Affordable Housing Page
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.
.jpeg)
Providing Housing
At Real Estate Equities, we are committed to providing quality, affordable housing to the communities we serve.
Building Communities
Our apartments provide more than homes, they provide communities to the thousands of residents we are proud to serve.
Enhancing Lives
By providing affordable homes to our residents, we allow them elevated financial freedom and better quality of life.
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 SIZE | MAXIMUM INCOME 50% AMI | MAXIMUM INCOME 60% AMI | MAXIMUM 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.
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!
