Sales Prices and Income Guidelines

The Gates has 3 “Tiers” of apartments for sale:

• Two-bedroom apartments for $87,035
• One-bedroom apartments for $134,550-$138,460
• Two-bedroom apartments for $167,253

Income

Each Tier has an income maximum that is calculated using the combined income of each member of the household over 18. These maximums differ based on household size. See chart belowfor income maximum and accompanying household size. Household income is verified through current pay stubs. Each Tier also has an income minimum. While the income maximums are fixed the minimums can vary and are estimated based on a 5% down payment and 5% projected closing costs (i.e. 10% toward home purchase). Applicants falling below the income minimum who are able to make a down payment of more than 5% will also be considered.

Assets

Total household assets (excluding 401K and other retirement accounts) cannot exceed maximum amount for each Tier:

• Tier B, maximum assets of household not to exceed $52,749.
• Tier A and C, maximum assets of household not to exceed $58,538

Stocks, bond, mutual funds, REITs, real estate, bank accounts, CDs, etc. are counted as assets.

Note: Retirement accounts (e.g., 401k, 403b, IRA, etc), will not be counted toward the asset cap. ·