Calibre Residential manages its properties under the Section 42 housing program. Vista Woods does not participate in Section 42. This program refers to that section of the Internal Revenue Tax Code that provides tax credits to investors who build affordable housing. Investors receive a reduction in their tax liability in return for providing affordable housing for people with fixed or lower incomes.
Whether your income qualifies you to reside at one of these communities is determined by the Department of Housing and Urban Development office in your county, which operates under laws mandated by the federal government. In addition to wages, income includes monies received from all sources such as alimony, child support, pensions, social security, and asset income. Your income must be verified prior to your signing a lease and moving into a Section 42 community and may be reviewed annually for compliance purposes.
You will be asked to complete forms that will provide information regarding your income, family size, and financial assets. This information will help to determine your household’s eligibility for the program.
Income levels are determined by the Department of Housing and Urban Development (HUD) for each county.
Your maximum income level is based on the number of people in your household and the combined gross (before taxes and deductions) income.
All income is counted, including income on your assets such as checking accounts, savings accounts, lump sum settlements, profits from the sale of real estate, etc.
Assets are your valuables other than personal items that must be considered when determining your family income. Examples include checking accounts, savings accounts, and certificates of deposit, stocks, and bonds. Personal items such as your car, furniture, etc. are not included.
No. All applications will be processed using standard screening policies and procedures, which include credit and background checks and rental history verifications.
All applicants are required to provide at least two full years of prior residence history. Other information may be required. Some student restrictions may apply.
Rents are determined based on the median (average) county income. Then the rent is set by the Owner of the community, based on HUD guidelines and minus a predetermined amount for utilities.
The Leasing Staff will be happy to provide you with the necessary forms and will assist you with the application process. As previously mentioned, the application process is two-part. The first step is to complete an application and submit the $35 application fee per adult. A husband and wife may submit one application and one fee. For all other households, each individual over the age of 18 must submit a separate application and application fee. Based on the information obtained through our standard rental screening policy and procedures, your application will be approved to continue to the Income and Asset verification process, which will determine your Section 42 program eligibility.
*Subject to change according to Section 42 requirements