Q: What is the Tax Credit Program?
A: The tax credit program, also known as the “federal low-income housing tax credit program” or simply LIHTC, is a popular affordable housing program that has been around since 1987. Unlike most housing programs that are administered by HUD, the tax credit program is administered by the IRS, in coordination with state housing finance agencies across the country. Landlords who participate in the program get to claim tax credits for 10 years for their tax credit properties in return for renting their apartments to low-income residents at a restricted rent.
Q: Do I qualify for affordable housing?
A: Each property has specific eligibility requirements relative to student status, income, credit, criminal, and rental history. Please contact the Leasing Office for details.
Q: How do I apply for housing?
A: Each property has its own application process. Please contact the Leasing Office regarding apartment availability, rent, income requirements or restrictions and how to obtain an application for housing. All applicants 18 and older must be present to apply. The office staff will provide a list of the required documents that are necessary for the application and an appointment is strongly recommended.
Q: How long will it take to be approved for an apartment?
A: Depending on the circumstances of each household, the approval process varies. Generally, the approval process takes 5-7 business days.
Q: Is there a cost to apply?
A: The standard application fee is $25 per adult (55 years old and old).
Q: Is my income limit based on what I’ve made in the past year?
A: No. It’s determined by looking forward and “annualizing” your income for the next year.
Q: When do applicants need to advise management of changes?
A: Applicants must advise management of any changes in anticipated and verifiable income for the upcoming 12 months from the date of move-in prior to moving in.
Q: What if my income goes up?
A: Every year your income and assets are re-verified in a recertification process. Any changes in household income, anytime during your residency, must be reported to management within 10 days.
Q: Do you perform a credit check?
A: We perform a credit check as well as a criminal back ground check and rental history verification. The results will be assessed as a factor in approving your application.
Q: Do I have to pay for any utilities?
A: The resident is responsible for electricity. Ashton Browns Mill pays for water and sewer. Please contact the Leasing Office for details.
Q: How long is the lease?
A: 12 months
Q: Is there a security deposit and is it refundable?
A: A refundable security deposit of $200 is required prior to move-in. Upon move-out, your apartment will be inspected for damage above normal wear and tear. Cost to repair damage beyond normal wear and tear will be deducted from the security deposit and the remainder of the deposit will be refunded.
Q: Do you allow pets?
A: We do not accept pets. However, service animals are welcome. Verification of need is required. Please contact the Leasing Office for more details.