Lottery Application

 

TIME FRAME FOR LOTTERY:

Information Session Schedule:

Wednesday, September 21, 2016, 5:30 PM – 7:30 PM
Information session will be held at Nantucket High School


Lottery Application Deadline Date:

Friday, November 4, 2016 at 5 PM. Applications must be returned to Housing Assistance Corporation, 460 West Main Street Hyannis, MA 02601 or can be faxed to 508.778.7514 or emailed to brumbaugh@haconcapecod.org


Lottery Drawing:

Depending upon the number of applications received by Housing Assistance Corporation, the Lottery Drawing will be held 4 – 6 weeks after the Lottery Application Deadline date of Friday, November 4, 2016 at 5 PM.

LOTTERY APPLICATION

Media advertisements for the Sachem’s Path lottery and Information Session will be published in the Cape Cod Times, Nantucket Mirror & Inquirer and the Portuguese Times. The Lottery Application is found within the Lottery Application Package.

HOW DO I SUBMIT AN APPLICATION

Answer all questions.  Do not leave any questions blank.  If the question does not apply to you, use “NA” for “Not Applicable.” This will ensure that all questions are answered.

Utilize the Document Check List to ensure that all pertinent documents are submitted with the Lottery Application. Be sure to send copies of the documents, we cannot accept originals. Click this link for the document checklist for Phase 2.

Include a copy of the Mortgage Preapproval which is on bank letterhead and signed by a bank representative. Click this link for a Lenders List.

Submit your application as early as possible; do not wait for the Friday, November 4, 2016 deadline.

Incomplete applications will not be included in the Lottery drawing. If you submit your application on the deadline and it is incomplete, you will not have an opportunity to submit missing information or missing documents. If your application has been submitted prior to the deadline of November 4, 2016, HAC staff will notify you of the missing information and/or documentation. You will have to have all missing documentation in to HAC by the November 4, 2016, 5 PM deadline.

Lottery Applications can be mailed or hand delivered to HAC at 460 West Main Street, Hyannis, MA 02601.

You can email your application and documents to brumbaugh@haconcapecod.org or fax to Betsie Rumbaugh at 508.778.7514

CHECKLIST OF REQUIRED DOCUMENTS SUBMITTED WITH LOTTERY APPLICATION

There are many documents that must be submitted with the Lottery Application. Use this checklist to ensure that all documents that pertain to your Lottery Application are submitted along with the Lottery Application. Do not send original documents, submit copies only as we will not accept original documents. This is a checklist of required documents.

MORTGAGE PREAPPROVAL:

What is a preapproval letter?

Lenders will issue a preapproval letter after they have reviewed your credit score, credit report, income and expenses.  The preapproval must be on the lender’s letterhead showing the dollar amount and include an authorized signature.

How do I get a preapproval letter?

Lenders will issue a preapproval letter after they have reviewed your credit score, credit report, income and expenses.  The preapproval must be on the lender’s letterhead showing the dollar amount and include an authorized signature.

Click here for the list of local lenders that are familiar with affordable housing guidelines and have special financing available for first-time homebuyers.  Contact one of these lenders to tell them you are applying for the Sachem’s Path Lottery and need a preapproval letter.  You should also ask how long the process will take to ensure the letter will be available prior to the application deadline.

The purchase prices of the homes can be found in the Lottery Application Package or by clicking this link.

HOW CAN I BE SURE MY LOTTERY APPLICATION HAS BEEN RECEIVED?

Upon receipt of your Lottery Application, HAC will send a confirmation via email and if an email is not available, will send a letter to confirm receipt of a completed application.

WHAT HAPPENS AFTER MY LOTTERY APPLICATION HAS BEEN RECEIVED?

HAC staff will review each application and determine eligibility by using the scoring sheet which can be found in the Lottery Package. You will receive a letter indicating your acceptance or denial into the Lottery Drawing along with your lottery number approximately ten days before the lottery drawing.

If your Lottery Application is not complete, HAC staff will request that you submit missing information and/or documentation prior to the deadline date of November 4, 2016 at 5 PM. If you wait to submit your Lottery Application until the Deadline date, you will not have an opportunity to submit missing documentation. It is important to submit your application as early as possible.

Be absolutely sure your Lottery Application is complete and do not wait until the deadline of November 4, 2016 to submit it to HAC.

WHAT ARE PREFERENCE CATEGORIES?

There are two preference categories (1) Local (2) disabled (sensory & mobility). Please see pages 4 and 5 of the Lottery Application to determine if your household meets the requirements for any of these preference categories.

WHAT IF I HAVE QUESTIONS ON THE APPLICATION?

Staff from Housing Assistance Corporation will be holding an Information Session on Wednesday, September 21, 5:30-7:30 pm at Nantucket High School.

You can also call HAC staff directly. Click here Call HAC staff directly. Click here for a contact list of HAC staff.

The following are a list of commonly asked questions.  If your question is not on this list, please do not hesitate to contact us by phone or email.

Who is eligible to participate in the lottery?

A first-time homebuyer (80% & 100% only), as defined below, who is income  and asset eligible and can be preapproved for a mortgage that complies with program standards for new mortgage loans is eligible to apply for the lottery.  Individuals who have a financial interest in the development and their families are not eligible for this lottery with a prior approval from the Department of Housing and Community Development.

Do I qualify as a first-time homebuyer?

Buyers who have household incomes in the 80% and 100% income categories must be first time homebuyers. This requirement does not apply to buyers in the 150% category. Applicants are considered first time homebuyer(s) if: the household shall not have owned a home within three years preceding the application, with the exception of:

  1. Displaced homemakers, where the displaced homemaker (an adult who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family), while a homemaker, owned a home with his or her partner or resided in a home owned by the partner;
  2. Single parents, where the individual owned a home with his or her partner or resided in a home owned by the partner and is a single parent (is unmarried or legally separated from a spouse and either has 1 or more children of whom the individual has custody or joint custody, or is pregnant);
  3. Households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; and
  4. Households that owned a property that was not in compliance with State, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.

What is the Area Median Income and does it change depending on my family size?

The Area Median Income (AMI) is established for Nantucket County. In order to be income eligible, your anticipated annual gross income for all adult household members (current or anticipated) for the 12-month period following application must be at or below the income limits for Nantucket County as shown in the chart below.

Household Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
80% AMI $53,100 $60,650 $68,250 $75,800 $81,900 $87,950
100% AMI $66,430 $75,920 $85,410 $94,900 $102,492 $110,084
150% AMI $99,645 $113,880 $128,115 $142,350 $153,738 $165,126

What is Annual Household Gross Income?

Annual gross income means all amounts from all sources which go to or on behalf of all current or anticipated adult household members for the 12-month period following application.

What is the asset limit?

For households whose income is under the 80% and the 100% AMI, the asset limit is $75,000. For households whose income is within the 150% category, the asset limit is $400,000. Household assets divested within the past 2 years will be counted at their value prior to divestment.

What is a household asset?

  • Cash in savings accounts, checking accounts and safety deposit boxes, etc.
    Certificates of deposit, bonds, stocks, treasury bills, mutual funds and money market accounts.
  • Revocable trusts.
  • Equity in rental property or other capital accounts.
  • Cash value of life insurance policies available to the applicant before death.
  • Personal property held as an investment: Gems, jewelry, coin collections, or antique cars, etc.  Personal jewelry is NOT considered an asset.
  • Lump sum receipts or one-time receipts. (i.e.  inheritance, capital gains, one-time lottery winnings, victim’s restitution, settlements on insurance claims (including health and accident insurance, worker’s compensation, and personal or property losses), and any other amounts that are not intended as periodic payments.
  • A mortgage or deed of trust held by an applicant.
  • IRA, 401(k), 403B. *
  • Retirement and pension funds. (if employed) *
    *These will include only amounts the applicant can withdraw without retiring or terminating employment, minus any penalties or transaction fees. (You will be responsible to determine and verify how much of these funds are available to you as cash.)

Household assets DO NOT include:

  • Personal property. (i.e. clothing, furniture, cars, wedding ring and other jewelry that is not held as an investment, vehicles specially equipped for persons with disabilities)
  • Term life insurance policies. (i.e. policies with no cash value)
  • Equity in the cooperative unit in which the applicant lives.
  • Assets that are part of an active business.  Business DOES NOT include rental of properties that are held as investments unless such properties are the applicant’s main source of income.
  • Assets that are not effectively owned by the applicant.