Regency at Bolton

Lottery Process
Due to the nature of the affordable units' availability it is important for everyone to understand the procedure. Please understand the allowable income guidelines are adjusted based upon your household size. Also be advised that the program and its requirements are subject to changes in local, state or federal regulations.

Lottery Pools
Six (6) town home units are available by lottery at Regency at Bolton. The lottery has two pools – Local and At-Large. The pools breakdown as follows:

Local applicants would have two opportunities to “win” a unit by being in both lottery pools.

Preference will be given to households requiring two bedrooms, based on household size. Second preference will be given to households requiring one bedroom, based on household size.

All of the applicants for a given pool will be pulled at the time of the lottery. This will establish the rankings for the distribution of units. For example, if there are 20 local applicants for the Lottery, the first 4, based on lottery ranking and preference, would have an opportunity to purchase a unit, and the remaining 16 applicants would establish the waiting list if any of the initial “winners” drop out.

Time Frames
Regency at Bolton is under construction and it is anticipated that the first unit will be ready February 2008. It is estimated that the remaining affordable units will be completed and ready for occupancy throughout 2008 and early 2009.

If you are selected and have the opportunity to purchase a unit you will speak or meet with a representative to review your application to verify all information. Applicants selected for units approaching completion will need to start working with the designated bank immediately to secure the necessary mortgage. Please be advised that the official income verification will be done at the time you have an opportunity to purchase. Meaning, if one year after the initial lottery you have the opportunity to purchase a unit and you are over income at that time, you may not be able to purchase.

Acceptance of Town Homes
It is important for all applicants to understand that specific units are attached to specific lottery rankings based upon the projected availability of the completed unit. Applicants will not have a choice of unit locations, style or schedules. You will not be able “pass” on a unit and wait for another unit. If you choose not to take the designated unit, you will go to the bottom of the list and may NOT have another opportunity.

Summary
We hope this helps explain the process by which the units will be distributed. It can be a lengthy and sometimes complicated process. We greatly appreciate your participation and wish you the best of luck in the lottery process.