For more information or reasonable accommodations for persons with disabilities, please contact us using the information provided on the property website or email that you received.

 

Homeownership Lottery Instructions & Steps

 

Please review so you know all the details involved in this process

 

Step 1 - Lottery Application – Available for 60 days 

 

Lottery Application: Complete this application by the listed deadline to be entered into the lottery. No supporting documentation is required at this step.

 

Pre-Approval or Pre-Qualification Letter (Optional to obtain at this step):

• While not required for this application, it's recommended to consult with a lender about obtaining a Pre-Approval or Pre-Qualification letter.
• Doing so can help you explore different mortgage options and understand what steps you may need to take — such as paying down debt to improve your credit score or meet debt-to-income ratio requirements. 
• You will need to have a Pre-Approval or Pre-Qualification letter in the event you are reached in line on the lottery list.
• Below are First Time Homebuyer mortgage programs and lender contacts that you can contact to learn more about obtaining a Pre-Approval or Pre-Qualification letter.

 

ONE+ Boston Mortgage	Website	Participating Lenders
One Mortgage	Website	Participating Lenders
MassHousing	Website	Participating Lenders

 

 

First-Time Homebuyer Course (Optional to take at this step):

• Although taking a course is not mandatory for your application, you are encouraged to start one early to familiarize yourself with the homebuying process.
• Keep in mind you must have completed the course prior to the closing in the event you are selected for a unit. 
• In addition, many First-Time Homebuyer mortgage programs will require proof of course completion.
• Click here to find a First Time Homebuyer course.

 

Step 2 - Lottery Drawing

Timeline: Approximately 2 weeks after the deadline

• The lottery drawing will take place around two weeks after the application deadline, and you will receive an email with the details of when it will be conducted.
• You will receive your lottery number immediately following the drawing.
• The lottery list will be sorted based on the preferences outlined.

 

Step 3 - Income and Asset Eligibility Processing

Timeline: 2-3 days post-lottery drawing

Income Eligibility Applications: Maloney Properties will begin contacting the top 15 applicants for each available unit, and the email will request that you complete the Income and Asset Eligibility Application.

Required Documentation: You will need to provide pay stubs, bank statements, tax returns, a first-time homebuyer course certificate, and a pre-approval or pre-qualification letter with the application.

Approval Process: Maloney Properties will submit your application to the Monitoring Agent for final approval. Please note — your income and assets remain eligible until you close!

 

Step 4 - Under Contract Process

Timeline: Applicants will begin the under-contract process within 7 days of their file being approved. If you are selected for a unit, here are the steps involved:

Important

Do not give notice to your landlord until you are certain about the closing date. There can be delays with construction, the lender, and/or your application approval.

 

Unit Reservation

• Sign the Unit Reservation agreement.
• Provide a $1,000 deposit to secure the unit.

Hire an Attorney

• Immediately hire an attorney to review the Purchase and Sales Agreement (P&S) and condominium documents.
• Ask your lender for attorney recommendations, as they can also represent your lender in the closing Purchase and Sales Agreement (P&S)

Purchase & Sales Agreement (P&S)

• Sign P&S. This document is a more detailed contract outlining the specifics of the unit and what you're purchasing.
• Provide an additional deposit of 1.5% – 3% of the purchase price, minus the initial $1,000 reservation deposit.

Apply for a Mortgage

• Once the P&S is signed, submit your mortgage application to your lender.

Mortgage Commitment

• Upon approval of your mortgage application, property appraisal, and review of the condo documents, the lender will issue a Mortgage Commitment Letter.

Inspections & Final Walk-Through

• If the property is still under construction, these inspections will occur when the property is sufficiently complete.

Closing

• Closings vary due to construction timelines. If the unit is ready once you start the under-contract process, then it can take approximately 60 days to close.
• Meet with your attorney to sign the closing documents and receive the keys to your new home!
   

Household Size Requirements

In order to make the best use of limited affordable housing resources, household size should be appropriate for the number of bedrooms in the home. Minimum household standards shall be established and shall conform with the following requirements. A “household” shall mean two or more persons who will live regularly in the unit as their principal residence and who are related by blood, marriage, or law or who have otherwise evidenced a stable, interdependent relationship, or an individual.

1. Preferences.

a. First Preference

Within an applicant pool, first preference shall be given to households requiring the total number of bedrooms in the unit based on the following criteria:

(1)  There is at least one occupant per bedroom.

(2)  A husband and wife, 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.

(3)  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.

(4)  A household may count an unborn child as a household member. The household must submit proof of pregnancy with the application.

(5)  If the applicant is in the process of a divorce or separation, the applicant must provide proof that the divorce or separation has begun or has been finalized, as set forth in the application.

b. Second Preference

Within an applicant pool, second preference shall be given to households requiring the number of bedrooms in the unit minus one, based on the above criteria.

c. Third Preference

Within an applicant pool third preference shall be given to households requiring the number of bedrooms in the unit minus two, based on the above criteria.

Note: Occupancy will not be more restrictive than in the State Sanitary Code.

Preference will be given to Urban Renewal Displacees.

This preference applies to those persons displaced from a specific property and/or displaced from the relevant Urban Renewal Plan Area by clearance and redevelopment activities carried out by the Boston Planning and Development Authority (BPDA).

Required documentation includes proof of displacement by the BPDA from the relevant Urban Renewal Area during the official Urban Renewal Period.

Please see the Urban Renewal Section of the Appendix for further information.

Preference will be given to “Disproportionately Impacted Households.”

 This includes the following:

(i)  Households who have an annual income at or below 80% of the Area Median Income for the location of the project;

(ii)  Households who live in Qualified Census Tracts (visit link below to determine whether you live in a Qualified Census Tract);

(iii)  Households who live in any of the following Cities or Towns: Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton Westfield, Worcester, Framingham, or Randolph. 

(iv)  Households that otherwise qualify for any of the following programs:

Temporary Assistance for Needy Families (TANF); Supplemental Nutrition Assistance Program (SNAP); Free and Reduced-Price Lunch (NSLP) and/or School Breakfast (SBP) programs; Medicare Part D Low-income Subsidies; Supplemental Security Income (SSI); Head Start and/or Early Head Start; Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); Section 8 Vouchers; Low-Income Home Energy Assistance Program (LIHEAP); Pell Grants; and for services to address educational disparities (Treasury will recognize Title I eligible schools as disproportionately impacted and responsive services that support the school generally or support the whole school as eligible). Title I eligible schools means schools eligible to receive services under section 1113 of Title I, Part A of the Elementary and Secondary Education Act of 1965, as amended (20 U.S.C. 6313), including schools served under section 1113(b)(1)(C) of that Act. 

 

Below is a link to verify if you live in a Qualified Census Tract:

Qualified Census Tract (QCTs), Difficult to Develop Areas (DDAs), Low-Mod Areas (arcgis.com)

 

Households must be First-Time Homebuyers

 

A First-Time Homebuyer cannot own a home or an interest in a home in the preceding three years, including a trust.

Exceptions to this include:

(i)  Any individual who is a displaced homemaker may not be excluded from consideration as a First-Time Homebuyer under this definition on the basis that the individual, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse.

(ii)  Any individual who is a single parent may not be excluded from consideration as a First-Time Homebuyer under this definition on the basis that the individual, while married, owned a home with his or her spouse or resided in a home owned by the spouse.

(iii)  Any individual who is a member of a Household in which one member is aged fifty-five (55) years or older may not be excluded from consideration as a First-Time Homebuyer under this definition.

(iv)  An individual may not be excluded from consideration as a First-Time Homebuyer under this definition on the basis that the individual owns or owned, as a principal residence during the 3-year period before the purchase of an Affordable Dwelling, a dwelling unit whose structure is (x) not permanently affixed to a permanent foundation in accordance with local or other applicable regulations; or (y) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.

Do I need a First-Time Homebuyer Certificate for this application?

No, a certificate is not required for this application.

However, if your name is selected from the lottery list, you will need to complete a First-Time Homebuyer Course and obtain a certificate before closing on the unit.

Where can I find a list of agencies that provide First-Time Homebuyer Courses?

First-Time Homebuyer Course Agency List

Certificates of completion dated within three (3) years of the deadline date from a Massachusetts Housing Collaborative (MHC) approved First-Time Homebuyer’s course are accepted. Certificates dated older than three (3) years of the deadline date will NOT be accepted.

Households that reside within the City of Boston at the time of application will be given a Local Preference.

 

Defined as a household that, at the time of application for an affordable housing unit, falls into the following category:

(i)  Current residents of Boston: A household in which one or more members is living in Boston at the time of application.

(ii) Municipal Employees of Boston: Employees of Boston, such as teachers, janitors, firefighters, police officers, librarians, or town hall employees.

(iii) Employees of Local Businesses: Employees of businesses located in Boston.

(iv) Households with children attending Boston schools, such as METCO students.

 

Documentation of residency is not required at the time of application but should be provided during the eligibility process should an applicant be ranked high enough to be invited forward:

• A utility bill (electric, gas, oil, cable, interest, telephone, or cell phone bill)
• A current signed lease agreement
• Car Registration
• Voter Registration

 

Important

Please note you can still apply even if you do not qualify for the local preference. 

Do I need a Mortgage Pre-Approval or Pre-Qualification for this application?

No, a letter is not required for this application.

However, you will need a Pre-Approval or Pre-Qualification letter if your name is selected from the lottery list after the drawing.

If you would like to get a head start on the process, below are First-Time Homebuyer mortgage programs and lender contacts that offer financing through these programs:

 

ONE+ Boston Mortgage Program

In order to qualify for this program, you must meet one of the following criteria:

• A current resident of Boston
• Any non-resident who is currently working in the City of Boston and who is purchasing or trying to purchase in Boston
• Any non-resident tenant that can document that they were displaced within the past two years from a residence in Boston (not including Boston residency as a college student) due to high rental cost

Benefits include:  

• Heavily discounted, fixed, 30-year interest rates
• Enhanced down-payment assistance through the City of Boston
• No private mortgage insurance (PMI)

Program's Website

Program's Participating Lenders 

When searching for lenders, please note if they offer the ONE+ Boston mortgage program - example below:

 

 

ONE Mortgage Program

• As little as 3% down
• Low, fixed interest rate
• No Private Mortgage Insurance (PMI)

Program's Website

Program's Participating Lenders

 

MassHousing Mortgage Program

• Affordable interest rates
• Various mortgage products

Program's Website

Program's Participating Lenders

 

Questions?

If you have any questions about obtaining a Pre-Approval or Pre-Qualification letter, please complete this form and someone from Maloney Properties will contact you.

Did you know the City of Boston offers 5% down payment and closing assistance on unit purchases? 

For example, if you were to purchase a 1-Bedroom Unit at this property for $338,290, that would mean you could recieve $16,914 toward down payment and closing cost assistance. 

You can learn more about this program here. You would need to qualify and apply for this program and would only need to do that once you are under agreement on a unit at this property.

Please note that this is a preliminary homeownership lottery application and in no way insures occupancy. Once you submit the application by the deadline provide, then your name will be entered into the lottery.