages 6-7
Lottery Process
Page 8
Summary of Deed Restrictions
Pages 9-10
Checklist of Required Document
Page 11
List of Lenders
Page 12
Next Steps
Page 13
Staff Roster and Contact Information
Page 14
Scoring Sheet for Lottery Drawing
Page 15
Lottery Application
Pages 1-11
GENERAL INFORMATION
Sachem’s Path is a development of 36 single family homes located at the intersection of Surfside Road and
South Shore Drive, Nantucket. Housing Assistance Corporation is developing this housing for the purpose
of providing income eligible and mortgage ready households an opportunity to purchase their own home
on Nantucket. Phase One will produce 15 homes. Other phases will be built and a lottery held at a later
date.
The purpose of this Application Package is to give you all the information you need in order to understand
how to complete the Lottery Application. Although the process is complicated and requires focus and
work, if you read the information, follow instructions and ask questions when you don’t understand
something, we will be better able to process your Lottery Application to make you eligible to participate in
the actually lottery drawing.
All homes being built at Sachem’s Path are considered to be affordable. Income eligibility has been
designed to include three income levels. Income levels are determined using Area Median Income (AMI)
numbers for Nantucket. The three income levels income are 80% and under of the AMI, between 81%100% of the AMI and 101%-150% of the AMI. These three categories are commonly referred to 80%,
100% and 150% of the AMI. The Information Package will show you how to identify which income level
applies to your household.
In order to ensure that houses are affordable for these three income levels, the purchase prices are
determined by a methodology which is driven by the income levels. When purchase prices are determined
by income, this is basis of the definition of affordable housing. Housing prices are not determined by the
real estate market.
Phase One
The following table shows the purchase prices and the number of one, two and three bedroom homes that
will be built for each income level during Phase One.
1 BR House
2 BR House
3 BR House
80% AMI
1 @ $224,000
2 @ $265,000
1 @ $306,000
100% AMI
1 @ $257,000
2 @ $304,000
3 @ $353,000
150% AMI
1 @ $430,000
1 @ $483,000
3 @ $515,000
1
ELIGIBILITY
Who is eligible to participate in the lottery?
A first-time homebuyer(for 80% and 100%), as defined below, who is income and asset eligible and can be
pre-approved for a mortgage that complies with program standards for new mortgage loans (see page 6
for mortgage loans program standards) is eligible to apply for the lottery. Individuals who have a financial
interest in the development and their families are not eligible for this lottery.
Do I qualify as a first-time homebuyer?(for 80% and 100%)
Applicants are considered first time homebuyer(s) if: the household shall not have owned a home within
three years preceding the application, with the exception of:
a. displaced homemakers, where the displaced homemaker (an adult who has not worked full-time,
full-year in the labor force for a number of years but has, during such years, worked primarily
without remuneration to care for the home and family), while a homemaker, owned a home with
his or her partner or resided in a home owned by the partner;
b. single parents, where the individual owned a home with his or her partner or resided in a home
owned by the partner and is a single parent (is unmarried or legally separated from a spouse and
either has 1 or more children of whom the individual has custody or joint custody, or is pregnant);
c. households that owned a principal residence not permanently affixed to a permanent foundation
in accordance with applicable regulations; and
d. households that owned a property that was not in compliance with State, local or model building
codes and that cannot be brought into compliance for less than the cost of constructing a
permanent structure.
What is the Area Median Income and does it change depending on my family size?
The Area Median Income (AMI) is established for Nantucket. In order to be income eligible, your
anticipated annual gross income for all adult household members (current or anticipated) for the 12-month
period following application must be at or below the income limits for Nantucket County as shown in the
chart below.
Household
size
80% of AMI
100% of AMI
150% of AMI
1 Person
$ 58,750
$ 64,960
$104,700
2 Person
$ 67,150
$ 74,240
$119,700
3 Person
$ 75,550
$ 83,520
$ 134,700
4 Person
$ 83,900
$ 92,800
$ 149,550
5 Person
$ 90,650
$ 100,224
$ 161,550
What is Annual Household Gross Income?
Annual gross income means all amounts, all income from all sources, which go to or on behalf of all current
or anticipated adult household members for the 12-month period following application.
2
What is the asset limit?
For households whose income is under the 80% and the 100% AMI, the asset limit is$75,000. For
households whose income is between 101% and 150% of AMI there is a $400,000 asset limit.
Household assets divested within the past 2 years will be counted at their value prior to divestment.
What is a household asset?
 Cash in savings accounts, checking accounts and safety deposit boxes, etc.
Certificates of deposit, bonds, stocks, treasury bills, mutual funds and money market accounts.
 Revocable trusts.
 Equity in rental property or other capital accounts.
 Cash value of life insurance policies available to the applicant before death.
 Personal property held as an investment: Gems, jewelry, coin collections, or antique cars, etc. Personal
jewelry is NOT considered an asset.
 Lump sum receipts or one-time receipts. (i.e. inheritance, capital gains, one-time lottery winnings,
victim’s restitution, settlements on insurance claims (including health and accident insurance, worker’s
compensation, and personal or property losses), and any other amounts that are not intended as
periodic payments.
 A mortgage or deed of trust held by an applicant.
 IRA, 401(k), 403B. *
 Retirement and pension funds. (if employed) *
*These will include only amounts the applicant can withdraw without retiring or terminating
employment, minus any penalties or transaction fees. (You will be responsible to determine and verify
how much of these funds are available to you as cash.)
Household assets DO NOT include:
 Personal property. (i.e. clothing, furniture, cars, wedding ring and other jewelry that is not held as an
investment, vehicles specially equipped for persons with disabilities)
 Term life insurance policies. (i.e. policies with no cash value)
 Equity in the cooperative unit in which the applicant lives.
 Assets that are part of an active business. Business DOES NOT include rental of properties that are held
as investments unless such properties are the applicant’s main source of income.
 Assets that are not effectively owned by the applicant.
3
APPLICATION PROCESS
How do I apply for the lottery?
You will need to submit a completed Lottery Application along with the supporting documentation and a
pre-approval letter for a mortgage from a lender on their letterhead before the application deadline:
5:00PM, Thursday, May 21, 2015. For applicants whose household income is at or below 100% of AMI, the
mortgage must comply with program standards for new mortgage loans. (see below)
What are the program standards for new mortgage loans?






The loan must be from a lending institution. Loans from private parties are not allowed.
Fixed interest rate through the full term of the mortgage
Interest rate that is no more than 2 percentage points above the current MassHousing Rate. This
rate can be found at www.masshousing.com or call 617-854-1000.
No more than 2 points
Buyer down payment of at least 3%, half of which must come from the buyer.
It is strongly recommended that buyers not pay more than 33% (but no more than 38%) of their
monthly gross income for principal, interest, property taxes, hazard insurance, private mortgage
insurance and homeowner association fees.
What is a pre-approval letter?
Lenders will issue a pre-approval letter after they have reviewed your credit score, credit report, income
and expenses. The pre-approval must be on the lender’s letterhead showing the dollar amount and
include an authorized signature.
How do I get a pre-approval letter?
We have included a list of local lenders that are familiar with affordable housing guidelines and have
special financing available for first-time homebuyers. Contact one of these lenders to tell them you are
applying for the Sachems Path Lottery and need a pre-approval letter. You should also ask how long the
process will take to ensure the letter will be available prior to the application deadline. You will need to
give the following information to the loan originator for your pre-approval:
The purchase price of the home. See the Lottery Application
Nantucket property tax rate $3.76/$1000
Affordable Housing Covenant – provided by HAC upon request
Target date for completion of first house – Winter 2016
Association fee: (per month)
80% & 100%
1BR $51.00
2BR $80.00
150%
1BR $67.00
2BR $80.00
3BR
3BR
$92.00
$100.00
What documentation do I need to submit with my application?
Documentation of your income, assets local preference, down payment funds and a pre-approval letter is
required. See Checklist of Required Documentation.
4
Why should I declare that I am a minority?
Nantucket County’s minority population is 19.5% of the general population. Regulations require that
19.5% of the local preference candidates should be minority candidates. If we do not receive that
percentage of minority local applicants, we will hold a pre-lottery of the minority non-local preference
candidates to add to the local pool until we reach that percentage. If we do not receive sufficient number
of minority candidates, the lottery proceeds with whatever number exists.
How do I determine how many bedrooms my household will maximize?
The following criteria are considered to determine if a household maximizes a unit:
 There is at least one occupant per bedroom.
 A husband and wife, or those in a similar living arrangement, shall be required to share a bedroom.
 HAC has the authority to increase the number of bedrooms required if there is a medical necessity for
someone to have a separate bedroom, based on medical documentation.
For example, a single person and a couple will both maximize a 1-bedroom house. A couple with 4 children
and a single parent with 2 children will both maximize a three-bedroom house.
Households that maximize the number of bedrooms have preference over those that do not. i.e. for a
three bedroom home, a household that maximizes three bedrooms would have preference over a
household that maximizes only two or one bedroom.
Applicants must choose the bedroom size of the house they wish to purchase in their lottery application.
What if I am having difficulty completing the application due to language proficiency or a
disability?
HAC will provide reasonable accommodation and/or language assistance if needed when completing this
application.
Persons will disabilities may ask for this application in large print type or other alternate formats.
Persons with disabilities may ask for reasonable accommodation in rules, policies, practices, or services, or
to request a reasonable modification in the housing, when such accommodations or modifications may be
necessary to afford persons with disabilities an equal opportunity to use and enjoy the housing.
Este documento é importante, por favor, tê-lo traduzido
Este documento es importante, por favor, haz que se tradujo
For assistance with a reasonable accommodation request, please contact Gael Kelleher at
[email protected] or 508-771-5400, ext. 284.
What if a member of my household is disabled?
If one or more members of your household are disabled, according to the definitions of a person with a
disability, your household will receive a Disability Preference. There is one accessible/sensory house being
built during Phase one. All those applicants who meet the definition of disabled will receive a preference
to participate in this drawing.
5
HUD Definition of a Person with A Disability Under Federal Civil Rights Laws
[24 CFR Parts 8.3 and 100.201]
A person with a disability, as defined under federal civil rights laws, is any person who:

Has a physical or mental impairment that substantially limits one or more of the major
life activities of an individual, or


Has a record of such impairment, or
Is regarded as having such impairment
The phrase "physical or mental impairment" includes:

Any physiological disorder or condition, cosmetic or disfigurement, or anatomical loss
affecting one or more of the following body systems: neurological; musculoskeletal;
special sense organs; respiratory, including speech organs; cardiovascular; reproductive;
digestive; genito-urinary; hemic and lymphatic; skin; and endocrine; or

Any mental or psychological disorder, such as mental retardation, organic brain
syndrome, emotional or mental illness, and specific learning disabilities.

The term "physical or mental impairment" includes, but is not limited to: such diseases
and conditions as orthopedic, visual, speech and hearing impairments, cerebral palsy,
autism, epilepsy, muscular dystrophy, multiple sclerosis, cancer, heart disease, diabetes,
mental retardation, emotional illness, drug addiction and alcoholism.

"Major life activities" includes, but is not limited to, caring for oneself, performing
manual tasks, walking, seeing, hearing, breathing, learning, and/or working.

"Has a record of such impairment" means has a history of, or has been misclassified
as having, a mental or physical impairment that substantially limits one or more
major life activities.

"Is regarded as having an impairment" is defined as having a physical or mental
impairment that does not substantially limit one or more major life activities but is
treated by a public entity as constituting such a limitation; has none of the impairments
defined in this section but is treated by a public entity as having such an impairment; or
has a physical or mental impairment that substantially limits one or more major life
activities, only as a result of the attitudes of others toward that impairment.
The definition of a person with disabilities does not include:
 Current illegal drug users
6
 People whose alcohol use interferes with the rights of others
 Persons who objectively pose a direct threat or substantial risk of harm to others that
cannot be controlled with a reasonable accommodation.
The above definition of disability determines whether an applicant or participant is entitled to
any of the protections of federal disability civil rights laws. Thus, a person who does not meet
this disability is not entitled to a reasonable accommodation under federal civil rights and fair
housing laws and regulations.
7
LOTTERY PROCESS
What happens after I submit the complete Lottery Application?
A complete Lottery Application includes the application form, required documentation and a pre-approval
letter. HAC reviews this information to determine eligibility to participate in the lottery. If eligible,
applicants will receive a lottery number through the mail prior to the date of the lottery. The number of
applications received by HAC determines how long this process takes. Only eligible applicants will be
entered into the Lottery.
What is a Disability Preference?
Applicants who meet the definition of disabled (pgs. 6 & 7) will receive a preference for the one accessible
(mobility/sensory) home being built in Phase One. There will be a separate drawing for this house.
What is Local Preference?
Local Preference is defined as applicants who live or work on Nantucket or have children who attend
Nantucket schools. Seventy percent of the homes may be set aside for applicants who have local
preference. The first lottery drawing is for applicants eligible for Local Preference.
What happens if I do not have a Local Preference?
Non local preference applicants are placed in an “Open Pool” category with Local Preference applicants
who have not already won in the Local Preference drawing. This represents the second lottery drawing.
Eligible applicants are entered into all pools for which they qualify.
What is an Alternate?
All lottery numbers that belong in each pool will be drawn and they will be recorded in that order.
Numbers chosen after the winning numbers have been drawn will be placed on an “Alternate’ list.
Applicants on this list are notified in the event a potential buyer is unable to complete the purchase.
When will the lottery be held?
Lottery will be held approximately 30-45 days after Lottery Application deadline date. The timing of the
lottery will depend on the number of applications received by Housing Assistance Corporation. All
applications will need to be reviewed prior to the lottery.
What happens after the lottery?
1. All winners will sign a contract to purchase the property and provide a deposit to go with it. Within
60 days of the completion of your home, you will need to obtain a loan commitment from your
lender.
2. All winners will continue to work closely with their lender, providing any updated documentation
the lender may require until the day of the closing.
3. All winners will stay vigilant with regard to their spending and credit.
4. Buyer will need to secure homeowner insurance and pay the first year’s premium prior to closing.
5. Buyers will be required to complete an approved Pre-Purchase Workshop prior to closing.
8
SUMMARY OF 80% AND 100% AFFORDABLE HOUSING
RESTRICTIONS
The Massdocs Master Covenant for Affordable Housing is an affordable housing restriction for the
Sachem’s Path project that will be recorded at the Nantucket Registry of Deeds. This document specifies
the resale, refinance and leasing provisions for the properties at Sachem’s Path. The buyer of an
affordable unit, selected by lottery will receive a mortgage that refers to the resale restrictions in the
covenant, which will be recorded at the Nantucket Registry of Deeds at the time of purchase. This
affordable unit will be sold at a substantially discounted price. The master Covenant and associated
homebuyer mortgage govern the resale process for the unit and ensures that the unit remains affordable
for future purchasers of the property. It is strongly recommended that purchasers of an affordable unit at
Sachem’s Path review the Master Covenant and unit mortgage with their attorney and lender. Below is a
general description of the affordable rider:
Principal Residence: The property must be the owner’s principal residence
Notice Requirement: If an owner wants to sell their affordable unit, they are required to notify the Town
and the Commonwealth of Massachusetts.
Maximum Resale Price: There is a limit on the resale price of the unit so that the unit will always be
affordable. The formula for calculating the maximum resale price will be established at the time of
purchase and is described in the Covenant.
Refinancing: Affordable homes may not be refinanced without prior consent of the Commonwealth of
Massachusetts.
A copy of the 80% & 100% affordable housing restriction for this project is available for review at Housing
Assistance, 460 West Main Street, Hyannis, MA To request a copy by mail, please call 508-771-5400 ext.
285.
9
SUMMARY OF 150% HOUSING DEED RESTRICTION
The Town of Nantucket has provided land and funding to ensure that Sachem’s Path will provide high
quality housing for Nantucket’s work force "in perpetuity”. Just as the sale prices for the new homes are
below what they could be sold for on the Open Market, it is of great importance that the homes remain
equally affordable when sold in the future (commonly referred to as ‘at resale’). As a buyer, it is important
to understand that the value of a home at Sachem’s Path will not increase in the same manner as an Open
Market home (commonly referred to as ‘unrestricted’ home).
To accomplish affordability ‘in perpetuity’, a legal deed restriction will be placed on each lot which restricts
the manner in which homes at Sachem’s Path can be resold. The resale value of the home at any point in
the future will be directly related to the Median Income for the County of Nantucket as determined
annually by the Department of Housing and Urban Development. When selling, the Owner will work with
Housing Nantucket (the 'Monitoring Agent' for Sachem’s Path) to ensure that the proper protocols are
followed. Housing Nantucket will be a valuable resource in helping educate Owners. Of equal importance,
Housing Nantucket will act as steward on behalf of the Town to ensure that Sachem’s Path remains a key
town asset providing future families the same opportunity being provided to prospective Buyers today.
10
Checklist of Required Documents
To be included with your lottery application
BE SURE THAT YOU PROVIDE COPIES OF ALL DOCUMENTATION. ORIGINALS WILL NOT BE ACCEPTED
THE FOLLOWING DOCUMENTATION IS NEEDED TO ENTER THE LOTTERY
Please remember that ALL HOUSEHOLD income must be counted, even if only one person is obtaining the mortgage.
Pre-approval letter from a lender on bank letterhead in accordance with guidelines.
Sachem’s Path Lottery Application completely filled out, using “N/A” for any questions that do not apply to you.
Summary of Deed Restriction/Statement of Understanding signed and dated
Certification, Disclosure, Understandings & Authorization signed and dated
Documentation to prove your local preference: e.g. utility bills, drivers licenses, tax bills, rental agreements etc.
etc. (Copies only)
Disability Verification Form or SSDI Award Letter
Five most recent, consecutive pay stub copies for all working members of the household, 18 years and older.
Verification of child support (Copy of child support order, divorce decree, etc.)
Verification of any other household income e.g.: Social Security, SSI, VA benefits, unemployment benefits,
and/or public assistance. We need official statement of monthly amount received for the current year. (Copies only)
Savings account statements-Submit the 3 most recent bank statement copies
Checking account Statements- Submit the 3 most recent bank statement copies
Verification of Down Payment and Closing Cost funds – 1.5% of purchase price has to be from your own
savings, checking or other verified assets. Most loans require at least 3% down payment and you will be responsible for
paying homeowner’s insurance and the buyer’s portion of closing costs.
Federal Tax Returns (1040)-Copies of signed tax returns for the past three (3) years. You will have to provide
all three years. We will also need W-2’s and 1099-R Forms for the most current full year. If you have not filed a tax
return for any of the years requested, please call 800-829-1040 and ask for a print out that there is no tax return for that
(those) year(s).
Verification of cash value of all assets (assets are generally non- cash items that can be converted to cash,
such as stocks, Certificates of Deposit, IRA’s retirement funds). This does not include car or furniture. (Copies only)
Detailed list supplied upon request.
SELF EMPLOYMENT
People who are self-employed will need to submit ALL of the above documentation plus the following:
Copies of Schedule C for the past two (2) years.
A Notarized Statement reflecting your earnings and expenses, to date for the current year. The name of the
business must be on the Profit and Loss Statement. It must show quarterly or yearly profit and loss, include income and
expenses and must be for at least three consecutive months.
11
LIST OF LENDERS
Tabitha Baker - Eastern Bank - 508-923-2824 Cell 508-958-7776
375 Iyanough Road, Hyannis, MA 02601
Beth Ann Meehan – Cape Cod Five Cents Savings Bank – 508-247-1709
112 Pleasant Street, Nantucket, MA 02554
Mark Higgins – The Cooperative Bank of Cape Cod – 508-362-7320
Benjamin Franklin Way, Hyannis, MA 02601
Clifford Carroll - RMS Residential Mortgage Services - 508-771-2000
43 Lewis Bay Road, Hyannis MA 02601
Lisa Oakley – Citizens Bank – 774-313-0437
417 Barnstable Road, Hyannis, MA 02601
Sara P Congdon - Hingham Institution for Savings 508-228-1976 x 856
35 Main Street, Nantucket, MA 02554
Carrie Carrizosa - Boston Private Bank – 617-912-4213
1295A Beacon Street, Brookline, MA 02446
Claudette Vickery – Santander –508-264-4805
55 Bassett Lane, Hyannis, MA 02601
Julie Bell - Nantucket Bank, a division of Blue Hills Bank – 508-825-1106
104 Pleasant Street, Nantucket, MA 02554
Tom McGarr - USDA Rural Development – 508-295-5151, ext. 3
15 Cranberry Highway, West Wareham, MA 02576
The staff of Housing Assistance Corporation has been working with all the mortgage originators on
this list. These banks are familiar with and have all the pertinent information on Sachems Path.
12
NEXT STEPS
1. Contact one of the lenders on the list provided in the Lottery Application Package to obtain a
pre-approval. Be sure to ask how long this process will take to ensure you have your preapproval prior to the Deadline of 5:00PM, Thursday, May 21, 2015
2. Collect all the documentation that is required to be submitted with your Lottery Application.
Many of the documents are ones that the lender will also need. Use the check list included in
the Lottery Application Package.
3. Make copies of documentation. We cannot accept originals.
4. Complete the Lottery Application, answering all the questions and filling in the asset,
liabilities and annual income charts.
5. Review your Lottery Application to ensure all questions have been answered and all
documents are signed as required.
6. Submit the complete Lottery Application: application, documentation and pre-approval letter
from the lender ASAP. The absolute deadline is 5:00 PM, Thursday, May 21, 2015!
13
STAFF ROSTER & CONTACT INFORMATION
Cheryl Kramer – Director of Housing Consumer Education Center.
[email protected]
508.771.5400 ext 287
Karin Bar – Housing Counselor
[email protected]
508.771.5400 ext 289
Joan Maney – Housing Counselor
[email protected]
508.771.5400 ext 283
Gael Kelleher – Real Estate Broker & Director Cape Community Real Estate
[email protected]
508.771.5400 ext 284
Karen Davis – Real Estate Salesperson & Administrative Assistant
[email protected]
508.771.5400 ext 282 (works Monday & Thursday)
Bridget Armstrong – Real Estate Salesperson & Administrative Assistant
[email protected]
508.771.5400 ext 285
Nancy Davison – Vice President of Program Operations
[email protected]
508.771.5400 ext 109
14
SCORING SHEET FOR LOTTERY DRAWING
FOR INFORMATION ONLY
HAC WILL USE THIS FORM FOR EACH APPLICANT TO DETERMINE THE LOTTERY
DRAWING EACH APPLICANT IS ELIGIBLE TO PARTICIPATE IN.
Name
Household Size
# Adults:
# Children:
Local Preference:
Disability Preference: _
Minority Status:
80% Income
100% Income
150% Income
Household Maximizes:
1 Bedroom
2 Bedrooms
3 Bedrooms
Pre-approval letter plus down payment shown on application is
80% AMI
$224,000
$265,000
$306,000
100% AMI
$257,000
$304,000
$353,000
150% AMI
$430,000
$483,000
$515,000
Applicant has chosen a:
1 BR House
_2 BR House
_3 BR House
15
Lottery Application Section
Please return only the following Lottery
Application Pages 1-11 with required
documentation.
SACHEM’S PATH
Phase One
LOTTERY APPLICATION
• Lottery Application Deadline: 5:00 PM, Thursday, May 21, 2015
Personal Information
Applicant Name:
_ Co-Applicant Name:
Address:
_ Address:
Town:
_ State:
Zip Code:
Town:
State:
Home Telephone Number:
Home Telephone Number:
Cell Phone Number:
Cell Phone Number:
E-Mail:*_
E-Mail:*_
Employer:
Employer:
Employer Address:
Employer Address:
Occupation:
Yrs. In current job:
_ Zip Code:
_
Occupation:
_
Yrs in occupation:
_
Yrs. In current job:
Yrs in occupation:
*Housing Assistance Corporation wants to provide you with information regarding our upcoming events and programs
through your e-mail. If you prefer to not get these e-mails, please check this box.
Household Composition (List the head of household and all members who will be living in the home you purchase. Give
relationship of each member to the head of household.)
Full Name:
*List Head of Household first
460 West Main St. Hyannis, MA 02601
Relationship to
Head of
Household
SELF
Age
[email protected]
If household member is
over 18, is that person a
full time student?
508-771-5400 fax: 508-778-7514
1
Have you recently (in the past 3 months) seen your credit report?
In your estimation how would you rate your credit history?
Poor
Fair
Good
Excellent
Don’t Know
_
What do you currently pay for rent?
Does any member of your household currently or within the past three years own/owned any residential property?
If yes, please give details:
Are any members of your household disabled?
SSDI Award letter
If yes, submit either the Disability Verification Form or a copy of your
Homebuyer education:
I have attended a Home Buyer Education Workshop series. Yes
If yes, location
No
_
_ Date_
Do you have down payment money available? YES □ Amount: $
NO □
(Remember, you need to have at least 1.5% of the purchase price of your OWN money for down payment.)
ASSETS
Type
Cash Value
Annual Income
from assets
Bank Name
Checking Accounts
Savings Accounts
Retirement Plans
Real Estate Owned
Stocks
Other (i.e. rental property, lump
sum payment)
LIABILITIES (Car loan, Credit Cards, Student loans, etc.)
Creditor’s Name
Monthly Payment
Type
Unpaid Balance
Due Date
NOTE: If you anticipate that any person (i.e. significant other, roommate, etc.) will be added to the household within 12
months following application, their names, relationship, income and assets must also be included as a household member on
your application.
If a member of the household over the age of 18 is NOT working, he/she must provide, as part of the required verification,
a signed notarized statement describing their current situation.
2
ANNUAL INCOME
Source
Applicant
Co-Applicant
Other Household
Members 18 & over
Total
Salary/Regular Pay
Overtime Pay
Commissions
Fees
Tips
Bonuses
Interest Dividends
Net Income From Business
Net Rental Income
Periodic S S, Pensions,
Retirement Funds, Etc.
Unemployment Benefits
Workers Compensation
Alimony, Child Support
TAFDC
Part Time Work
Other
Total for each household
member:
TOTAL HOUSEHOLD INCOME
$
Non-discrimination Policy:
Discrimination on the basis of race, creed, color, sex, age, disability, marital status, familial status, veteran’s status, sexual
orientation, and/or national origin, or any other basis is prohibited by law and is specifically prohibited in the lottery process.
3
Minority Status: (Optional)
Ethnicity:
Hispanic:
Non Hispanic:
Race: (Optional)
□ Native American /Alaskan Native
□ Asian
□ Black or African American
□ Native Hawaiian or Other Pacific Islander
□ Other (non-White) □ White
Multi Race: (Optional)
□ Native American /Alaskan Native and White □ Asian and White
□ Black or African American and White
□ Native American /Alaskan Native and Black or African American
□ Native Hawaiian or Other Pacific Islander and White
□ Other Multiple Race
Information for BOX 1
Income Limits
Use total household income from page 3 to confirm that your income is at or below the maximum
income for your household size.
Maximum Area Median Income (AMI) (For Nantucket County)
Household size
80% of AMI
100% of AMI
150% of AMI
1 Person
$ 58,750
$ 64,960
$104,700
2 Person
$ 67,150
$ 74,240
$119,700
3 Person
$ 75,550
$ 83,520
$ 134,700
4 Person
$ 83,900
$ 92,800
$ 149,550
5 Person
$ 90,650
$ 100,224
$ 161,550
BOX 1
My household size is
limit of $
and the household income is at or below the maximum income
.
Information for BOX 2
Local Preference
Definition: You and/or the co-applicant live in the Town of Nantucket, work in the Town of Nantucket, or
have a child who attends school in the Town of Nantucket. You are required to document your local
preference. (license, lease agreement, utility bill, etc.)
BOX 2
I live in the Town of Nantucket □
My child attends school in the Town of Nantucket □
II live
I work in the Town of Nantucket □
I DO NOT have a local preference □
4
Information for BOX 3
House Choice
Use the number of people in your household and the explanation of bedroom maximization on page 5 of
the Lottery Application Package to determine which bedroom size you maximize. Then use the total of
your pre-approval and down payment available (see below) to determine the house you wish to
purchase in your income bracket.
BOX 3 You must choose which bedroom-sized house you are applying for. This decision is final.
CHECK ONE ONLY
BOX 3
1 BR House
2 BR House
3 BR House
80% AMI
$224,000
$265,000
$306,000
100% AMI
$257,000
$304,000
$353,000
150% AMI
$430,000
$483,000
$515,000
Ex. If you are an 80% applicant and your household consists of married couple with two girls, you would
maximize a 3BR house. If your pre-approval and down payment are equal to or more than the price of
the 80%, 3BR house for $300,000, then you would check that house in Box 3. If your pre-approval and
down payment is less than the price of the 3 bedroom house but more than the price of the 2 BR house
for $258,000 and your children can share a bedroom, then you would check that house in Box 3.
The attached pre-approval letter is for a mortgage of
$
The down payment we are planning to use is
$
The total of these 2 amounts is
$
5
DISABILITY VERIFICATION FORM
TO BE COMPLETED BY PHYSICIAN OR OTHER LICENSED HEALTH PROFESSIONAL
TO: NAME OF MEDICAL VERIFIER:.
ADDRESS:
_
RE:APPLICANT NAME:
_
SS# last 4 digits:
Dear Sir/Madam,
Housing Assistance Corporation is responsible for determining the eligibility of applicants who are applying one
accessible home through Sachems Path, Nantucket Lottery. U.S. Department of Housing and Urban Development (HUD)
regulations establish criteria which should be met for an applicant to be determined (based on disabled or handicapped
status) eligible.
Has a disability, as defined in Section 223 of the Social Security Act [42 USC423] defines disability as:
"Inability to engage in any substantial,gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or which has lasted or can be
expected to last for a continuous period of not less than 12 months," or
"In the case of an individual who attained the age of 55 and is blind and unable by reason of such
blindness to engage in substantial,gainful activity requiring skills or ability comparable to those of
any gainful activity in which he has previously engaged with some regularity and over a substantial
period of time."
Is determined, pursuant to HUD regulations, to have a physical, mental, or emotional impairment that:
Is expected to be of long-continued and indefinite duration;
Substantially impedes his or her ability to live independently, and
Is of such a nature that the ability to live independently could be improved by more suitable housing
conditions; or
Has a developmental disability as defined in 42 U.S.C. 6001. Section 102(7) of the Developmental Disabilities
Assistance and Bill of Rights Act [42 U.S.C. 6001(7)] defines developmental disability in functional terms as:
"Severe chronic disability that:
Is attributable to a mental or physical impairment or combination of mental and physical impairments;
Is manifested before the person attains age 22;
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Is likely to continue indefinitely;
Results in substantial functional limitation in three or more of the following areas of major life activity: (1)
self-care, (2) receptive and responsive language, (3) learning, (4) mobility,(5) self-direction, (5) capacity for
independent living, and (7) economic self-sufficiency; and
Reflects the person's need for a combination and sequence of special, interdisciplinary, or generic care,
treatment, or other services which are of lifelong or extended duration and are individually planned and
coordinated."
Other:
HUD's definition does not exclude persons who have the disease of acquired immunodeficiency syndrome or any
conditions arising from the etiologic agent for acquired immunodeficiency syndromes.
For purposes of qualifying for the Sachems Path Lottery, a person whose disability is based solely on drug or
alcohol dependence is excluded.
I certify that to the best of my knowledge and belief the above information is correct.
Name of Person Completing Form
Title
Signature
Date
WARNING: Section 1001of Title 18 of the U.S. Code makes it a criminal offense to make willful false
statements or misrepresentations to any Department or Agency of the United States as to any matter
within its jurisdiction.
7
Checklist of Required Documents
To be included with your lottery application
BE SURE THAT YOU PROVIDE COPIES OF ALL DOCUMENTATION. ORIGINALS WILL NOT BE ACCEPTED
THE FOLLOWING DOCUMENTATION IS NEEDED TO ENTER THE LOTTERY
Please remember that ALL HOUSEHOLD income must be counted, even if only one person is obtaining the mortgage.
Pre-approval letter from a lender on bank letterhead in accordance with guidelines.
Sachem’s Path Lottery Application completely filled out, using “N/A” for any questions that do not apply to you.
Summary of Deed Restriction/Statement of Understanding signed and dated
Certification, Disclosure, Understandings & Authorization signed and dated
Documentation to prove your local preference: e.g. utility bills, drivers licenses, tax bills, rental agreements etc. etc.
(Copies only)
Disability Verification Form or SSDI Award Letter
Five most recent, consecutive pay stub copies for all working members of the household, 18 years and older.
Verification of child support (Copy of child support order, divorce decree, etc.)
Verification of any other household income e.g.: Social Security, SSI, VA benefits, unemployment benefits, and/or
public assistance. We need official statement of monthly amount received for the current year. (Copies only)
Savings account statements-Submit the 3 most recent bank statement copies
Checking account Statements- Submit the 3 most recent bank statement copies
Verification of Down Payment and Closing Cost funds – 1.5% of purchase price has to be from your own savings,
checking or other verified assets. Most loans require at least 3% down payment and you will be responsible for paying
homeowner’s insurance and the buyer’s portion of closing costs.
Federal Tax Returns (1040)-Copies of signed tax returns for the past three (3) years. You will have to provide all three
years. We will also need W-2’s and 1099-R Forms for the most current full year. If you have not filed a tax return for any of the
years requested, please call 800-829-1040 and ask for a print out that there is no tax return for that (those) year(s).
Verification of cash value of all assets (assets are generally non- cash items that can be converted to cash, such as
stocks, Certificates of Deposit, IRA’s retirement funds). This does not include car or furniture. (Copies only) Detailed list
supplied upon request.
SELF EMPLOYMENT
People who are self-employed will need to submit ALL of the above documentation plus the following:
Copies of Schedule C for the past two (2) years.
A Notarized Statement reflecting your earnings and expenses, to date for the current year. The name of the business
must be on the Profit and Loss Statement. It must show quarterly or yearly profit and loss, include income and expenses and
must be for at least three consecutive months.
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Summary of the Covenant for 80% and 100%
The Massdocs Master Covenant for Affordable Housing is an affordable housing restriction for the Sachem’s Path
project that will be recorded at the Nantucket Registry of Deeds. This document specifies the resale, refinance and
leasing provisions for the properties at Sachem’s Path. The buyer of an affordable unit, selected by lottery will
receive a mortgage that refers to the resale restrictions in the covenant, which will be recorded at the Nantucket
Registry of Deeds at the time of purchase. This affordable unit will be sold at a substantially discounted price. The
master Covenant and associated homebuyer mortgage govern the resale process for the unit and ensures that the
unit remains affordable for future purchasers of the property. It is strongly recommended that purchasers of an
affordable unit at Sachem’s Path review the Master Covenant and unit mortgage with their attorney and lender.
Below is a general description of the affordable rider:
Principal Residence: The property must be the owner’s principal residence
Notice Requirement: If an owner wants to sell their affordable unit, they are required to notify the Town and the
Commonwealth of Massachusetts.
Maximum Resale Price: There is a limit on the resale price of the unit so that the unit will always be
affordable. The formula for calculating the maximum resale price will be established at the time of
purchase and is described in the Covenant.
Refinancing: Affordable homes may not be refinanced without prior consent of the Commonwealth of
Massachusetts.
A copy of the 80% & 100% affordable housing restriction for this project is available for review at Housing
Assistance, 460 West Main Street, Hyannis, MA to request a copy by mail, please call 508-771-5400 ext.
285.
Statement of Understanding
I/We have read the summary of the covenant for Sachem’s Path lottery. I/We understand that the home we are
applying for has a covenant that restricts the home to be my/our principal residence, cannot be leased or
refinanced without following appropriate protocol and home must be sold to an income-eligible buyer at no more
than the maximum resale price.
I/We understand that, if selected by lottery to purchase a Sachem’s Path affordable unit, a full copy of the
covenant will be provided to me, and that if my household is certified as income eligible and is able to obtain an
approved mortgage, that I/We will be required to execute the covenant at the time of purchase and it will be
recorded along with the deed at the Nantucket County Registry of Deeds.
Applicant Signature
Date
Co-Applicant Signature
Date
This page must be signed!
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Summary of Deed Restriction for 150%
The Town of Nantucket has provided land and funding to ensure that Sachem’s Path will provide high quality
housing for Nantucket’s work force "in perpetuity”. Just as the sale prices for the new homes are below what they
could be sold for on the Open Market, it is of great importance that that the homes remain equally affordable
when sold in the future (commonly referred to as ‘at resale’). As a buyer, it is important to understand that the
value of a home at Sachem’s Path will not increase in the same manner as an Open Market home (commonly
referred to as ‘unrestricted’ home).
To accomplish affordability ‘in perpetuity’, a legal deed restriction will be placed on each lot which restricts the
manner in which homes at Sachem’s Path can be resold. When selling, the Owner will work with Housing
Nantucket to ensure that the proper protocols are followed. Housing Nantucket will be a valuable resource in
helping educate Owners. Of equal importance, Housing Nantucket will act as steward on behalf of the Town to
ensure that Sachem’s Path remains a key town asset providing future families the same opportunity being
provided to prospective Buyers today.
I/We understand that, if selected by lottery to purchase a Sachem’s Path affordable unit, a full copy of the deed
restriction will be provided to me, and that if my household is certified as income eligible and is able to obtain an
approved mortgage, that I/We will be required to execute the deed restriction at the time of purchase and it will
be recorded along with the deed at the Nantucket County Registry of Deeds.
Applicant Signature
Date
Co-Applicant Signature
Date
This page must be signed!
10
Certification, Disclosure, Understandings & Authorization
Certification: I/We certify that the information provided in this application is true and correct as of the date set
forth opposite my/our signature(s) on this application and acknowledge my/our understanding that any
intentional or neglectful misrepresentation(s) of information contained in this application may result in civil
liability, and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions
of Title 18, United States Code, Section 1001, et seq., and liability for monetary damages to the lender, its agents,
successors and assigns, insurers and any other person who may suffer any loss due to reliance upon
misrepresentation which I/we have made on this application.
Use of Information Disclosure: The information collected will be used to determine whether you are eligible to
participate in various programs which may include the Resale Purchase and/or lotteries. This information may be
disclosed as required and permitted by law outside the Housing Assistance Corporation without additional
consent including to your employer for verification of income and employment, to financial institutions for
verification of information and to the lottery monitoring agent (if applicable).
Household Eligibility: Individuals who have a financial interest in the development and their families
shall not be eligible for this lottery without a waiver from the Department of Housing and Community
Development. We certify that we have no financial interest in Sachem’s Path.
Understanding of Selection: I/We understand that I/we are selected in the lottery, it does not guarantee that
I/we will be able to purchase a home and that all expenses including closing costs and down payment are my/our
responsibility.
I/We also understand that it is my/our obligation to secure a fixed mortgage for the term of the loan and of the
purchase price of the home.
I/We understand that we will need to provide a down payment and that I/We will be required to have some
percentage of my/our own funds available to be eligible for the lottery.
I/We understand that even though I/we think that I/we have submitted all the necessary documentation and/or
verifications, I/we are not guaranteed to be in the lottery if HAC finds that any documentation and/or required
information is missing.
I/We have read the application and all the attached information and understand the lottery process.
Authorization: I/We consent to the disclosure of such information for the purpose of income, asset and any other
verification related to my/our application.
Applicant’s Signature
Date
Co-Applicant’s Signature
Date
Send completed application, copies of required documentation, verifications
AND
Mortgage pre-approval letter to:
Housing Assistance Corporation
Sachem’s Path Lottery
460 West Main Street
Hyannis, MA 02601
APPLICATION DEADLINE IS: 5:00PM, Thursday, May 21, 2015
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