This outline is meant to give prospects an idea of what may be considered. Each Premier property adjusts the guidelines slightly to account for differences in area populations. Submitting false information is grounds for immediate rejection.
(Section 42 housing uses different qualifying criteria. For that information see FAQ: What is Section 42 Housing)
Provide accurate and complete applicant information
Housing reference- we contact current & previous housing providers to confirm that each applicant is in good standing. A history of timely rental payments, abiding by lease policies/rules/regulations, respecting neighbors & the property, and landlords willing to re-rent or renew leases is considered good standing.
Credit Report- each applicant should have no:
Delinquent housing accounts
Outstanding utility bills
Bankruptcy filings over the past 2 years
Less than $3,000 past due/ in collections for entire household
Medical bills and student loans are not considered
Income verification- This is required for all adult members residing in the unit. It may include but is not limited to: paychecks, child support, SSI, proof of recent similar rental payments. To determine if you possibly qualify the typical formula is: (gross income of all adult applicants) X 35% > Established Rent Amount.
NOTE: 35% used can actually range from 30-50% depending on the property.
Conviction Records Check- Criminal convictions and the National Sex Offender Registry are checked. To qualify each applicant should have:
No eviction in the last 5 years
No back rent owed to prior housing providers
No outstanding balances with prior housing providers related to damage to the property
No convictions that would be considered a danger to the property or neighbors
An eviction in process: the application will be held in abeyance until final court disposition
In order to qualify for residency in a Premier apartment, no tenant may have any evictions on record in the last five years. If applicant is in the process of an eviction, the application will be held in abeyance until final court disposition. This policy may vary state by state depending on what the state permits.
When you find a property that appeals to you, call the on-site staff to set up a private showing of the available units. If all goes well, the person who is showing you the apartment will be able to provide you with an application at that time. Each individual that will be occupying the apartment that is over the age of 18 will need to fill out a separate application. When the applications are completed they should be returned to the property for verification and approval. When turning in application you will need to show a government-issued ID and put down a refundable deposit to begin processing the application. The amount of this deposit varies from property to property; check with the on-site staff for exact amounts. Once your application has been processed you will be contacted and informed as to whether or not your household has qualified for the desired unit.
Section 42, refers to part (Sec. 42) of the Affordable Income Housing Tax Credit Program that was passed in 1986 to help provide affordable, high-quality housing to those who could not normally afford an apartment with such features. To qualify to live in a Section 42 unit or building, the household must abide by certain income requirements. This typically means that the household's income must fall below a designated percentage of the county's median income. Each unit or building has a different cut off, so interested individuals should contact the representatives at each property separately. Just because a household does not qualify for one Section 42 apartment, that does not mean the household will not qualify for another.
There is much confusion regarding the difference between Section 42 and Section 8 programs. Put as simply as possible, the difference between the two programs is to whom the government gives its money. In Section 8, the money is given to the tenant (usually via a housing authority) in order to pay his or her rent. In Section 42, the owner of the property receives the money (in the form of a tax credit) and in turn lowers the rent on the units for which they have received credits. So, while the tenant must pay his or her own rent, the amount of the rent is drastically reduced. Note: All of our Section 42 properties also accept Section 8 vouchers!
In calculating whether or not a household financially qualifies for Section 42 Housing, both assets and income are factored in.
Assets include, but are not limited to: CD's, Checking & Savings Accounts, Safety Deposits, Revocable Trusts, Bonds, Pension, Stocks, Retirement Accounts, Real Estate Equity, Personal Savings
Income includes, but is not limited to: Commission, Tips, Social Security, Unemployment Compensation, Wages, Child Support, Monetary Gifts
Each year, the household must recertify to ensure that they are still in compliance with the income restrictions to ensure that the limited Section 42 units are truly being used by those for whom they were intended. However, if all original household members leave after 6 months or if another person moves in within 6 months of qualification, the whole household must be recertified.
You can get past usage figures by calling the utility providers for the property. To find out who provides service at a certain property, please call the site-manager and he or she will be able to help you.
Renters Insurance protects a tenant's belongings from any sort of loss, damage, or peril. While the owner of the building where you live carries insurance on his or her property, that insurance does not cover any tenant's personal belongings. We recommend that every tenant carry Renter's Insurance to protect himself and his property. For a great article on Renter's Insurance click here: Renter's Insurance
If tenants have not provided a forwarding address in writing to management, security deposits will be sent to the tenants' last known address.
Applicants who do not qualify to rent from Premier could possibly be eligible by getting a co-signer who does qualify. A co-signer agrees to be jointly responsible for payment should the first signer fail to pay debts in a timely fashion.
The following instances could warrant the need for an applicant to secure a qualified co-signer:
Applicants without two years verifiable housing
A household that has $3000-$5000 past due/in collections
An applicant that has no credit