Rental Requirement Information

Affordable Apartment Housing Income Guidelines

Preston Place Apartments & Townhomes participates in a Section 42 tax credit program to provide affordable housing to households with incomes that fall within a pre-determined range. The benefit of this program is our ability to offer apartment homes at very reasonable rates. The qualifying income ranges are as follows:

50% Income Limit:

1 Person – $39,600
2 Person – $42,250
3 Person – $50,900
4 Person – $56,900
5 Person – $61,100
6 person – $65,600
 

60% Income Limit:

1 Person – $47,520
2 Person – $54,300
3 Person – $61,080
4 Person – $67,860
5 Person – $73,320
6 person – $78,720
 

The minimum income per household is $34,344 for a 2 bedroom and $39,480 for a 3 bedroom.

Application Fee: $40 non-refundable, per person 18+
Holding Fee: $99.00, applied toward the first month’s rent upon approval
Deposit IQ Security Deposit: $262.50 non-refundable + $750 refundable deposit
Utilities: Residents are responsible for electricity. The electricity account must be verified to be in the resident’s name prior to issuing keys for the new home.

Income:

Income from all sources must be disclosed. This includes full and part-time employment, child support, alimony, social security, pensions, retirement, interest from bank accounts or assets, etc. Documentation of all income received from child support, alimony, investments, pensions, savings accounts, etc., must be submitted with the application.

Employment:

To verify current employment, you must provide (6) six current and consecutive pay stubs. If self-employed, Federal Income Tax Returns for the past two years signed by verifiable CPA are required. Previous employment is verified for the past two years.

Assets:

Any income from assets is added to regular income to determine eligibility of the household. Assets include cash held in savings (current balance) and checking (6 month average), stocks, bonds, CD’s, IRA, real estate, etc. Total household assets over $5,000.00 must be verified in writing.

Credit History & Criminal Check:

Credit history on all applicants must be in good standing. Past due balances, collections, judgments, bankruptcies less than 2 years, or other information may affect approval. A criminal check will be completed as well.

Rental History:

Rental references must be provided for the past three years. All references must be positive. Additional addresses obtained from the credit report may be questioned. Registry check must show “no suits filed”.

Full Time Student Status:

Full time students are ineligible to live in a tax credit community unless one or more applicants are married and file a joint tax return, or the application is a single-headed household where no one is dependent of another individual not in the household.

Application Process:

Please complete the application(s) including all information requested above and submit to the office accompanied by the application fee(s). No cash will be accepted and all monies collected until the move in date must be in certified funds. Once an application is completed and submitted, it generally takes 3-7 business days for approval.