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Qualifying for 40B Housing

What 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. 

Affordable Homes for Sale in MA

Marblehead Meadows – Marblehead

Marblehead Meadows – Marblehead

Pictures may show upgrades not included in Affordable Units.Marblehead Meadows - Marblehead, MA This development consists of 20 (twenty) duplex condominiums. There will be 2 (two) units designated as affordable and sold to buyers whose incomes are at or below 80% of...

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Knapp Place – Plymouth, MA

Knapp Place – Plymouth, MA

Knapp Place - Plymouth, MA Knapp Place is located on Court Street. The condominium home has 1 Bedroom and 1 Bath. The home has forced hot air, central air conditioning and will include stainless steel appliances. The affordable resale condominium will be sold at the...

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COCHESETT ESTATES WEST BRIDGEWATER, MA

COCHESETT ESTATES WEST BRIDGEWATER, MA

COCHESETT ESTATES WEST BRIDGEWATER, MA A private developer, Cochesett Developers, Inc and officials of the Town of West Bridgewater have collaborated to provide this affordable housing opportunity in West Bridgewater. The development is located on 81-acres of land on...

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