Your Credit Score counts when you apply to a Massachusetts housing lottery. New York Housing lotteries don’t care about that.
However; applicants who have received a housing subsidy (like Section 8) are not subject to the minimum income requirements when applying to certain lotteries, like this one named Broadstone Bare Cove of Hingham. Their apartment units are coming to market soon and have a listed minimum income requirement of $45,180. The application period ends in late August 2019.
When paying rents at market-rate buildings, the leasing office may expect your income to be at least 2.5 times the listed rent. And they will want a rent-to-income ratio of 40%. Affordable housing lottery processors in Mass will look at your Rent-To-Income Ratio as well. Its about cash-flow. They look for the amount of money left over after you pay for your car, your school, your food and other necessary, recurring lifestyle expenses. All household incomes are included in the calculation.
The housing application requires you to list all income earning household residents for proof. The left-over has to consistently cover the rents. Uber/Lyft drivers and other gig-economy workers who do not receive a regular W-2 will likely have to file a Profit and Loss statement to prove income with their housing lottery applications. Housing lottery filing forms have been including a blank P&L form for them.
When DHCD funds ( Massachusetts Department of Housing and Community Development) are used to build the property, the applicant must pass reviews on credit scores, tenant history, and criminal background checks in accordance with DHCD’s requirements regarding same. Where minimum incomes tables are listed in some housing applications, the figures they show may not be “required” because they are the estimated figures the leasing office came up with, but if you can hit those marks, it is a good thing.
Income: for the Brand New Affordable rental units going to market in Hingham soon, these approximate minimum income limits for households without a housing subsidy are mentioned in the app: 1 BR $ 45,180; 2 BR $ 52,500; 3 BR $ 59,100.
Well, these items are just a few of the important details in a Massachusetts housing lottery application form.