Form 3 Sample Eligibility for Purchase Certificate--income and Asset Verification


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NameForm 3 Sample Eligibility for Purchase Certificate--income and Asset Verification
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FORM 3

Sample Eligibility for Purchase Certificate--Income and Asset Verification

Date:

To: Lottery Agent

Re: Affordable Housing Lottery for [Name of Project]

Property Address:

Purchaser:

Income and Asset Verification

[Name of Monitoring Agent] has reviewed the information for this lottery winner and has established that their income is below the maximum limit of [$XX,000], 80% of median income, adjusted for a household of [X] for the area of [municipality where home is located], and that their assets are within the established limit. It is a condition of this Certificate that the deed for the approved purchaser has the Affordable Housing Restriction attached to it and made part of that deed.

The signature below represents evidence that [Name of Monitoring Agent] for [Name of Project] has reviewed and certified that this applicant is eligible based on program and income guidelines and information submitted. If more than ninety (90) days elapses between the execution of this Certificate and the final purchase of the unit, a new Certificate must be issued and the lottery winner’s income and assets verified.

Closing Instructions

No earlier than 60 days prior to closing, the lottery agent will need to request a Resale Price Certificate from MassHousing. In this request, the Lottery Agent should provide 1) unit sales price, 2) address and unit number, 3) number of bedrooms, and 3) recording information for the Regulatory Agreement. MassHousing will send the Resale Price Certificate to the Lottery Agent (with a copy to the Monitoring Agent). The Resale Price Certificate will be used to complete the required fields in the Deed Rider.

When this applicant is ready to close on their mortgage loan (and at least two weeks prior to the closing date), please submit the following closing documents to (Name of Monitoring Agent) for review and approval:

  • A copy of the signed Purchase and Sale Agreement

  • A copy of the loan commitment letter

  • A copy of the completed Deed Rider

  • A copy of the completed Resale Price Certificate

  • Contact information for the closing attorney

Following review of these documents, (Monitoring Agent) a Certificate of Compliance will be sent to (Lottery Agent) and MassHousing, and the closing attorney, who is responsible for ensuring that it gets recorded along with the Deed, Deed Rider, and Resale Price Certificate.

Sincerely,



Name of Monitoring Agent

cc: MassHousing, Purchaser

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