9. Guarantors and Co-Signers
I understand that co-signers and guarantors are not permitted unless they are co-tenants who will
reside in the unit. I understand that the Total Rent, as defined in Section 2 of this Affidavit, must be paid
solely by members of the household and/or by a housing voucher.
Guarantors include persons who are not members of the applicant household and who do not intend to
occupy the unit, but who make, or state their intention to make, regular and/or substantial monetary
contributions to members of the household.
10. Household Assets
Assets include but are not limited to the following: checking or savings accounts, CDs, money market
accounts, cryptocurrency, other electronic funds, prepaid debit cards, child support cards, Treasury bills,
stocks, bonds, securities, trust funds, pensions, IRAs, other retirement accounts, current assessed value of all
real estate, rental property, and other real estate holdings, all property held as an investment, all business
capital and other business holdings, and safe deposit box contents (include the value).
All accounts must be represented by complete statements, with all pages included, and must be no more
than 60 days old . If a bank account has been closed within the past 60 days, a copy of the final bank
statement showing a zero balance must be submitted.
If a member of the household has disposed of an asset in whole or in part for less than the fair market value
during the past two years, the BPDA will consider the asset as belonging to the household and count its fair
market value towards the asset calculation. Disposal of assets and/or substantial transfers of funds to
individuals not part of the applicant household may be considered as the applicant’s assets towards the asset
limit with a two year look back period. Any lump sum disposal of assets in excess of $5,000 within six months
of applying/recertifying must be accompanied by documentation showing the source and destination of the
lump sum, and the value of the disposed asset may be counted towards the asset limit. However, assets
documented as lost through a foreclosure or court-documented divorce agreement prior to applying may be
excluded, and exceptions may be made for qualified withdrawals from otherwise exempt asset accounts.
Asset Limitation
a. When applying for a unit designated for households at or below 80% of the area median income (AMI),
the combined total assets of t he household cannot exceed $75,000. When applying for a unit designated
for households in income categories greater than 80% AMI, the combined total assets of the entire
household cannot exceed $100,000. The designated asset limit applies at both initial application and any
recertifications thereafter.
b. Assets held in qualified retirement accounts (IRA, 401(k), pension plan, etc.) at least six months prior to
application are exempt from consideration as part of the household’s total assets unless they are being
liquidated in whole or in part. Government-approved college savings accounts and health savings
accounts (HSAs) are also exempt. Supplemental needs trusts may be exempt from the asset cap.
However, documentation of these assets must still be submitted.