Qualifying for 40B HousingWhat Assets Are Considered?
Qualifying for 40B Housing
What Assets Are Considered?
The Massachusetts Comprehensive Permit Law or Chapter 40B or, the “Anti-Snob” Zoning Act was legislated to address the shortage of affordable housing across the state. It does so by reducing the sometimes unnecessary barriers created by cities and towns through the approval process, zoning and, other restrictions.
Part of the qualification process for prospective 40B homeowner applicants involves listing all assets including available cash in savings and checking and savings accounts, safe deposit boxes and cash on hand. Any assets held in foreign banks are also considered assets.
The cash value of any revocable trusts that are available to those applying is also taken into consideration. Assets include equity in rental property or any other capital investments.
You must also list all stocks, bonds, Treasury bills, certificates of deposit, and mutual funds. Money market accounts, individual retirement, 401K, and Keogh accounts, as well as, retirement and pension funds must be included if you are employed.
If you are retired, your pension and retirement fund payments are counted as income as are lumpsum payments. Also include the cash surrender value of life insurance policies and the assessed value of your personal property such as gems, jewelry, coin collections, or antique cars that you hold as an investment.
Have you received one-time payments from an inheritance, capital gains, lottery
winnings, restitution or insurance settlements? As overwhelming as it may seem, applying for affordable 40B housing offers you an excellent opportunity for homeownership.
Delphic Associates specializes in affordable housing and represents several 40B housing developments.
Contact us for more information today!
To learn more about affordable housing options in Massachusetts through 40B, click here.
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