Newton Affordable Housing Affirmative Marketing Plan for Affordable Housing Court Street Newton, MA Affirmative fair marketing of all the affordable units shall be conducted to provide maximum opportunity for moderate-income households, including minority households, to apply for the lottery. Print Ads will run at least twice within the 60 day marketing period in the newspapers listed on the following page along with the approximate size of print the ads. Once the Tenant Selection and Marketing Plan has been approved by DHCD, SEB will being placing ads online on the websites listed on the following pages. The 60 marketing period will start upon the publication of the first online ad. A detailed timeline starting with the first placements of ads is included in the Information Packet. SEB will also contact all the print advertisers and set up the first ad insertions in each paper so that the first print ads are place as quickly as possible in each publication. The second print ad will be run in each paper approximately 3 to 4 weeks after the first print ad. Ads will also be placed on all the websites listed on the following page. None of the affordable units are fully accessible units but the Application has a section to request a reasonable modification and units are being placed on the Massachusetts Affordable Housing Registry. Within a week of the online ads being posted, notices will also be sent to the organizations and social service groups listed herein. Additional community contact groups can be added to the marketing plan as directed by the City of Newton. Information Packets and Applications will also be made available at Newton City Hall and the Newton Public Library.
Newspapers and Websites Name The 9 CNC Greater Boston South Weeklies including the Newton TAB: Allston/Brighton TAB Brookline TAB The Dedham Transcript Needham Times Newton TAB Roslindale Transcript Waltham News Tribune Watertown TAB & Press West Roxbury Transcript Ed Siegal esiegal@wickedlocal.com El Mundo Tel: 617.522.5060 cecilia@elmundoboston.com The Bay State Banner Tel: 617.261.4600 Fax: 617.261.2346 Rachel@bannerpub.com; Rachel Edwards Sampan Tel: 617.426.9492 ads@sampan.org ivy@sampan.org Area 14 Cities and Towns Northwest of Boston Greater Boston Greater Boston Greater Boston Racial/Ethnic Identification Mixed Hispanic African- American Asian CraigsList Boston/ Metro West Mixed MAHA website (Chava Hassan) hpizer@mahahome.org 781-636-4000 MA Mixed MassAccessHousingRegistry.org Odessa Walton odessaw@chapa.org (Please note that CHAPA no longer posts listings on the CHAPA website unless they are the monitoring agent) MA Mixed
Organizations, Businesses and Community Contact Groups Name Phone Fax City of Newton Trisha Kenyon Guditz, Housing Development Coordinator 492 Waltham Street Newton, MA 02465 (617) 796-1156 tguditz@newtonma.gov City of Newton Margaret Siciliano, Housing Development Planner 492 Waltham Street Newton, MA 02465 (617) 796-1146 msiciliano@newtonma.gov Newton Planning and Development Dept. Candace Havens chavens@newtonma.gov Telephone 617-796-1120 x 1130 Fax 617-796-1142 Newton City Hall 1000 Commonwealth Ave Newton Centre, MA 02459 617-796-1000 TDD/TTY 617-796-1089 Mayor Setti Warren Newton City Hall 1000 Commonwealth Ave Newton Centre, MA 02459 617-796-1000 TDD/TTY 617-796-1089 Newton-Needham Chamber of Commerce 281 Needham St. Newton, MA 02464 617.244.5300 Fax: 617.244.5302 info@nnchamber.com Newton Public Schools 100 Walnut St., Newton, MA 02460 Tel: (617)559-6100 Fax:( 617)559-6101 Newton Public Schools Assistant Superintendent for Human Resources 100 Walnut St., Newton, MA 02460 Room 201 617-559-6005
Newton Affordable Housing Resources Newton City Hall 1000 Commonwealth Ave Newton Centre, MA 02459 617-796-1000 TDD/TTY 617-796-1089 Newton Free Library 30 Homer Street Newton Center, MA 02459 (617) 796-1360 (617) 552-7154 City of Waltham Janet Barry Housing Division Programs and Services Government Center 119 School Street, Suite 24 Waltham, MA 02451 781-314-3380 fax 781-314-3385 City of Waltham Planning Department 119 School Street Top Floor, Suite #25 Waltham, MA 02451 Phone: (781)-314-3370 Fax: (781)-314-3376 Ronald G. Vokey, Director rvokey@city.waltham.ma.us
CAN-DO, Citizens for Affordable Housing in Newton Development Organization 1075 Washington Street Newton, MA 02465 Telephone - 617.964-3527, Fax - 617.964-3593 e-mail: Jam_cando@msn.com website: www.newtoncando.org Jewish Community Housing for the Elderly 30 Wallingford Rd. Brighton, MA 02435 (617) 912-8405 Newton Housing Authority 82 Lincoln St. Newton, MA 02461 (617) 964-8080. Fax: (617) 964-8387 Newton Wellesley Weston Committee For Community Living, Inc. 1301 Centre Street Newton Centre, MA 02459 (617) 617-964-6860 www.nwwcommittee.org Waltham Housing Authority 110 Pond Street Waltham, MA. 02451-4506 Phone: (781) 894-3357 Fax: (781) 894-7595 City of Waltham Housing Division Programs and Services Government Center 119 School Street, Suite 24 Waltham, MA 02451 781-314-3380 fax 781-314-3385 WATCH (CDC) 517 Moody Street Waltham MA 02453 p: 781.891.6689 f: 781.891.1703 Watertown Community Housing 63 Mt. Auburn St. Watertown, MA. 02472 P-617-923-3505 F-617-923-8241
Watertown Housing Partnership Danielle Evans Senior Planner 149 Main St. Watertown, MA 02472 Ph: (617) 972-6417 Fx: (617) 972-6484 devans@watertown-ma.gov Watertown Housing Authority 100 Warren Street Watertown, MA. 02472-1723 Phone: (617) 923-3950 Fax: (617) 923-2466 METCO 40 Dimock St Roxbury, MA 02119 Attn: Hyacinth McLaren hmclaren@metcoinc.org Black Ministerial Alliance of Greater Boston: www.bmaboston.org The Black Ministerial Alliance of Greater Boston (BMA), is an alliance of over 80 faith-based and community-based organizations serving the Black community in Boston. Tel: (617) 445-2737 Greater Boston Interfaith Organization (GBIO): www.gbio.org The Greater Boston Interfaith Organization (GBIO) is a broad-based organization which works to coalesce, train, and organize the communities of Greater Boston across all religious, racial, ethnic, class and neighborhood lines for the public good. Tel: (617) 825-5600 Metropolitan Housing Clearing Center (MetroList) City of Boston, Fair Housing Commission sherma.simpson@cityofboston.gov MetroList provides low and moderate income households with housing counseling and information about affordable housing opportunities in the private market. Tel: (617) 635-4408 www.cityofboston.gov/civilrights/housing.asp NAACP-Boston Branch 330 Martin Luther King Blvd Roxbury, MA 02119-1868 Tel: (617) 427-9494
Participating Boston Community Development Corporations and Housing Organizations Executive Director Aliston-Brighton Community Development Corporation Fl 1, 20 Linden St Allston, MA 02134Phone: 617 787-3874 x 14 Fax: 617-787-0425 John Woods x. 16 Director of Housing Development Juan Gonzalez Director of Community Organizing Executive Director Back of the Hill Community Development Corporation 100 South Huntington Avenue Jamaica Plain, MA 02130 Phone: 617-277-3639 Executive Director Charlestown CDC do Congressman Michael Capuano s office 110 First St. Cambridge, MA 02141 Phone: 617-621-6208 Executive Director Codman Square Neighborhood Development Corporation 587 Washington Street Dorchester, MA 02124 Phone: 617-825-4224 Fax: 617-825-0893 Jennifer Erwing, Penelope Pelton, Lisa Davis Marianne McLaughlin x128 Rehab lending & Homeowner Services Executive Director Dorchester Bay Economic Development Corporation The Pierce Building 594 Columbia Road, Suite 302 Dorchester, MA 02125 Phone: 617-825-4200 Fax: 617-825-3522 Jasenka Diminic x. 215 Director of Real Estate Development Executive Director Asian Community Development Corporation 38 Oak St. Boston,MA 02111 Phone: 617-482-2380 Fax: 617-482-3056 Katherine Oh Roos Director of Housing x202 Boston Tenant Coalition 14 Beacon St. room 606 Boston, MA 02108 Phone: 617-423-8609 Fax: 617-523-1847
Bing Wong Chinese Economic Development Corporation 65 Harrison Avenue, 7th Floor Boston, MA 02111 Phone: 617-482-1011 Fax: 617-482-5289 Edward Chiang Property Manager Executive Director Community Development Corporation of Boston 801 Albany Street Roxbury, MA 02119 Phone: 617-442-2114 Fax: 617-442-5522 Executive Director East Boston Community Development Corporation 72 Marginal Street East Boston, MA 02128 Phone: 617-569-5590 Fax: 617-569-4846 Executive Director Fenway Community Development Corporation 73 Hemenway Street Boston, MA 02115 Phone: 671-267-4637 x14 Fax: 617-627-267-8591 Sheneal Parker President Kristen Saccoccio x. 16 Director of Housing Executive Director Neighborhood Development Corp. of Grove Hall 7 Cheney Street Dorchester, MA 02121 Phone: 617-445-2284 Fax: 617-445-2770 Executive Director Jamaica Plain Neighborhood Development Corporation 31 Germania Street Jamaica Plain, MA 02130 Phone: 617-522-2424 Fax: 617-524-3596 Sylvia Toruno Executive Director Madison Park Development Corporation 184 Dudley Street, Suite 400 Roxhury, MA 02119 Phone: 617-541-3900 x 220 Fax: 617-541-4900 David Price x. 226 Director of Real Estate Neighborhood of Affordable Housing 143 Border St. East Boston, MA 02128 Phone: 617-567-5882 x119
Fax: 617-567-7563 Marilyn Scott x210 Director of Housing Services Executive Director Fields Corner Community Development Corporation One Arcadia Place Dorchester, MA 02122 Phone: 617-282-4290 Fax: 617-282-6278 Eugene Colella Property Manager Executive Director Inquillinos Boricuas En Accion (IBA) 405 Shawmut Avenue Boston, Ma 02118 Phone: 617-927-1707 Fax: 617-536-1138 Executive Director Lena Park Community Development Corporation 1542 Columbus Ave Suite 3 Roxbury, MA 02119 Phone: 617-436-1900 Fax: 617-436-0999 Richard Evans x 282 Resident Resource Specialist Executive Director Massachusetts Association of Community Development Corporations 15 Court Square, Suite 600, Boston, MA 02108 Boston, MA 02111 Phone: 617-426-0303 Fax: 617-426-0344 Latifa Ziad Director of Housing & Community Reinvestment Executive Director Mission Hill Neighborhood Housing Services 1 Brigham Circle 1620 Tremont St. Boston, MA 02120 Phone: 617-566-6565 Fax: 617-566-1440 www. missionhillnhs. org Executive Director New Vision Community Development Corporation 320 Blue Hill Avenue Dorchester, MA 02121 Phone: 617-442-5711 Fax: 617-442-4520 Executive Director Nuestra Comunidad 56 Warren Street, Suite 200 Roxbury,MA 02119 Phone: 617-427-3599 Fax: 617-989-1216 Maribel Quinones Director of Resident Services
Executive Director South Boston Neighborhood Development Corporation 365 West Broadway South Boston, MA 02127 Phone: 617-268-9610 Fax: 617-268-4813 Executive Director UDC 434 Massachusetts Avenue Boston, MA 02118 Phone: 617-266-5451 Fax: 617-266-9601 Executive Director Viet Aid 42 Charles St., suite E Dorchester, MA 02122 Phone: 617-822-3717 Fax: 617-822-3718 Citizens Housing and Planning Association (CHAPA) Mass Accessible Housing Registry 18 Tremont Street, Suite 401 Boston, MA 02108 Phone/TFY: 617-742-0820 Fax: 617-742-3953 www.chapa.org www.massaccesshousingregistry.org Executive Director Old West End Housing Corporation P.O. Box 8996, JFK Station Boston, MA 02114 Phone: 617-628-2479 Executive Director Tent City Corporation Ste 99, 100 Huntington Ave Boston, MA 02116 Phone: 617-262-4103 Fax: 617-262-8713 Executive Director Urban Edge Housing Corporation 1542 Columbus Ave., Suite 2 Roxbury, MA 02119 Phone: 617-983-3500 Fax: 617-427-8931 Eva Osoria Homeowner Services Manager Chrystal Kornegay Director of Real Estate Leroy Stoddard Director of Community Services Executive Director Boston Center for Independent Living 60 Temple Place Boston, MA 02111 Phone: 617-338-6665
TTY 617-338-6662 Fax: 617-338-6661 jmcdonough@bostoncil.org www.bostoncil.org. Director The Vivienne S. Thomson Independent Living Center Ethos Building 555 Amory Street Jamaica Plain, MA 02130 MDACS@aol.com Executive Director Southwest Boston Community Development Corp. 11 Fairmount Ave. Hyde Park, MA 02136 Fax 617-364-7360 Metrowest Center for Independent Living 280 Irving Street, Framingham, MA 01702 Phone: 508-875-7853 Fax: 508-875-8359 Email: rquinn@mwcil.org Website: www.mwcil.org Citizens for Access, Inc. Post Office Box 600-200 Newton, MA 02460 citizensforaccess@yahoo.com.
Information Packet Court Street Newton, MA An Affordable Housing Lottery Facilitated on behalf of SEB LLC and the City of Newton. This packet contains specific information on the affordable housing program as well as background, eligibility requirements, selection priority categories, and application process for the affordable Condominiums being offered through this lottery for Court Street in the City of Newton. Court Street and the City of Newton invite you to read this information and submit an application if you think that you meet the eligibility requirements. This lottery is the first step in the application process and does not assure you a unit. The first affordable home should be ready for occupancy in TBD. Please note that there will be an Informational Session held for all interested applicants on TBD at 6 pm in Newton City Hall. Attendance at the Info Session is not required for participation in the lottery. APPLICATIONS MUST BE DELIVERED BY 2 PM ON TBD 2015 Please see the cover page of the application for the location where the application can be mailed, emailed or faxed. This information is also on the signature page of the application. Phone: (617) 782-6900 (voicemail) Information Packet created by SEB
Table of Contents General Overview and Sales Prices....pg. 3 General Eligibility Requirements. pg. 4 Maximum Income and Asset Limits.... pg. 6 Mortgage Pre-Approval Standards.. pg. 9 Household Size and Composition.... pg. 10 Local Preference.. pg. 12 Step-By-Step Process and Timeline.. pg. 13 Step 1: Applying for The Lottery.. pg. 14 Step 2: The Lottery. pg. 15 Step 3: The Waiting Lists.. pg. 16 Step 4: Monitoring Agent Review... pg. 17 Step 5: Unit Selection and Offer to Purchase... pg. 18 Step 6: Sign Purchase & Sale Agreement. pg. 19 Step 7: Obtain Mortgage Commitment. pg. 19 Step 8: Final Review of Eligibility. pg. 20 Step 9: Closing and Move-In... pg. 20 Deed Rider Summary/Property Restrictions... pg. 21 2
GENERAL OVERVIEW AND SALES PRICES A total of 36 condominiums are being built at Court Street in Newton. This is a lottery for the 9 affordable Condominiums which will be sold at affordable prices to households with incomes at or below 80% of the area median income. The first affordable units should be ready for occupancy in TBD. [Narrative and description TBD] # of Affordable Units Affordable Sales Price Monthly Condo Fees Bedrooms Bathrooms Square Footage Parking Spaces 4 $181,000 to $184,400 $262 to $284 3 2 1,436 to 1,557 sqft 1 Garage Spot 4 $160,600 to $162,100 $262 to $273 2 2 1,436 to 1,493 sqft 1 Garage Spot 1 $141,100 $252 1 1 1,381 sqft 1 Garage Spot All affordable units will have a Deed Rider that will be filed with the deed at the time of purchase. This Deed Rider limits the amount that the unit can be resold for and requires the resale to another affordable buyer. The Deed Rider insures that the unit stays affordable in perpetuity. We recommend that potential buyers review the Deed Rider with an attorney so as to fully understand its provisions. For more information on the Deed Rider and resale restrictions please see the Deed Rider Summary in the last section of this Information Packet. Since it is anticipated that there will be more interested and eligible applicants than available units, the Developer will be sponsoring an application process and lottery to rank the eligible applicants for the program. The application and lottery process, dates, and eligibility requirements can all be found within this Information Packet. Court Street does not discriminate in the selection of applicants on the basis of race, color, national origin, disability, age, ancestry, children, familial status, genetic information, marital status, public assistance recipiency, religion, sex, sexual orientation, gender identity, veteran/military status, or any other basis prohibited by law. Persons with disabilities are entitled to request a 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. 3
GENERAL ELIGIBILITY REQUIREMENTS Q: Who is eligible to apply for the affordable units? A: In order to qualify for an affordable unit, households must meet each of the following criteria: 1.) Everyone in the household must qualify as a first time homebuyer. 2.) The entire household s income and assets must be below the maximum allowable income and asset limits (see pg. 6) 3.) The household must be pre-approved for a mortgage (see pg. 9) Priority will be given to households of appropriate size (see pg. 10) but all household sizes and compositions can apply. Q: Who is a first-time home buyer? A: A person is a first-time homebuyer if no person in his or her household has, within the preceding three years, either owned the house they lived in or owned an interest in one or more other houses, such as through joint ownership. Exceptions may be made in the following instances: 1. A displaced homemaker: A displaced homemaker is an individual who is an adult who meets ALL the following criteria: 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 Owned a home with his or her partner or resided in a home owned by the partner Does not own the home previously owned with a partner Is unmarried to or legally separated from the spouse 2. A single parent, 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 they have custody or joint custody, or is pregnant). 3. An age-qualified household (in which at least one member is age 55 or Over) which is selling a home in order to purchase an affordable unit. 4. A household that owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. 5. A household that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. 4
Q: What are the income and asset eligibility requirements? A: Please see the following pages for the details on allowable household income and assets. Q: If someone in my household is age 55 or over can I currently own a home? A: Yes. However, you will not be given the opportunity to purchase an affordable home here until your current home is under a Purchase and Sale Agreement. For more information on how much time you will be given to sell your home see the Step-By-Step Process. For how much equity you are allowed to have in your current home, please see the Asset Limits in the following pages. Q: Can I apply for this lottery as a displaced homemaker or single parent if I currently own a home? A: Yes. However, you will not be given the opportunity to purchase an affordable home here until your current home is under a Purchase and Sale Agreement. For more information on how much time you will be given to sell your home see the Step-By-Step Process. For how much equity you are allowed to have in your current home, please see the Asset Limits in the following pages. Q: Does my separation or divorce have to be finalized when I apply? A: Your separation or divorce does not need to be finalized when you apply for the lottery but it must be finalized before you sign an Offer to Purchase. You will not be allowed to purchase an affordable home until your separation or divorce is complete because the terms specifying the allocation of assets and custody of children must be finalized so that your income and asset eligibility can be accurately reviewed. If you have only filed for separation when it comes time to purchase an affordable home and you haven t finalized your divorce, you will not be allowed to purchase a home at that time. Therefore, you should try to expedite all divorce/separation hearings as your divorce/separation will need to be finalized in the next few months. Q: If I reserve a unit and then a unit that was not available when I was selecting my unit becomes available, can I switch my unit for this newly available unit? A: No. If you are given the opportunity to reserve a unit, you are allowed to pick from all the available units at that time. It does not entitle you to pick any unit that may become available at any point in the future (specifically because another household was unable to close). Once you have reserved your unit, you may not swap that unit for another unit. 5
MAXIMUM INCOME AND ASSET LIMITS Q: How is a household s income determined? A: The Lottery Agent will project a household s income over the next 12 months based on their current income and assets. In an effort to provide as accurate an income estimation as possible, the Lottery Agent will also review historical income data to provide a basis for future income estimates. ALL SOURCES OF INCOME ARE COUNTED. Any monies you anticipate receiving in the next 12 months will be counted as income and monies received over the previous 6 months will be analyzed to help estimate future income. This includes, but is not limited to, Social Security, alimony, child support, overtime pay, bonuses, unemployment, severance pay, part-time employment, matured bonds, monies to be received in court settlements and imputed interest and dividends on bank accounts and other assets. For example, if a household applied for this lottery on June 15 th, tbd, the total anticipated amount of money received by all members of the household from June 15 th tbd thru June 15 th, tbd will be counted as income. There are some exceptions that will not be counted, most notably income from employment of children under the age of 18 years. If a household claims that certain income will stop in the near future, all claims must be supported with documentation. It is also NOT up to the household to determine what monies received over the past year should and should not be counted as their calculated income. Therefore, all monies should be listed on the application and the inclusion of these monies in determining a household s eligibility will be based on affordable housing guidelines. Households must submit their 3 most recent tax returns for proof that they have not owned a house within the past three years. 6
Maximum Allowable Income To be eligible to apply for purchasing an affordable unit, the combined annual income for all income sources of all income-earning members in the household must be at or below eighty percent of median income for the local area (Boston MSA). The maximum incomes allowed for this program are: Household Size Income Limit 1 $ 47,150 2 $ 53,900 3 $ 60,650 4 $ 67,350 5 $ 72,750 6 $ 78,150 Approximate Minimum Income While there is no specific minimum income, all households must qualify for a mortgage loan to purchase an affordable unit. The minimum income limits to qualify for a mortgage will be determined by a lender/bank. All applicants must receive mortgage pre-approval and submit it with their application to be considered eligible for this lottery. The mortgage requirements are listed on page 9 of this information packet. For more information on mortgages, see pg. 9. Asset Limits All households shall not have total gross assets exceeding $75,000 in value. Household Assets are calculated at the time of application. Any monies you would use as a future down payment on the home will still be counted as assets. Assets may include cash, cash in savings and checking accounts, net cash value of stocks, net cash value of retirement accounts (such as 401k), real property, bonds, and capital investments. Q: I cannot withdraw money from my 401k or retirement fund, do I have to include it when I list my assets? A: Yes. You need to include the net cash value of all your current retirement funds. We realize that most retirement funds assess large penalties for early withdrawal but this does not technically mean that you cannot withdraw your funds or don t have access to them. The post-penalty amount is what you need to provide along with supporting documentation. 7
Q: Are there eligibility exceptions for households that are barely over the income limit but considerably under the asset limit (or vice versa)? A: No. All households must be under BOTH the income limit and the asset limit. Eligibility isn t based on only one or the other. Age Qualified Households, Displaced Homemaker and Single Parent Exception: Only households qualifying under the exceptions listed on page 4 may own a home when applying. This home must be sold before they purchase an affordable unit (see the Unit Selection and Offer to Purchase step in the Step-by-Step process). The amount that the household will retain in equity from the sale of the house will be added to their asset total. Their asset total must still be below $75,000. Q: If I qualify for the lottery as an age-qualified household or Displaced Homemaker or Single Parent, how much time will I be given to sell the home? A: Before you are allowed to sign an Offer to Purchase on the new affordable home, your current home must already be under a P&S Agreement. After the lottery, households will be able to estimate how much time they will have before they need to sell their home based on the lottery results and their positions on the Waiting Lists (i.e. Households near the top of the lists will need to find a buyer immediately, households lower on the lists will have a few more weeks.) Please see the Step-By-Step Process for more details. 8
MORTGAGE PRE-APPROVAL STANDARDS Immediately after reading this entire Information Packet, all households should apply for mortgage pre-approval. Mortgage pre-approval is required with the application. Households can apply with any lender but the pre-approval must meet the following standards: Mortgage Standards The loan must have a fixed interest rate through the full term of the mortgage. The loan must have a current fair market interest rate. (No more than 2 percentage points above the current MassHousing rate*) The loan can have no more than two points. The loan cannot be an FHA loan (as FHA will not accept the terms of the Deed Restriction) The buyer must provide a down payment of at least 3% - half of which must come from the buyer s own funds. If Heads of Household are not married, the names of all Heads of Household must be on the Mortgage *MassHousing: (617) 854-1000 or www.masshousing.com We strongly encourage households to apply through banks who are aware of the resale restrictions and guidelines for affordable housing programs. These banks will likely be aware of additional first-time homebuyer programs that may be of great assistance such as the Massachusetts Housing Partnership s Soft Second Program. The following lenders are familiar with the process and the mortgage requirements and should be happy to help you with questions or pre-approvals. Joanne Ferguson Franklin at Village Bank (617.340.1225, jferguson@village-bank.com) John Doyle at Sovereign Bank (508.370.0687, jdoyle@sovereignbank.com) Any lenders found here: www.mhp.net/homeownership/banks.php Households will need to bring the copy of the EXAMPLE Deed Rider to their lender. A copy can be downloaded directly off our website at www.s-e-b.com. All lenders will be made aware of the resale restrictions regardless of whether you tell them up-front or not. The Deed Rider is a document that will be signed at the closing. Therefore, it is in all household s best interest to show all lenders a copy of the Deed Rider when applying for a mortgage. Otherwise, they may find a lender who grants pre-approval but backs out at the time of purchase once they are made aware of the resale restrictions, thus eliminating the opportunity to obtain an affordable unit. The lender will ask you for association fees and taxes. The HOA fees are listed on page 3 of this info packet. The 2013 tax rate for Newton is $8.42 and taxes are assessed to the affordable price (not the market-rate equivalent). Q: Can a non-household member co-sign on the mortgage? A: No. Only members of the applying household can sign on the mortgage. All monies gifted to household members to assist in down-payment or other costs will be counted as household assets. 9
HOUSEHOLD SIZE AND COMPOSITION Q: How is appropriate household size determined? A: According to the Massachusetts Department of Housing and Community Development guidelines: Within an applicant pool first (priority) shall be given to households requiring the total number of bedrooms in the unit based on the following criteria: a. There is at least one occupant and no more than two occupants per bedroom. b. A married couple, or those in a similar living arrangement, shall be required to share a bedroom. Other household members may share but shall not be required to share a bedroom. c. A person described in the first sentence of (b) shall not be required to share a bedroom if a consequence of sharing would be a severe adverse impact on his or her mental or physical health and the lottery agent receives reliable medical documentation as to such impact of sharing. Household size shall not exceed state sanitary code requirements for occupancy of a unit. So for the purposes of this lottery, the following household sizes and compositions will be considered appropriate for the following unit sizes: TYPE A (3BR Priority) All 6 person households All 5 person households All 4 person households 3 person household: 1 head-of-household plus 2 members 3 person household: 2 heads-of-household under criteria c (described above) plus 1 member TYPE B (2BR Priority, Can Also Apply for 3BR Unit but above Types get priority for 3BR) 3 person household: 2 heads-of-household plus one member 2 person household: 2 heads-of-household under criteria c (described above) 2 person household: 1 head-of-household plus one member TYPE C (1BR Priority, Can Apply for 2BR or 3BR But All Above Households Get Priority) 2 person household: 2 heads-of-household 1 person household: all types In the above definitions, an adult is a head-of-household or the partner of a head-ofhousehold. In Step 2: The Lottery, you will find a detailed explanation on how priority is given to certain household sizes and compositions. 10
Q: Does the unborn child of a currently pregnant household member count towards our household size? A: Yes. A household may count an unborn child as a household member. You will have to submit proof of pregnancy with all the income and asset documentation that needs to be submitted with your application. Q: Can a Type B Household apply for a three-bedroom unit? A: Yes. However, every applying Type A Household within the same pool will be given the opportunity to buy an affordable three-bedroom unit first. A Type B Household will be given the opportunity to buy an affordable three-bedroom unit if there are not enough eligible households from Type A in their same lottery pool. See the Waiting Lists section for more details. Q: Can a Type C Household apply for a two-bedroom unit? A: Yes. However, every applying Type A and B Household within the same pool will be given the opportunity to buy an affordable two-bedroom unit first. A Type C Household will be given the opportunity to buy an affordable two-bedroom unit if there are not enough eligible households from Type A and B in their same lottery pool. See the Waiting Lists section for more details. Q: If I am currently going through a divorce/separation or planning on being divorced / separated soon, can I still apply? A: Your separation or divorce does not need to be finalized when you apply for the lottery but it must be finalized before you sign a Purchase and Sale Agreement (see the Step-by-Step details). You will not be allowed to purchase an affordable home until your separation or divorce is complete because the terms specifying the allocation of assets and custody of children must be finalized so that your income and asset eligibility can be accurately reviewed. If you have only filed for separation when it comes time to purchase an affordable home and you haven t finalized your divorce, you will not be allowed to purchase a home at that time. 11
LOCAL PREFERENCE INFORMATION Q: What is Local Preference? A: The City of Newton has established a local preference requirement for 70% of the affordable homes at Court Street. Six (6) of the nine (9) condominiums will be first offered to households that qualify for Local Preference. An applicant qualifies for local preference if the applicant or a member of their household fit into one of the following categories: Current resident of Newton Employees of the City of Newton Employees of Local Businesses (businesses located in Newton) Households with children attending a Newton school, such as METCO students Q: Do households which meet all Local Preference criteria get priority over households which meet only one? A: NO. As long as a household meets any one of the Local Preference criteria, they will qualify for Local Preference. A household that meets all Local Preference criteria will have the exact same chance of being drawn first as a similar household type that meets only one of the Local Preference criteria. Q: What if a household does not qualify for Local Preference? A: There are 3 homes that all appropriately sized households (Local Preference and Non- Local Preference) will be given an equal opportunity to purchase. Q: Does Local Preference take priority over household size/composition? A: Yes. For example, on Waiting List #1 (local preference pool), if there are not enough eligible Type A or B Local Preference Applicants, the home will be made available to a Type C Local Preference household before being made available to an appropriately sized non-local Preference Household. Adjustments in the Local Preference Pool As stated by the Massachusetts Department of Housing and Community Development, If the percentage of minorities in the local preference pool is less than the percentage of minorities in the surrounding HUD (U.S. Department of Housing and Urban Development) defined area, the following adjustments will be made to the local preference pool. The Developer will hold a preliminary lottery comprised of all minority applicants who did not qualify for the local preference pool and rank the applicants in order of the drawing. Minority applicants should then be added to the local preference pool in order of their rankings until the percentage of minority applicants in the local preference pool is equal to the percentage of minorities in the surrounding HUD-defined area. The Percent Minority for the Metropolitan Statistical Area of Boston is 27.0%. This is the minimum percentage of minority applicants that must be in the local preference pool. Minority applicants are defined as a person who is a member of the following groups: Native American or Alaskan Native, Asian, Native Hawaiian or Pacific Islander, Black or African-American, Hispanic or Latino. 12
STEP-BY-STEP PROCESS AND TIMELINE Q: What is the application, selection, and move-in process for the affordable units being offered in Court Street? A: The following steps outline the entire process. The following pages explain each step in greater detail. Step 1: Applying for the Housing Program thru TBD Step 2: The Lottery TBD Step 3: Waiting Lists Within 3 days of the Lottery Step 4: Monitoring Agent Approval Approximately 2 weeks Step 5: Unit Selection and Offer to Purchase Households given approx. 3 days after Monitoring Agent Approval Step 6: Sign Purchase & Sale Agreement Takes approximately 10 days after the Offer to Purchase has been signed Step 7: Obtain Mortgage Commitment Most banks take approx. 30 days to provide a mortgage commitment Step 8: Final Review for Program Eligibility This is done 3 weeks prior to the closing date Step 9: Closing and Move-in First units ready in TBD Please note that there will be an Informational Session held for all interested applicants at 6 pm on TBD in the Newton City Hall. Attendance at the Info Session is not required for participation in the lottery. 13
Step 1: Applying for the Lottery Once a household reads this Information Packet in its entirety, they will need to fill out a Program Application. The applying household must include all income, asset, tax documentation as directed by the Program Application for every person that will be living in the home. The Program Application must be signed and dated by all heads of household. A mortgage pre-approval MUST be submitted with the application. The Program Application and Required Documentation must be received (not postmarked) by the Lottery Agent by 2 pm on TBD. All applications should be sent to: SEB Re: Court Street 165 Chestnut Hill Ave #2 Brighton, MA 02135 To ensure applications arrive in time, we recommend sending them in at least a week prior to the application deadline. Late applications will not be accepted- NO EXCEPTIONS! If you want to ensure your application is received, we recommend sending it by certified mail. The Lottery Agent, Management Agent, Owner and other affiliated entities are not responsible for lost or late applications. Once a completed Program Application is received with ALL Required Documentation, SEB will determine initial eligibility and compliance. If the applicant is determined to be eligible for the Lottery, they will receive an Application Number in the order in which their application was completed. The purpose of the Application Number is simply to keep all households names unknown at the lottery. The Application Number has no bearing on a household s final Waiting List position. Households that are deemed ineligible by the Lottery Agent will be notified by mail (or by email if an email address is provided). Entrance into the Lottery does not guarantee that a household is eligible to buy a home. Please read all of the following steps for further details on the review process. Q: What happens if I don t submit all necessary documentation or fail to correctly complete my Affordable Housing Program Application? A: Households that submit incomplete documentation will be mailed a notice detailing the additional documentation that is needed to make their application complete. Their application will remain in an Incomplete Application Pool until all requested materials have been received. Households with applications in the Incomplete Application Pool will not be entered into the Lottery. Age-Qualified Households, Displaced Homemakers and Single Parents that have yet to sell their homes and/or finalize their divorce/separations will be given conditional approval and will be given an Application Number to be entered into the lottery like all other eligible households. They will be required to submit all additional documentation verifying their claims later in the process if they wish to purchase a unit. 14
Step 2: The Lottery The Lottery will be held on TBD at 6 pm in the Newton City Hall. Households do not have to attend the lottery to remain eligible. All results will be mailed to every applying household after the Lottery. There will be 2 separate drawings in the lottery: Local Preference Lottery for 6 Condominiums General Lottery for 3 Condominiums For Local Preference households, Application Numbers are placed in both Lotteries. For Non- Local Preference households, Application Numbers are placed only in the General Lottery. For each Lottery, a representative from the City will pull Application Numbers from a box. The Application Numbers are randomly drawn for both of the lotteries and placed in the order drawn on two Lottery Result Lists. The order drawn does not necessarily reflect the order that households will get to select units as Application Numbers of smaller households are mixed in with Application Numbers of appropriately sized households (see: Household Size and Composition). It is only how a household is drawn relative to other eligible households that matters. Regardless of the order drawn, all households of appropriate size for each unit size will be given the opportunity to buy a unit before any smaller household within the same lottery pool. For example: A one-person household (Type C) is the first household drawn in the Local Preference Lottery. They will be not be given an opportunity to buy a 2BR unit until every Local Preference Household who is Type A or Type B is given an opportunity. To help clarify the actual order that applicants will be given the opportunity to buy units, Waiting Lists will be created from the Lottery Results Lists (see next step). 15
Step 3: The Waiting Lists The Waiting Lists will be compiled immediately after the lottery. There will be 4 separate Waiting Lists created from the two Lottery Results Lists to illustrate the order households will choose units based on household size and local preference. The purpose of the Waiting Lists is merely to illustrate the actual order that opportunity will be given. The position each household has on the Waiting Lists is determined by the order in which their Application Number is drawn in the Lottery relative to households of similar qualifications. WAITING LIST #1 (Local Preference, for three of the four 3BR homes) Top Tier: Type A Local Preference Households Middle Tier: Type B Local Preference Households Bottom Tier: Type C Local Preference Households WAITING LIST #2 (Local Preference, for two of the four 2BR homes) Top Tier: Type A and B Local Preference Households Bottom Tier: Type C Local Preference Households WAITING LIST #3 (Local Preference, for one 1BR homes) Top Tier: All Local Preference Households Bottom Tier: All non-local Preference Households WAITING LIST #4(General Lottery, for one of the four 3BR homes) Top Tier: Type A Local and non-local Households Middle Tier: Type B Local and non-local Households Bottom Tier: Type C Local and non-local Households WAITING LIST #5 (General Lottery, for two of the four 2BR homes) Top Tier: Type A and B Local and non-local Households Bottom Tier: Type C Local and non-local Households Please see Household Size and Compositions for details on Household Types. Only the households in the top positions on each Waiting List are guaranteed the opportunity to purchase a unit as long as they continue to meet all program guidelines. Households with positions lower on the Waiting List will have to wait for the removal of households with a higher position than them before being given an opportunity to purchase a unit. Households with lower positions on the Waiting Lists should still maintain readiness as about a third of the households given an opportunity to move forward to purchase an affordable unit do not finish the process for a variety of reasons (ex: the Monitoring Agent deems them ineligible, the household cannot get a final mortgage commitment etc.). Households in the Incomplete Application Pool will not have an Application Number and therefore will not have a position on Waiting Lists. 16
Step 4: Monitoring Agent Review Immediately after the Lottery, SEB will send the files of the top 9 households to the Monitoring Agent (City of Newton) for program certification. It is ultimately the Monitoring Agent who will determine if a household is eligible and can move forward to the next step of the process. SEB goes through great lengths to ensure that files are complete when sent to the Monitoring Agent but if the Monitoring Agent needs any additional documentation to complete their eligibility review, they will notify SEB and SEB will notify the applicant. The applicant must submit any documentation requested by the Monitoring Agent within 5 business days. Applicants who do not provide additional documentation and applicants that the Monitoring Agent disqualifies will be removed from the Waiting List and lose their opportunity to move forward in this process. Once the Monitoring Agent has certified a household as eligible, they will contact SEB and SEB will direct the household to the next step. If the Monitoring Agent determines that an applicant is not eligible for the program, that household will be removed from all Waiting Lists and the process of purchasing a home through this lottery will be over for them. 17
Step 5: Unit Selection and Offer to Purchase The top households on the Local Preference Waiting List will be notified by the Lottery Agent when they can move forward with the purchase of either of the available affordable units. When a household is notified, they will be put on the clock. When they are on the clock, they will be given the contact information for Sales Office and they will have 48 hours to contact the Sales Office and complete an Offer to Purchase. When a household is at the top or near the top of a Waiting List (and is therefore about to be put on the clock ), it is recommended that they obtain an attorney who can assist with the review and execution of the P&S Agreement. The Offer to Purchase is a contract between the applicant and the developer which details what unit has been selected and the time and date when a Purchase and Sale Agreement must be executed (see next step). When an Offer to Purchase is signed, a refundable deposit of $500 is required. The deposit is refundable if the buyer is unable to secure a mortgage for the unit. A household that is on the clock can choose any available affordable unit with the number of bedrooms that matches the Waiting List on which they had a top position. It is recommended that all households review Resident s Association bylaws prior to making offers. The date that a Purchase and Sale Agreement will be executed will be approximately 10 business days from the day the Offer to Purchase fully executed. The next applicant on the list will then be notified that they are on the clock when the applicant ahead of them either signs an Offer to Purchase or 48 hours elapse and no Offer to Purchase has been signed. Applicants will be taken from the Local Preference Waiting Lists until the designated amount of local preference units are reserved. Then applicants from the General Waiting Lists will be allowed to move forward in reserving the remaining units. If an applicant fails to sign an Offer to Purchase, their Application Number will be removed from the top of the Waiting List and will be dropped to the bottom. This applicant will not get a chance to sign an Offer to Purchase again until all other applicants on the Waiting List are given a chance. Once the applicant who was dropped to the bottom is given a second chance, they must sign a Purchase and Sale Agreement or they will permanently lose their opportunity to purchase an affordable unit at Court Street through this lottery. Age Qualified Households, Displaced Homemaker and Single Parent Exception: Based on the lottery results and their positions on the Waiting List, households will be able to estimate when they are about to reach the top of the Waiting List and will therefore know how much time they will have to sell their home or finalize their divorce/separation. Households who currently own a home when they applied for the lottery will need to provide a copy of a signed Purchase and Agreement for their current home to SEB (the Lottery Agent) before reaching the top of a Waiting List. Applicants who were in the process of being separated/divorced when they applied for the lottery will need to provide a copy of their Divorce Decree or Separation Agreement before reaching the top of a Waiting List. If the above households fail to provide the required documentation before reaching the top of a Waiting List, they will not be put on the clock (meaning they will not be able to purchase a unit) and they will be dropped from all Waiting Lists. 18
Step 6: Sign Purchase and Sale Agreement Once a household signs an Offer to Purchase, they will have approximately 10 business days to sign a Purchase & Sale Agreement (P&S) and put down the required deposit. This deposit will be 1.5% of the sales price minus the $500 deposited with the Offer to Purchase. The Purchase and Sale Agreement will have the actual closing date on it. After the Offer to Purchase is signed, the Court Street Sales Team will give the applicant the Purchase and Sale Agreement, the Deed Rider (which should be attached to the P&S), the Homeowners Association Documents and Bylaws, and the Master Deed. You may also have the bank that is offering your mortgage commitment review these documents. If the applicant fails to sign the Purchase and Sale Agreement by the agreed upon date (or chooses not to sign it), they will be dropped from the Waiting Lists and the next applicant in line will then be notified that they are on the clock to sign an Offer to Purchase. Q: If I reserve a unit (through the Offer to Purchase and/or P&S) and then a unit that was not available when I was selecting my unit becomes available (ex: a household who had reserved a unit with an Offer to Purchase never signs their P&S or a household fails to close on a unit), can I switch my unit for this newly available unit? A: No. If you are given the opportunity to reserve a unit, you are allowed to pick from all the available units at that time. It does not entitle you to pick any unit that may become available at any point in the future (specifically because another household was unable to close). Once you have reserved your unit, you may not swap that unit for another unit. Step 7: Obtain Mortgage Commitment Mortgage pre-approval does not ensure a mortgage commitment. Once a household has a signed Purchase and Sale Agreement, they will need to go back to their lender that issued them their pre-approval letter and obtain a Mortgage Commitment. This process will begin immediately after signing the P&S. Households do not need to go back to the same lender that gave them their pre-approval letter but it is recommended. If a household fails to obtain a Mortgage Commitment by the mortgage contingency date in their Purchase and Sale Agreement, their deposit will be refunded and they will be dropped from all Waiting Lists. Please note that each lender will handle the Mortgage Commitment differently and this packet only serves at a guide through this process. Generally, the lender will want to see the Purchase and Sale Agreement, the Master Deed, the Condominium Documents and the Deed Rider. They will also do an appraisal of the property once the property is ready to move into. Once the appraisal is complete, the household will be able to close on the home. 19
Step 8: Final Review for Program Eligibility Before a household can close on their affordable unit, SEB and the City of Newton must do a final review of the household s eligibility income and asset eligibility and DHCD must do a review of the household s mortgage eligibility in order to prepare the Resale Price Certificate and Deed Rider that must be recorded at the closing. It is therefore essential that all households continue to maintain records of all income and assets until they close on their affordable unit and maintain program eligibility! 3 weeks prior to their closing date, households will need to complete a Final Review Application and submit all recent income and asset documentation to SEB. SEB and the City of Newton will review the Final Review Application and determine if the household is still eligible according to affordable housing program guidelines. If a household is no longer eligible (over the allowable income and asset limits), the household will not be able to purchase an affordable unit. Additionally, approximately 2 weeks prior to closing, households must submit a copy of the MORTGAGE COMMITMENT LETTER from the buyer s lender including interest rate, points, length of loan, and annual percentage rate. SEB will forward the final package of documentation to DHCD who requires the documents no less than 2 weeks before the loan closing date. DHCD will review the P&S, Master Deed and mortgage. DHCD will then mail and fax the Resale Price Certificate along with the completed Deed Rider to the buyer s closing attorney a day or two before the closing for developer s closing attorney to record at the closing. Age Qualified Households, Displaced Homemakers and Exempt Single Parents that are current homeowners will not be able to receive a Resale Price Certificate until they have sold their home. Once their home is sold, they will need to send their HUD-1 Settlement Statement Certificate (received at closing) to DHCD along with all of the above documentation. DHCD will then perform a final review of their eligibility to ensure that the household did not exceed the established limit of $75,000 in net proceeds from the sale of their home. If the household remains asset eligible, and all the above documentation is in order and meets program guidelines, DHCD will issue a Resale Price Certificate. Step 9: Closing and Move-in The Purchase and Sale Agreement will set the Closing Date. If all the steps above are followed, the closing should go smoothly. Your lender and lawyer will be able to guide you with all the steps starting with the Offer to Purchase. Once you have closed on the unit, you may move in. Additionally, once you have closed on the unit, there is NO future income or asset eligibility reviews. 20
DEED RIDER SUMMARY/ PROPERTY RESTRICTIONS This is not the Deed Rider. The actual Deed Rider will be prepared by the Department of Housing and Community Development and provided on the day of each unit closing. A copy of an Example Deed Rider will be on the SEB website. The purpose of this summary is intended to be informational only and it is not a substitute for independent legal advice. It is intended to highlight some of the obligations a purchaser will have upon resale. The Deed Rider is an especially important legal document; in part it ensures that the home remains affordable for future buyers of your property. Purchasers are encouraged to read carefully and to seek legal counsel to have a full understanding of their obligations of the Deed Rider in its entirety. All of the deeds for the homes designated as affordable will have a deed rider, which you will be required to sign. The rider in part will ensure that the home will stay affordable in perpetuity. Assuming you qualify, you will be given an opportunity to purchase a home at a substantial discount ( the affordable price ) of the property s fair market value. However, significant deed restriction provisions must be observed: PRINCIPAL RESIDENCE To occupy the home as a principal residence, where you regularly live, eat, sleep, are registered to vote, etc. LEASING AND REFINANCING You may not rent, lease or refinance your home without the prior written consent from DHCD and the City. In addition, you must notify the City if you are going to refinance your mortgage. CAPITAL IMPROVEMENTS Capital improvements must be approved by DHCD and the local community in order to be considered and added to the resale price. Capital improvement s are defined as a necessary maintenance improvement, not covered by a condominium or homeowner association fee, that if not done would compromise the structural integrity of the property. Examples of necessary capital improvements include new roof, heating or plumbing replacement, repair due to termite or water damage, etc. Improvements such as the installation of outdoor decks, flooring (except in cases of replacement due to damage or long-term wear), additions, garages, landscaping, and other items identified by the owner that are upgraded or luxury improvements will not be considered capital improvements and cannot be added to the resale price when the property is sold. 21
NOTICES WHEN SELLING YOUR HOME When you wish to sell your home, you must notify the City and DHCD. This notice is referred to as the Conveyance Notice in the Deed Rider. The notice must include the Resale Price Multiplier (see below) and the maximum resale price, which DHCD must approve. MAXIMUM RESALE PRICE The Maximum Resale Price is limited by the percentage change in the area median income, with credit for certain capital improvements that must be pre-approved by DHCD. As an example only, the maximum resale price is calculated assuming a base number (most recent published Area Median Income as determined by HUD). At the time of initial sale the AMI is $ 95,500 (A) and the initial sales price is $ 200,000 (B) the Resale Price Multiplier would equal B/A = (C) = 2.094. Upon resale, assuming the base number has increased to $ 99,300 (D). The Maximum Resale price (E) would then be: Base number (D) x Resale Price Multiplier (C) = $99,300 x 2.094= $207,934 (E) If there have been capital improvements pre-approved by DHCD (ex. new roof, $5,000), the Maximum Resale Price would be: (E) + Approved Capital Improvements = $207,934 + $5,000 = $212,934 Please note that the Deed Rider requires that the Maximum Resale Price must still be affordable! RESALE PROCESS Under no conditions can the home be sold for more than the Maximum Resale Price. Once the City of Newton and DHCD receive the notice to sell, the City has 120 days to find an eligible buyer (a homebuyer whose income is at 80% of the base are median income and who meets the asset limit). The City/DHCD can also decide within those 120 days to purchase the home. If the City/DHCD finds an eligible buyer within the 120-day period, an Eligible Purchaser Certificate will be issued to the new buyer. The certificate states that the sale complies with the Deed Rider. If the City/DHCD purchases your home, a Municipal Purchaser Certificate is issued. If the City/DHCD finds an eligible buyer within 120 days, but that buyer cannot obtain financing or is otherwise unable to purchase the home, the City/DHCD can receive an extension of an additional 60 days. If 120 days pass from the date of the Conveyance Notice, and the City/DHCD cannot find an eligible buyer and the City/DHCD does not want to purchase the home, you may sell your home for the Maximum Resale Price to an Ineligible Buyer who will also have to sign a Deed Rider, ensuring the home will still be subject to all the same rights and conditions. 22
Must be delivered by 2 pm on TBD 2013 Court St Newton, MA For information on the development please visit www.tbd.com Sales Prices (do not change based on applicant s income): $181,000-$184,400 for a 3BR home $160,600-$162,100 for a 2BR home $141,100 for a 1BR home Maximum Household Income Limits: $47,150 (1 person), $53,900 (2 people), $60,650 (3 people), $67,350 (4 people), $72,750 (5 people), $78,150 (6 people), $83,550 (7 people), $88,950 (8 people) Maximum Household Asset Limits are $75,000 There are no MINIMUM Household Income Requirements but households must submit mortgage pre-approvals. Please read the Information Packet for more details. Directions: This application consists of the following sections: 1) The Program Application and Definitions 2) Required Documentation Guide 3) Additional Forms (if applicable) The first two sections must be filled out entirely in order for your application to be processed. Every space given to initial must be initialed, even if you answer N/A. If a question does not apply to you, check N/A. LEAVE NOTHING BLANK. You must include all income and asset documentation as directed with this application. Send or drop off all applications and documentation by the date at the top of this page to: SEB Re: Court St 165 Chestnut Hill Ave, Unit #2 Brighton, MA 02135 Fax: 617.782.4500 Email: seb.housing@gmail.com If you fax or email, please be sure you send both sides of double sided pages!!! 1
Section 1 The Program Application and Definitions 2
Please provide all the following contact information for the Head of Household: Applicant s Name: Address: City: State: Zip: Home Phone:( ) Work Phone:( ) Cell Phone:( ) Employer: Email address: @ Please note: We will only use your email address to contact you about this application. Providing your email should facilitate the process of completing your application as you will be notified of missing documentation faster than if we can only send notifications via postal mail. We will not contact you about future lotteries unless requested. Please fill out the chart below for everyone who will be occupying the unit: NAME A. AGE B. HEAD OF HOUSEHOLD OR DEPENDENT C. RELATIONSHIP TO APPLICANT LISTED AT THE TOP OF THIS PAGE D. I certify that my Household Size is (total number of entries in column A). 3
HOUSEHOLD TYPE (please check one, read the Information Packet for more details): Type A 6 person household: all types 5 person household: all types Type B 4 person household: all types 3 person household: 1 head-of-household plus 2 dependents 3 person household: 2 heads-of-household plus one dependent, where heads of household cannot be required to share a bedroom as a consequence of sharing would be a severe adverse impact on his or her mental or physical health Type C 3 person household: 2 heads-of-household plus 1 dependent 2 person household: 2 heads-of-household who cannot be required to share a bedroom as a consequence of sharing would be a severe adverse impact on his or her mental or physical health 2 person household: 1 head-of-household plus one dependent Type D 2 person household: 2 heads-of-household 1 person household: all types PREFERENCE INFORMATION Do you or any member of your household qualify for Local Preference? An applicant qualifies for local preference if the applicant or a member of their household fit into one of the following categories (A) a current resident of Newton or (B) an employee of a business located in Newton or (C) a current student in the Newton school system (such as METCO students) Yes No If yes, in Section 2: Preferences, you will be required to attach proof of local preference. RACE (OPTIONAL) You are requested to complete the following optional section in order to assist in determining preference. Completing this section may qualify you for additional lottery pools. (Please check all boxes that apply): Alaskan Native and Native American Black or African American (not of Hispanic origin) Hispanic or Latino White (not of Hispanic origin) Asian Native Hawaiian or Pacific Islander Other (please specify) 4
HOMEOWNERSHIP (CIRCLE YES OR NO ) Has anyone listed on this application owned a home in the past 3 years or does anyone on this application currently own a home? YES NO If you answered NO, please move on to the next page. If you answered YES, please answer all the following questions. To qualify as an age-qualified household, please answer the following question about the person that has owned a home in the past 3 years or who currently owns a home: Are they age 55 or older? YES NO To qualify as a displaced homemaker, please answer the following questions about the person that has owned a home in the past 3 years or currently owns a home: Are they are an adult? YES NO Have they owned a home only with a partner? YES NO While married did they not work full-time, full year in the labor force but worked primarily without remuneration to care for the home or family? YES NO Are they currently legally separated from a spouse? YES NO Has the home in question already been sold? YES NO If you answered NO to the last two questions, you must finalize your separation and/or sell your home before you can be placed on the Waiting List. Please read the Information Packet for more details. To qualify as a single parent, please answer the following questions: Do you have 1 or more child of whom you have custody or joint custody, or are you pregnant? YES NO Did you own a home with your partner or reside in a home owned by your partner? YES NO Has the home in question already been sold? YES NO Are you unmarried or legally separated from your spouse? YES NO If you answered NO to the last two questions, you must finalize your separation and/or sell your home before you can be placed on the Waiting List. Please read the Information Packet for more details. 5
UNIT SELECTION AND MORTGAGE QUALIFICATIONS 1. Please circle the homes you are interested in. You can circle more than one type if you your preapproval will cover the sale prices: 1BR Home for $141,100 2BR Homes for $162,600 -$164,200 3BR Homes for $183,300-$186,400 2. What is the estimated total net value of your assets? (Please see the Asset Table in the Application Below) $ Box 1 3. What is the size of the loan in your mortgage pre-approval? $ Box 2 4. What is the total of Box 1 + Box 2? $ Box 3 If Box 3 is less than the sales price listed above, you will not be allowed to move forward in this application process. Please speak to your lender for more details. DATABASE INFORMATION How did you find out about this affordable housing opportunity? (please be as specific as possible, if found online please provide web address) REASONABLE MODIFICATION OR ACCOMODATION Persons with disabilities are entitled to request a 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. Does any member of the household have any accessibility or reasonable accommodation requests or changes in a unit or development or alternative ways we need to communicate with you? Please note that supporting documentation may be required and can be in the form of verification from a doctor or other medical professional. 6
INSTRUCTIONS FOR COMPLETING THE FOLLOWING INCOME TABLE Please complete the Income Table on the following two pages. You will later be asked to attach supporting documentation in the form of the five most recent consecutive pay stubs and/or income statements for all sources of income, W-2 statements and the most recent federal income tax returns (including all attachments and amendments) for each member of the household. For the purpose of income determination, Household shall mean all persons who intend to occupy the housing unit as their permanent primary residence, even if they are not included on the mortgage. Legally married couples shall both be considered part of the household, even if separated. The incomes of all household members will be included, with the exception of income from employment for household members under the age of 18. Please note: 1. Gross income from current wages, salaries, tips, etc. is the full amount, before any deductions, and is the amount used to determine estimated current annualized income. 2. For self-employed applicants- include the contract or job name in the space provided. You will be directed to all the additional documentation you will need to submit in Section 2. 3. Interest Income refers to any amount that you receive from any asset except for amounts drawn down from a retirement account or 401K as those go on the lines for pension or retirement funds. 7
Household Member Name INCOME Source of Income Employer (name) Current GROSS Monthly Income Employer (name) Employer (name) Employer (name) Employer (name) Employer (name) Employer (name) Employer (name) Employer (name) Employer (name) Self-Employed (contract/job name) Self-Employed (contract/job name) Self-Employed (contract/job name) Child Support/Alimony Child Support/Alimony Social Security Income Social Security Income Social Security Income Social Security Income SSDI SSDI Pension (list source) Pension (list source) Retirement Funds 8
Household Member Name Source of Income Unemployment Compensation Workman s Compensation Severance Pay Current GROSS Monthly Income Title IV/TANF Full-Time Student Income (18 & Over Only) Full-Time Student Income (18 & Over Only) Periodic payments from family/friends & Recurring Gifts (i.e. monthly/weekly money from family/friends) Interest Income (source) Interest Income (source) Interest Income (source) Interest Income (source) Interest Income (source) Interest Income (source) Other Income (name/source) Other Income (name/source) Gross Monthly Household Income (GMHI) $ /month GMHI x 12 = Gross Annual Household Income $ /year 9
ASSETS Please complete the entire Asset Table. In Section 2 you will be directed to submit detailed bank/balance statements for EVERY ASSET listed here. Please attach another sheet if there is now enough space provided. Last 4 Digits of Acct Bank Name Amount Number Checking Accounts Savings Accounts Balance $ Balance $ Balance $ Balance $ Balance $ Balance $ Balance $ Balance $ Trust Account Balance $ Certificates (or CDs) Balance $ Balance $ Balance $ Balance $ Savings Bonds Maturity Date: Value $ Maturity Date: Value $ 401k, IRA, Company Name: Value $ Retirement Company Name: Value $ Accounts Company Name: Value $ (Net Cash Value) Company Name: Value $ Interest/ Name: # of Shares: Dividends Mutual Funds $ $ $ $ $ $ $ $ Stocks $ $ $ $ Bonds $ $ $ $ Investment Property Appraised Value $ Down-Payment Assistance (An anticipated one-time gift from family/friends to help with the mortgage down-payment) $ Value REAL ESTATE You may only currently own a home if one of your household members is over the age of 55 or if you qualify as a displaced homemaker or single parent. Please read the Info Packet for more details. Do you, or anyone on this application, own any property or have owned property in the past 3 years? Yes No Are you, or anyone on this application, entitled to receive any amount of money from the sale of any property? (currently or thru an upcoming court settlement) If yes to either question, type of property: Location of property: $ Appraised Market Value: $ Mortgage or outstanding loans balance due: $ Yes No 10
Section 2 Required Documentation Please note: the following questions are applicable to every single person who will be occupying the unit. Therefore, the use of I or my in the following questions includes all household members. You MUST initial every question in Section 2 and, where provided, check N/A or Yes. Every time you answer Yes, you must submit all documentation as directed in that question. 11
MORTGAGE PRE-APPROVAL: 1. I have attached a mortgage pre-approval that meets each and everyone of the following standards for this affordable housing program: The loan must have a fixed interest rate through the full term of the mortgage. The loan must have a current fair market interest rate. (No more than 2 percentage points above the current MassHousing rate, (617) 854-1000 or www.masshousing.com) The loan can have no more than two points. The buyer must provide a down payment of at least 3% - half of which must come from buyer s own funds. I understand that I can go to any lender of my choosing as long as the pre-approvals abide by the above standards but it is strongly recommended that I talk to a lender that has familiarity with affordable housing in Massachusetts as they will be more familiar with the process, mortgage requirements, and Deed Restrictions than a lender with no experience in affordable housing. A list of recommended lenders is in the Mortgage Pre-Approval section in the Information Packet: I understand that the mortgage pre-approval process should be my first step in documentation gathering as this entire process and program depends on my ability to eventually get a mortgage so I can purchase a home. I also understand that I should make copies of all the documentation I give to my bank as I may need copies to submit with this application. 2. Down Payment Assistance: If I am going to receive any down payment assistance from family members or friends, I have attached a signed and dated letter from the source of assistance that includes ALL of the following: (A) The Name and contact information of the person(s) providing the gift AND (B) The total amount of money that will be gifted AND (C) The statement This will be a bona-fide gift, and there will be no obligation, expressed or implied either in the form of cash or future reserves, to repay this gift. (D) The letter has me or one of my household members listed as the recipient of the gift AND (E) The letter is signed by the donors and the recipient N/A Yes 12
3. Earnings/Wages (CURRENT EMPLOYMENT): I have attached copies of the five (5) most recent consecutive pay stubs or five most recent statements for every source of income for every household member 18 years or older as listed on the Income Tables in Section1. All attached pay-stubs or statements have the name of the employer, date, wages, and name of the household member and cover the 5 most recent consecutive pay periods (which will be a 5 week period if paid every week, or a 10 week period if paid every 2 weeks, or a 5 month period if paid every 5 months). N/A Yes 4. Earnings (FORMER EMPLOYMENT): For EACH AND EVERY source of income reported on the most recent tax return where a household member is no longer receiving income (e.g., no longer working for a particular employer), I have attached ONE of the following: (A) A letter signed by that household member and a letter signed and dated from the former employer verifying the last day of income and the Year-To-Date income at time of separation OR (B) Only for jobs where my last day of employment was in the previous calendar year, I have attached the last paystub from the job that shows a Year-To-Date income that matches the Wages on the W-2 for that job OR (C) The Initial determination of unemployment benefit statement that lists former employers, length of employment, gross income by quarter, and EIN Number OR (D) I have completed only the top portion of the Verification of Terminated Employment form attached in Section 3 of this application and understand that SEB will submit this to the contact provided by me on the form in hopes of having it returned in the next 1-2 weeks but in the event that the former employer does not return the form I will submit the materials listed in part A, B, C of this section I understand proof of termination is required for every single job on my previous years tax returns (no matter how small), that this is to verify my current income and that being terminated from one or multiple jobs will in no way affect my affordable housing program eligibility. N/A Yes 5. Earnings (Social Security, SSDI, Pension, Retirement, Public Assistance, TANF): I have attached copies of the most recent statements for every source of income listed on the line above for every household member 18 years or older. I understand that for Social Security and/or SSDI payments I need to submit the yearly benefit letter I receive from the Social Security Administration Office detailing my payments for the next 12 months. N/A Yes 13
6. Earnings (SELF EMPLOYED ONLY): For every self-employed household member 18 years or older, I have attached copies ALL of the following: (A) The most recent two years federal income tax returns (including any attachments and amendments) AND (B) A year-to-date profit and loss statement AND (C) A projected profit and loss statement for the next 12 months AND (D) All supporting documentation including current financial statements, accountant statements, quarterly tax returns (if I file quarterly), and income and expense receipts AND (E) A statement signed, dated and notarized by the self-employed household member summarizing the enclosed materials. N/A Yes 7. Earnings (Unemployment) I have attached copies of the three (3) most recent consecutive unemployment statements for every household member 18 years or older who is currently receiving unemployment and understand that it must be assumed that the household member will continue to receive unemployment over the next 12 months. For every household member who reported unemployment on their most recent tax return but who no longer receives it, I have attached a copy of my current unemployment benefit statement or balance that was obtained online or at my unemployment office. The statement shows the last two unemployment payments received, my current benefit rate, and my current total benefit balance. I understand that if this documentation indicates that I have current benefits and have received recent payments, my unemployment will be calculated as part of my income, regardless of my current employment status. N/A Yes 8. Earnings (Workman s Comp, Severance pay) I have attached copies of the three (3) most recent consecutive pay stubs or three most recent statements for payments I am receiving through Workman s Compensation or Severance settlement and if my current compensation or pay is not going to continue for the next 12 months, I have attached the legal document stating the monthly, yearly or total amount to which I am entitled in addition to the timeline and/or termination of such pay. N/A Yes 9. Household member with NO EARNINGS: If a member of my household is 18 years or older and is not employed and not receiving any income, I have attached a letter from him/her attesting to this fact AND this letter has been signed and dated by that household member AND the letter has been notarized. N/A Yes 14
10. Divorce and/or Separation: I understand that legally married couples shall both be considered part of the household, even if separated, and that children shall be considered part of the household if they spend more than 50% of the year (183 days, including partial days) in the residence and so I have attached a copy of my divorce decree AND the divorce agreement to verify my household size claims. I understand that if no legal action has been taken for filing for divorce or separation, my partner s income and asset must be included in my application. N/A Yes 11. Child Support and/or Alimony: If I am entitled to receive Child Support and/or alimony (even if I am not receiving it), I have attached ONE of the following: (A) A copy of my divorce decree or settlement agreement OR (B) A statement from the Department of Revenue (DOR) that shows my payments for the past 3 months OR (C) In the event that I am not receiving the child support or alimony I am entitled to receive, I have attached a copy of my divorce decree AND proof of a legal claim filed against the person that owes me money and, if applicable, DOR statements and/or legal claims showing payments made and/or owed. N/A Yes 12. Periodic Payments: If I am receiving any periodic payments, or listed anything under Other Income, I have attached a signed and dated letter from the source of income that includes ALL of the following: (A) The Year-To-Date income received AND (B) The anticipated monthly income for the next 12 months AND (C) The letter has me listed as the recipient of the payments AND (D) The letter is notarized. N/A Yes 13. Households with Students: I have attached proof for every household member 18 years or older who is a full-time student of his/her full-time student status in the form of: Letter from the Registrar, Transcript or other enrollment verification. N/A Yes 15
HOUSEHOLD ASSETS: Assets include but are not limited to the following: Checking or savings accounts, CDs, money market accounts, Treasury bills, stocks, bonds, securities, trust funds, gifts, pensions, IRAs, Keoghs, other retirement accounts, real estate, rental property, other real estate holdings, all property held as an investment, and safe deposit box contents (include the value). All accounts must include complete statements with all pages and list dividend and interest information if applicable regardless of how little money may currently be in the account. 14. I have completed the Asset Table in Section 1 and read the above paragraph on Household Assets and have attached every page of complete, detailed statements for the 3 most recent months or most recent complete quarterly statement on all assets held by each household member and all statements include information on interest, dividends, and gains or losses, if any. 15. For EACH and EVERY DEPOSIT into EACH and EVERY checking and savings account, I have provided documentation from the source of the money deposited. If a deposit is from earnings of any kind, I have followed all the directions in the applicable paragraphs on Earnings on the previous pages (i.e. submitted 5 most recent pay-stubs, verification from source of earnings etc). If a deposit is from child support and/or alimony, I have followed all the directions in the paragraphs on Child Support/Alimony on the previous pages. If a deposit is a periodic payment, repayment, gift, reimbursement, I have followed all the directions in the paragraph on the previous page titled Periodic Payments. If a deposit is from a loan of any kind (including student loans), I have provided documentation showing the terms of the loan and the disbursement schedule. For any other deposit types, I have provided sufficient documentation of the purpose, frequency, amount and current status of these deposits from the source of payment. All written statements from third sources must be signed, dated and notarized. 16. For every household member claiming to have NO ASSETS, I have included a signed, dated, and notarized affidavit stating that the household member has no assets or accounts of any kind, including checking, savings, money market, trust, 401k, retirement, IRA, stocks, or any other type of account. If the household or household member has assets of any kind, they have followed the directions given in the two questions above. N/A Yes 17. For every household member who no longer owns an asset that generated income on the most recent tax return (e.g., if a bank account was closed), I have attached a signed letter by the household member who formerly held that account AND either the final bank statement showing a zero balance or a signed and dated statement from the asset source attesting to this fact. And for every household member who divested themselves of an asset for less than full and fair present cash value of the asset within two years prior to this application, I have listed the full and fair cash value of the asset at the time of its disposition in the Asset Table AND provided the last statement for that asset showing its full market value AND attached a signed letter by the household member detailing the transaction in which they divested themselves of the asset. N/A Yes 16
18. REAL ESTATE: I have completed all of the questions on page 5 of this Application and I qualify as an Age-Qualified Household, A Displaced Homemaker or a Single Parent. I understand that for homes being sold, my current home must be under Purchase and Sale Agreement (P&S) before I can be given the opportunity to sign a P&S for an affordable home at Schooner Village or Settler s Landing II. If my current home is under P&S, I have attached a copy of my current P&S AND Documentation showing my debt on the property (such as mortgage statements or foreclosure notices). I understand that if home is not sold before reaching the top of a Waiting List, I will be dropped from all Waiting Lists and I cannot be re-added to the bottom of the Waiting Lists until my current home is under P&S Agreement. I understand that if given the opportunity to sign a P&S for an affordable home at Schooner Village or Settler s Landing II, my current home under agreement will need to be sold and a HUD-1 Settlement Statement provided by the closing date in the P&S for Schooner Village or Settler s Landing II. I understand that for homes being lost through separation/divorce, the court order/divorce/separation must be finalized so that my name is no longer on the deed of my current home before my household can be added to the Waiting List. I have attached the divorce decree/settlement statement AND a recent broker s opinion of the property or tax assessment (or value as stated in the divorce decree/ settlement statement) AND Documentation showing my debt on the property (such as mortgage statements or foreclosure notices) For homes sold in the last calendar year in which taxes were filed, I have attached the HUD-1 Settlement statement for that sale. N/A Yes 19. If a household member no longer owns an asset that generated income on the most recent tax return (e.g., if a bank account was closed), I have attached a signed letter by the household member who formerly held that account AND either the final bank statement showing a zero balance or a signed and dated statement from the asset source attesting to this fact. N/A Yes 17
TAX DOCUMENTATION: 20. For the most recent year I filed taxes, I have attached all W-2s, 1099s and all other tax documentation for all sources of income and assets. I understand that W-2s are the tax documents that are given by employers to show wages, salaries and tips and 1099s are the tax documents that are given by other sources of income (ex: interest on savings accounts, income from retirement accounts, income from unemployment etc). These are the tax documents used so that 1040 taxes can properly be filed as detailed in the next question below. (You will have a W-2 for every job worked in the most recent year you filed taxes. Please be sure that the wages in the W-2s you submit add up to the wages you filed on our 1040 tax form. If you are not currently working at any of the jobs for which you have received a W-2, please see Question 4: Earnings (Former Employment) on the first page of Section 2 for directions.) N/A Yes 21. Three Years of 1040 Tax Transcripts: I have attached a computerized print out of the THREE (3) most recent federal income tax returns (i.e. 1040 tax transcripts) including any and all schedules, attachments and amendments for every household member 18 years or older. Every page of the tax transcript must be sent (including, if applicable, Schedules A, B, C etc ). I understand I can obtain these transcripts from the tax professional who field my taxes last year or for free by calling the IRS at 1.800.829.1040 and they will mail or fax them to me. For every household member who has not filed in the past 3 years, I have attached a statement from the IRS showing No Filing for that household member for each and every year in the past three years when taxes were not filed. I understand I can call 1.800.829.1040 and the IRS will mail it or fax it to me in 7-10 days. I understand that statements for 3 different years must be submitted for a household who has not filed taxes in the past 3 years. FINAL CERTIFICATION OF HOUSEHOLD INCOME: 22. I certify that my combined Gross Annual Household Income is $ (total on the bottom of the Income Table) 23. My Gross Annual Household Income listed above is greater than the Allowable Income Limits for our household size as specified on the cover page of this Program Application and I have therefore attached a signed and dated statement detailing why my income to above does not reflect my income over the next 12 months AND have attached supporting documentation. N/A Yes 24. There are planned changes in my household income over the next 12 months and I have therefore attached verification of these planned changes in income. N/A Yes 18
PREFERENCES: 21. For Local Preference: I certify that I/we qualify for local preference and have provided the required documentation. A household qualifies for Local if the applicant or a member of their household fit into one of the following categories (A) a current resident of Newton or (B) an employee of a business located in Newton or (C) a current student in the Newton school system (such as METCO students) Required Documentation: If qualifying under definition (A) as detailed above: I have submitted a Copy of two (2) utility bills 1 from each utility company in my name dated within the last 60 days, e.g., (1) electric, (1) oil, (1) cable, (1) gas, or (1) telephone landline (not cell phone). If utility bills cannot be provided the following documentation must be provided: current signed lease AND proof of voter registration from the City Election Department If qualifying under definition (B) as detailed above: I have submitted copies of pay-stubs (these should already be submitted as directed in the Earnings section above) AND IF THE PAY STUBS DO NOT SHOW THE ADDRESS OF THE JOB I have submitted a signed statement from my employer on company letterhead the states the address of the job and the employees name. If qualifying under definition (C) as detailed above: I have submitted copies of Newton school transcripts AND proof of relation to the student (by birth certificate or legal guardianship or divorce decree) N/A Yes 22. Household Type: On page 4 for Household Type I stated that we have two household members who cannot be required to share a bedroom as a consequence of sharing would be a severe adverse impact on his or her mental or physical health and have attached supporting documentation. Supporting documentation can be verification from a doctor or other medical professional. N/A Yes 19
You must now read, sign and date the following page. 20
Please read each item below carefully before you sign. 1. I hereby declare under pain and penalty of perjury that the information provided on every page of this application is true and correct. 2. I understand that this application will be incomplete if I do not sign and date this page and initial at all indicated points in the application. 3. I understand that if any of the information provided above is not true and accurate, this application may be removed at any point in the process. 4. I understand that while previous years tax transcripts and documentation are required, SEB LLC does not use income reported on the previous years tax documentation to calculate current annualized income. 5. I understand that the Purchase and Sale Agreement for the units to be occupied through this affordable housing program may be subject to cancellation if any of the information above is not true and accurate. 6. I understand that this is a preliminary application and the information provided does not guarantee housing. 7. I understand that any material change in the income or assets of my household that occurs after the submission of this application may make me ineligible for affordable housing. 8. Mortgage Co-signers are not permitted unless they are co-tenants who will reside in the unit. 9. I acknowledge that if my email address is provided in this application, SEB will correspond with me by email instead of postal mail unless I make a written request otherwise. 10. The undersigned give consent to the City of Newton, SEB LLC and DHCD to verify the information provided in this application. Applicant s Signature Applicant s Signature Date Date Attach all documentation as directed. All applications and documentation must be delivered by: TBD, 2014 Send applications with ALL required documentation to: Affordable Housing Lottery Re: Court Street 165 Chestnut Hill Ave #2 Brighton, MA 02135 Fax: 617.782-4500 Email: seb.housing@gmail.com For Questions call (617) 782-2300 x204 If you want to ensure your application is received on time, we recommend sending it by certified mail at least 2 weeks before the deadline. Late and incomplete applications may be accepted for review at a later date but will not be entered into the lottery. SEB is not responsible for lost or late applications. Applications can also be faxed or scanned but be sure to copy both sides of double-sided statements. This development does not discriminate in the selection of applicants on the basis of race, color, national origin, disability, age, ancestry, children, familial status, genetic information, marital status, public assistance recipiency, religion, sex, sexual orientation, gender identity, veteran/military status, or any other basis prohibited by law. 21
Section 3 Additional Forms (if applicable) These are the forms that you only need to complete if directed to do so in Section 2 22
Verification of Terminated Employment To Be Completed By Applicant: Applicant/Tenant: Soc. Security #: Contact Info of previous employer: Name of Contact Company Name Street Address Town, State, Zip Tel. # Fax # email To Be Completed By Previous Employer: Date of Termination: Last Day Actually Worked: Total Gross Income paid to employee over the last calendar year employed: Reason for Termination: Employee Quit Other Do you anticipate rehiring this employee? Yes No If yes, when: Will the employee receive additional paychecks for Workman s Compensation? Yes No If yes, provide the name and address of the company through which this can be verified: Total severance pay anticipated for the next 12 months: Is employee entitled to receive unemployment compensation? Yes No AUTHORIZED SIGNATURE Print Name: Signature: Title: Date: Telephone: Please Fax form to SEB at (617) 782-4500 or mail to: SEB Re: Court Street 165 Chestnut Hill Ave #2 Brighton, MA 02135 --OFFICE USE ONLY-- Date Sent: Date Received: Comments: 23
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COURT STREET TENANT SELECTION PLAN SEB LLC worked with the City of Newton in the development of Court Street. Court Street is a thirty-six (36) unit condominium building on Court Street in Newton. Nine affordable homes will be built there and all are being offered through this lottery. The order in which units will be selected is detailed in the Step-By-Step process in the Information Packet. The affordable housing units will be sold to first-time homebuyers with incomes at or below 80% of the area s median income and with assets below $75,000. The specifics on income, assets, first-time homebuyer definitions, and the order of unit selection and priority can be found in the attached Information Packet and Application. Local Preference The Information Packet currently contains Local Preference language and the process by which local preference will be implemented. DHCD requires that the City must demonstrate a need for this local preference designation within 3 months of issuing the Comprehensive Permit. If the City cannot demonstrate a local preference need within this timeframe, then SEB will modify the Lottery materials to exclude a local preference category and all references of a local preference. Parking All market-rate and affordable homes will have one underground parking spot included in their sales price. Sales Prices The sales price calculated are the maximum allowable sales prices. For calculations on the affordable sales prices, please see the Newton Court Street spreadsheet. These sales prices must be approved by DHCD. Lottery Marketing For details on how the affordable units will be marketed for this lottery, please see the Affirmative Marketing Plan and the Sample Ad. Post-Lottery Waiting List The Waiting Lists will only be populated by households in the Lottery. However, if SEB and DHCD decide there may not be sufficient households in the Lottery to purchase all 9 affordable homes, the Waiting Lists will be opened to households not in the lottery. Households will then be added to the bottom of the Waiting Lists (established by the initial lottery) in the order that the complete their applications and are initially determined by SEB to eligible. Page 1
Court Street Newton Affordable Housing www.tbd.com 3BR Condos $183,300 to $186,400 2BR Condos $162,600 to $164,200 1BR Condo for $141,100 This is a lottery for the 9 affordable Condominiums which will be sold at affordable prices to households with incomes at or below 80% of the area median income. [Additional Narrative and description TBD] The Maximum Income Limits for Households are as follows: 1 Person - $47,150, 2 Person - $53,900, 3 Person - $60,650, 4 Person - $67,350, 5 Person - $72,750, 6 Person - $78,150 Households cannot have more than $75,000 in assets. For more information on the Development, the Units or the Lottery and Application Process, or for reasonable accommodations for persons with disabilities, please visit: www.s-e-b.com/lottery or call 617.782.6900. Applications and Required Income Documentation must be delivered, not postmarked, by 2 pm on TBD. A Public Info Session will be on TBD (6 pm) in Newton City Hall The lottery will be on TBD in Newton City Hall. Applications and Information available at the Newton Public Library (open M-Th 9am-9pm, F 9-6, Sat 9-5, Sun 1-5)