Income Qualifying
The Masala and Chrysalis Cooperative are permanently affordable rental property’s and residents are required to income qualify.
At Masala Annual income can’t exceed 10% above the HUD low-income limit (currently $51,200). At Chrysalis annual income cannot exceed 60% of the Area Median Income (AMI) of $62,500, which is $37,500. After occupancy at both cooperatives, tenants may be allowed to renew their leases until their incomes exceed thirty (30%) more than the HUD low-income limit (currently $58,240).
The Boulder Housing Coalition (BHC) requests that potential residents give the Employment Verification Form to their employer and have the employer fill out the entire form and sign the form on the line that says authorized representative. After the Employment Verification Form has been completed it needs to be mailed or faxed or emailed to the BHC by the employer. The BHC address is:
If the employer needs to email the form please use the contact form to contact the BHC Executive Director for further instructions.
All Residents must complete income qualification paperwork each and every year they live in the cooperatives.
BHC Verification of Employment Form
This is the complete membership procedure for both cooperatives:
- Co-op’s accept new members using their individual process. These folks will still be considered potential residents (PR’s) until all of there income qualifying paper work is complete and the Boulder Housing Coalition (BHC) Executive Director (ED), the Potential Resident and Co-op Membership Coordinator (MC) has signed the lease and the deposit is put down.
- PR or the Membership Coordinator (MC) will contact the BHC ED with phone and email of the PR.
- BHC ED will furnish the BHC Verification of Employment Form or Self Employed or Unemployed Form to new potential resident.
- Potential Resident (PR) will give the form to their employer to fill out and then the employer will fax back to the BHC ED. Hand carried forms will not be accepted, forms must come directly from the employer to the BHC ED by mail, email or fax. Click here for contact information
- Once the form has been received by BHC ED then the PR will meet with the BHC ED to complete the remaining forms. Please note: The PR must bring a copy of the application to meet with the BHC ED.
- When all forms are complete BHC ED will sign the lease and give to PR. PR will then take this lease to the co-op MC and they will both sign and the MC will collect the deposit.
- The MC will make a copy of the lease for the co-op and give the original to the BHC to complete the PR’s income qualification file. This file will remain in a locked drawer in the the BHC archives.
- PR may now move in and join the community. Yay!!!
