Chapter 40B is a state statute, which enables local Zoning Boards of Appeals (ZBAs) to approve new housing under flexible rules if at least 20-25% of the units have long-term affordability restrictions. Also known as the Comprehensive Permit Law, Chapter 40B was enacted in 1969 to help address the shortage of affordable housing statewide by reducing unnecessary barriers created by local approval processes, local zoning, and other restrictions. Its goal is to encourage the production of affordable housing in all communities throughout the Commonwealth.
Mosaic Commons is part of a 40b project. 10 of our 34 units will be sold below market rate in keeping with state affordable housing guidelines. Here is what we know about how these units will be priced and what the process will be to apply for one.
- Application dates will be widely advertised and will be about 6 months prior to move-in. We will keep a list of people who want to be notified. People will apply for a unit in the combined Mosaic Commons and Camelot Cohousing project, and will be able to select a specific unit based on their lottery number. They will have detailed information about both projects when they do.
- Selection from those who applied will be done by a lottery process, and will be supervised by the state. It is an advantage to live or work in Berlin at the time of the application.
- People do NOT qualify if they have over $50,000 in assets, if they have owned a house in the three years prior to application, or if they annually earn over:
- $46,300 for a single person
- $52,950 for a 2 person household
- $59,550 for a 3 person household
- $66,150 for a 4 person household
(These are the 2007 income requirements and are subject to revision every year)
- The prices of the homes will be set based on a formula from the state that calculates what sales price a family making 70% of Area Media Income can afford if they pay approximately 30% of their monthly income on housing expenses such as mortgage, condo fees and taxes. The formula presumes a down-payment of 5% for the mortgage, and the household must qualify for a mortgage for the remainder of the home price.
Mosaic Commons welcomes the participation of households who qualify for 40b and plan to apply for the 40b lottery. Participation is not required in order to apply for the lottery, and we cannot influence the lottery or guarantee a 40b slot. Such households are welcome to join and participate in the group process and decision making as Associates of Mosaic Commons, and must meet all of the regular Associate requirements. They are not required to make an initial contribution and may pay reduced monthly dues of $20 per household.
