You can find available affordable homes listed on MyMassHome.

The eligibility requirements may be slightly different for each opportunity, so you should check each application for details, but in general, you must:

• Have an income below certain limits, most often 80% of the Area Median Income
• Have less than $75,000 in assets or $275,000 for age-restricted developments
• Be a first-time homebuyer (with some exceptions)
• Agree to a deed restriction which contains certain responsibilities you will have as an affordable home owner
• Live in the home as your principal residence

Income limits vary by area and family size. The application for property you are interested in should include the income limits specific to the city or town where it is located. To find the specific income limit for your area, you can go to the HUD website where they are updated annually.

An individual or family can have no more than $75,000 in assets. If the household is applying for an age-restricted development (55+), they can have up to $275,000 in combined assets, including both liquid assets and property equity. Retirement assets are counted, but only the “cash value” of the retirement asset is counted toward the limit, meaning any taxes or penalties paid if a withdrawal were made are factored in. Any funds used toward the down payment on the property also count toward the asset limit. However, any funds received from a municipal, state, or federal down payment assistance program do not count as an asset.

For non-age-restricted units, you must be a first-time homebuyer. This means you have had no ownership interest in a principal residence during the past 3 years OR you are a displaced homemaker, single parent who has only owned a home with a former spouse while married, or owned a mobile home. For age-restricted units, you must sell your current home and live in the one you purchase as your principal residence. Any equity or proceeds from that sale count toward the asset limit.

Deed Restriction, or Deed Rider, describes your responsibilities as an affordable homeowner. For instance, you must get permission from CHAPA to refinance your mortgage or make any capital improvements to your home. If you want to sell your home, you will have to notify CHAPA in writing and follow certain procedures in order to sell it to another income eligible buyer at a lower “affordable” price.

To purchase an affordable home, contact the monitoring or lottery agent in charge of coordinating the sale of the property. You will have to complete an application and provide documentation to show that you are eligible, including a pre-approval from a mortgage lender.

No. However, we recommend you check out the affordable loan products for first time homebuyers through the Massachusetts Housing Partnership and MassHousing. More information can be found at MyMassHome. We also recommend letter your lender know upfront that you are applying for a deed restricted affordable home, so that your lender can ensure your loan will be compatible with the deed restrictions.

No. Loan must be from and institutional lender.

Yes, please contact CHAPA or the monitoring agent for that development for more information. Applicants may also contact MassHousing directly. MassHousing is obligated to address the grievance in a manner consistent with 40B guidelines and in accordance with any existing DHCD 40B grievance policy.