Sales Prices and Income Guidelines

The Gates Cooperative has two categories or Tiers of apartments for sale:

• One-bedroom apartments for $134,550-$139,500
• Two-bedroom apartments for $167,253

Each Tier (B and C) has income maximums that are calculated using the combined income of everyone in the household. The maximums are different depending on the household size. See below chart for income maximum and accompanying household size. Incomes will be based on current pay stubs of the adults who are planning to live in the apartment. If the applicant(s) is self-employed, then income will be based on a letter from a certified public accountant.

Also, each apartment Tier has a minimum income. The minimum amount is based on the applicant(s) putting 10% down. If applicant(s) is able to put down more than 10% and still be under the asset maximum (see below for asset maximums), then the applicants with less than the minimum income will be considered.
Total assets (not including 401K and other retirement accounts) of household cannot exceed maximum amount for each Tier:

• For Tier B, maximum assets of household cannot exceed $52,749.
• For Tier C, maximum assets of household cannot exceed $58,538

Note: If you have more than the above asset amount in a retirement account (401K, etc), then you are still eligible. Only if you have assets in other instruments (i.e. stocks, property, checking accounts, CDs) will you be ineligible if it exceeds the assets maximums listed above.