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Property Logo at Reserve At Settlers Ridge Apartments, Woodbury, 55129
Property Logo at Reserve At Settlers Ridge Apartments, Minnesota, 55129

Affordable Housing

Affordable Housing

What is Affordable Housing? 

Affordable housing for this community refers to the Low-Income Tax Credit (LIHTC) program that ensures rental rates are accessible to individuals and families with lower to moderate incomes. Through the affordable housing program, rental rates are capped to align with a percentage of the area median income that allows qualifying households access to stable homes without compromising their ability to afford other essentials. Affordable housing can be provided through various means, including government subsidies, nonprofit initiatives, and the development of cost-effective housing solutions. While this is not a project-based Section 8 community where rental rates are determined by household income, housing vouchers are accepted provided they meet or exceed the established rental rates.

Our Process

Moving into a home that participates in a LIHTC affordable housing program is an exciting opportunity; however, it requires following a few important steps to ensure eligibility and a smooth transition. We encourage you to review all the necessary steps outlined below to guide you through the process and make your move as seamless as possible. Click through to learn more and get started on your journey to your new home!

Step 1: Review Eligibility

Prior to submitting an application, review the eligibility parameters for the LIHTC program, as minimum and maximum household income restrictions apply. The rent amount will stay the same for a minimum of one year. Rent is not based on household income; however, Section 8 vouchers or other third-party subsidies are accepted provided they meet or exceed the established rental rates.

Minimum Household Income: Two times (2x) the rent.
Maximum Household Income: Gross (pre-tax) income must be below the amounts listed on the following table based on household size.

HOUSEHOLD SIZEMAXIMUM INCOME 50% AMIMAXIMUM INCOME 60% AMIMAXIMUM INCOME 70% AMI
1 Person$46,350$55,620$64,890
2 Person$53,000$63,600$74,200
3 Person$59,600$71,520$83,440
4 Person$66,200$79,440$92,680
5 Person$71,500$85,800$100,100
6 Person$76,800$92,160$107,520
7 Person$82,100$98,520$114,940
8 Person$87,400$104,880$122,360

Step 2: Submit Application and Fees

Select the floor plan that you desire on the Floor Plans page, review the available apartments on the following screen and click “Start Application” to apply for the apartment of your choosing. Please be sure to have all of the necessary documents in order before starting the application as the application, fees and all signatures must be completed within 24 hours or the application will be automatically cancelled without the option to recover progress. Click “Resident Selection Criteria” below for detailed information on the required documents and fees.

Note: All adult (18+) household members are required to have separate email addresses and create an applicant portal to complete the application online. 

Application Fee: $38 per adult
Holding Fee: $100
The security deposit amount is dependent on the credit screening results and will be due upon approval. 

a woman typing on a laptop computer with an appointment scheduler on the screen

Step 3: Application Processing

The application will be reviewed in two phases and may take up to 2 weeks. Timely response to documentation requests is crucial to avoid delays, cancellation, and forfeiture.

Phase 1: Background check and income verification conducted by Better NOI. If approved or conditionally approved, the application moves to the second phase.
Phase 2: Eligibility for the Low-Income Housing Tax Credit (LIHTC) Program is assessed by a compliance team.

Step 4: Select Apartment and Schedule Move-In

Upon application approval, a member of our leasing team will provide you with a list of available apartments to choose from. Using our Interactive Site Map, you will be able to view the locations, view floor plans, and take a virtual tour of the apartments to select the perfect home. 

As your move-in day approaches, a member of our leasing team will contact you to schedule your move-in orientation. During this appointment, we will verify your Resident Portal is set up, the apartment utilities are in your name, collect the security deposit and first rent payment, sign your lease, give you a tour of the community and apartment, and hand over the keys to your new home!

Two men shake hands with a woman in a room.
a heart shaped house with a pair of keys

Providing Housing

At Real Estate Equities, we are committed to providing quality, affordable housing to the communities we serve. 

people standing in a circle with their hands together

Building Communities

Our apartments provide more than homes, they provide communities to the thousands of residents we are proud to serve. 

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Enhancing Lives

By providing affordable homes to our residents, we allow them elevated financial freedom and better quality of life.

Preparing to Apply 

Please bring a valid photo ID for all adult household members for verification.
  • A $38 (per adult), payable online through the online application. This fee covers the application process and is not refundable.
  • A $100 holding fee will be required to secure the apartment while your application is under review. This fee is refundable if your application is denied and will be applied toward your deposit if approved.
  • Employment: 4-6 current, consecutive paycheck stubs, offer letter from employer, payroll summary.
  • Self-Employment: Most current federal income tax return 1040 including Schedule C, Schedule E, or Schedule F, trip sheets, financial statements, contracts, profit and loss statement.
  • Social Security or SSI (includes minor children): Current social security benefit letter printed from myssa.gov or received through the mail. Cannot accept yearly benefit letter sent out in November.
  • Pensions, annuities, insurance policies, retirement funds, disability/death benefits, and other periodic payments: Current benefit letter or 4-6 current, consecutive statements from provider.
  • Public Assistance (MFIP, MSA, GA, etc.): Current printout of benefits received. Obtain from county caseworker.
  • Child Support: Current printout (total of 12 months) from state website or custody agreement with income listed.
  • Unemployment: Current printout of unemployment benefits received from state website.
  • Regular Contributions/Gifts: Contact information for contributor for property to verify.
  • Alimony: Copy of alimony agreement.
  • Student Financial Aid: Printout of assistance from school.

Other documentation may be required. For full documentation list please review pages 10 and 11 from our RESIDENT SELECTION CRITERIA

  • On-Site or Online: You can complete your application during your tour or at your convenience on our floor plans page.
  • Income Verification: Please be on the lookout for an email from BetterNOI, the third-party service that handles our income verification and application screening process. They will be reaching out to you after you submit your application.
  • Processing Time: Applications typically take 1-2 weeks to process. We will keep you updated on the status of your application. Please opt-in for text messaging to receive expedited updates during the application process. Simply text us at (520) 353-8496.
  • Deposit Amount: The deposit is based on your qualifications, with a minimum of $500. In some cases, the deposit could be equivalent to one month's rent. You will be informed of the exact amount once the application results have been processed.
  • Deposit Timing: Any remaining deposit amounts will be due at the time of move-in.
APPLICATION SCREENING

Before applying, please review our Resident Selection Criteria for more information about the screening process.