260 Scott lane Unit 304

**Important! To apply for this home, you must have completed, updated, and verified your Online Intake Form within one year of the start of the drawing and before May 22, 2024, or you will not be eligible to apply. Please do not make any changes to your essential data during the weighted drawing period or you will not be eligible to apply. **

260 Scott Lane Unit 304:

• 3-bedroom, 2-bathroom, 2-covered parking spaces 
• Approximately 1,592 square feet
• Range, refrigerator, microwave, & dishwasher
• Pets allowed, only 1 dog
• Home Price: $280,469
• Household income must be between 50% to 80% of the Median Family Income (details below)
• Household size must be 1 or 2 adults with 2 or more dependents 
• At least one adult in the household must work a minimum of 1,560 hours per year. Please read the policies to enter any weighted drawing: Housing Department Rules & Regulations, Section 4: Weighted Drawing.
• Deadline to Apply: Tuesday, June 4th by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions. If selected first for this unit you will be notified by phone. All others will be sent an email notice. 
• All forms needed to enter this weighted drawing are here, under "Ownership - Weighted Drawing Entry Forms". 
• Homebuyer Education Link 
• Please click here for information for Critical Service Providers (CSPs). 
• CCR'S
• Draft Special Restrictions

We understand that our applications to enter into the weighted drawing take time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.

Income Limits 

To be eligible to enter this drawing your household's gross income (before taxes) must fit into the range listed below, and your household's net assets must not exceed the asset limit listed below. 

Three-person household:                $59,895 - $95,832

Four-person household:                  $66,550 - $106,480

Five-person household:                   $71,874 - $114,998

Six-person household:                     $77,198 - $123,517

Net asset limit: $212,960

Example costs break down for a purchase price of $280,469

Please talk to a local lender about closing costs, interest rates, and available loan programs to suit your financing needs. We recommend you choose a local lender giving them at least 48 hours turn around time to help you.

Calculation of Income

Household income is calculated based on the current income earned by all intended adult occupants of the Restricted Housing Unit at the time of weighted drawing entry using the current household income to estimate an annual (12-month) income basis. 

Self-Employment Income Calculation Policy

Business must be a Qualified Local Business for income to be counted as Local Income.

Gross business income is used minus the cost of goods sold (not the cost of goods in inventory – that is an exempt asset) and minus cash expenses only. Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income. Travel expenses will only be deducted in cases where travel is directly related to the business as determined by the Housing Department. Meals/Entertainment expenses will not be counted as a deduction. Depreciation is not an allowed deduction.

For questions, contact the Housing Department.