Lottery Eligibility Survey

This is a pre-screening survey to assist in determining if you may be eligible to participate in a lottery for home ownership. This is not a formal application or confirmation of eligibility, and all information is subject to approval by the lottery agent.

AFFORDABLE HOUSING OWNERSHIP LOTTERY Q & A’s

Who is eligible to participate in an affordable housing lottery?

A first-time homebuyer, as defined below, who is income and asset eligible and can be pre-approved for a mortgage that complies with Affordable Housing Program Standards for New Mortgage Loans (see “Application Process”) is eligible to apply for an affordable housing lottery. Individuals who have a financial interest in this development and their families are not eligible to be in this lottery.   Applicants must have down payment funds available for at least 3% of the purchase price and 1.5% of the purchase price must be an applicant’s own money for down payment.

1) First-Time Homebuyer Criteria

Do I qualify as a first-time homebuyer? Applicants are considered first time homebuyer(s) if they:

  • Have not had ownership interest in a residential property in the last 3 years.
  • Are displaced homemakers-an adult who has not worked full-time for a number of years but has worked to care for home and family without pay and owned a home or resided in a home with his or her partner.
  • Are single parents, unmarried or legally separated from spouse with sole or joint custody of one or more children or is pregnant who has owned or resided in a home with his/her partner.
  • Have owned or currently own a principal residence not permanently affixed to a permanent foundation.
  • Owned property that was not in compliance with state, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.
  • Have at least one household member who is age 55 or older.

2) Household Asset Criteria

What is the asset limit?

  • The asset limit is $75,000 per household. Household assets divested for less than full and fair cash value within the past 2 years will be counted at the full and fair cash value for purposes of calculating eligibility.
  • What is a household asset?
    • Cash in savings accounts, checking accounts and safety deposit boxes, etc.
    • Certificates of deposit, bonds, stocks, treasury bills, mutual funds, and money market accounts.
    • Revocable trusts.
    • Equity in rental property or other capital accounts.
    • Cash value of life insurance policies available to the applicant before death.
    • Personal property held as an investment: Gems, jewelry, coin collections, or antique cars, etc.

Personal jewelry is NOT considered an asset.

    • Lump sum receipts or one-time receipts. (i.e. inheritance, capital gains, one-time lottery winnings, victim’s restitution, settlements on insurance claims (including health and accident insurance, worker’s compensation, and personal or property losses), and any other amounts that are not intended as periodic payments.
    • A mortgage or deed of trust held by an applicant.
    • IRA, 401(k), 403B, Retirement, and pension funds. (if employed)

These will include only amounts the applicant can withdraw without retiring or terminating employment, minus any penalties or transaction fees. (You will be responsible for determining and verifying how much of these funds are available to you as cash.)

  • Household assets DO NOT include:
    • Personal property. (i.e. clothing, furniture, cars, wedding ring and other jewelry that is not held as an investment, vehicles specially equipped for persons with disabilities)
    • Term life insurance policies. (i.e. policies with no cash value)
    • Equity in the cooperative unit in which the applicant lives.
    • Assets that are part of an active business. Business DOES NOT include rental of properties that are held as investments unless such properties are the applicant’s main source of income.
    • Assets that are not effectively owned by the applicant.

3) Household Income Criteria

Who is a “Household Member”?

  • A Household Member is the head of the household and all members who will be living in the home your purchase, regardless of age. If a member of the household is over the age of 18 and is NOT working, he/she must provide, as part of the required lottery application verification, a signed notarized statement describing the current situation.

What is the Area Median Income and does it change depending on my family size?

  • The Area Median Income (AMI) is established for Barnstable County by the Department of Housing and Urban Development. In order to be income eligible, your anticipated annual gross income for all current adult household members for the 12-month period following application must be at or below the percentage of the AMI for Barnstable County as required by the lottery process – typically this is 80% of AMI, 100% of AMI or 120 % of AMI – depending on the home that is available and at what income limit.

What is Annual Household Gross Income?

  • Annual gross income means all income, from all sources, of all current adult household members, for the 12-month period following application.

The Falmouth Housing Trust builds homes for 80% AMI households, as well as for households earning up to 100% and 120% of AMI.

Applicants may be eligible for housing with income at or below 80%, 100% and 120% AMI (see table below), and less than $75,000 in assets.

Barnstable County 2024 AMI-Max Income

Household Size 1 Person 2 People 3 People 4 People 5 People 6 People
80% AMI-Max Income $64,450 $73,650 $82,850 $92,050 $99,450 $106,800
100% AMI-Max Income $80,600 $92,100 $103,600 $115,100 $124,400 $133,500
120% AMI-Max Income $96,720 $110,520 $124,320 $138,120 $149,280 $160,200