Rental Requirement Information

Affordable Apartment Housing Income Guidelines

Lee Overlook participates in a 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:

60% Income Limit:
1 Person – $68,880
2 Person – $78,720
3 Person – $88,560
4 Person – $98,340
5 Person – $106,260
6 person – $114,120

The minimum income per household is $53,080 /2bd and $61,180 /3bd.

Application Fee: $40 per person 18+

Deposit IQ: $175 (non-refundable)

Security Deposit: $1,000-$2,250 (refundable)

Lease Term: One year is required

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, and pensions, saving accounts, etc. must be submitted with application.

Employment:

To verify current employment, you must provide (6) six, current and consecutive pay stubs and employer must complete the Employment Verification Form. If self-employed, Federal Income Tax Returns for the past two years and a profit & loss form signed by a certified CPA are required. Previous employment is verified for the past 2 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 (six-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. Also a criminal check will be done along with credit check.

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 Students:

Full time students (current or in the past 6 months) are ineligible to live in a tax credit community unless one or more applicants are married and file a joint tax return, or the applicant is single-head of 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 turned in the office, it generally takes 3-7 business days for approval.