Rental Requirement Information
 

Affordable Apartment Housing Income Guidelines

Parkside Landing Apartments participates in a tax credit program to provide affordable housing to households with incomes that fall within a pre-determined range. The benefit of this program is our ability to offer apartment homes at very reasonable rates. The qualifying income ranges are as follows:

30% Income Limit:
1 Person – $34,890
2 People – $39,870
3 People – $44,850
4 People – $49,830
5 People – $53,820
6 People – $57,810

60% Income Limit:
1 Person – $69,780
2 People – $79,740
3 People – $89,700
4 People – $99,660
5 People – $107,640
6 People – $115,620

The minimum income per household is $XX,XXX for a 1 bedroom, $XX,XXX for a 2 bedroom, and $XX,XXX for a 3 bedroom.

Application Fee: $32 per person 18+

Deposit IQ is available. Please inquire for details.

Security Deposit: $1,000

Lease Term: One year is required
 

Income:

Income from all sources must be disclosed. This includes full and part-time employment, child support, alimony, social security, pensions, retirement, interest from bank accounts or assets, etc. Documentation of all income received from child support, alimony, investments, and pensions, saving accounts, etc. must be submitted with application.

The combined gross monthly income of all household members must be at least 3 times the gross monthly rent and 2.5 times net the monthly rent. If a co‑signer is required, the co‑signer’s gross monthly income must be at least 4.5 times the monthly rent.

Applications will be denied if the household’s income falls short of the required threshold by more than $10,000 annually, even with a qualified co‑signer. If a co‑signer is needed, please ensure the co‑signer completes the online leasing application at the same time as the primary applicant.

Employment:

Employment Income:

• Wage Earners (18 years and older):
  • Last four (4) pay stubs if paid bi-weekly or semi-monthly, OR
  • Last eight (8) pay stubs if paid weekly
• Applies to all jobs for each household member.
• If you recently started new employment, provide your employer’s email address so an employment verification may be sent directly to the employer.

Self-Employment Income:

If any household member is self-employed (receives 1099s, cash, paper checks, or pay with no tax deductions), the following is required:

• Last three (3) years of Federal Tax Transcripts
• All W-2s (if applicable)
• All 1099s
• All Schedule C forms
• A completed Self-Employment Affidavit for each business
• Current-year accounting records, showing monthly income, expenses, and profit

Note: Tax transcripts and tax returns are not the same document.

Benefit Income:

Provide a current income statement or benefits letter for each applicable source, including but not limited to:

• Pension or Retirement Accounts
• Social Security – www.ssa.gov
• Disability Benefits
• Veterans Administration – (202) 872-1151
• Civil Service Annuity
• Unemployment Benefits – (301) 929-4350
• Social Services – (240) 777-3100 / 3240
• Severance Benefit Letter

All benefit statements must be dated within 120 days of the projected move-in or recertification date.

Support Payments:

Provide current verification of support payments received in one of the following forms:

• Court order
• Notarized statement from the source
• Printout from the distributing agency

Types of support include:

• Child Support
• Alimony
• Family or Friend Support
• Over $200 in monthly gift income requires proof (2 months of bank statements).

Federal Tax Returns:

• Most recent Federal Tax Returns for all household members 18 years and older
• If you did not file taxes for the most recent year, provide a Non-Filing Transcript
  • Request via www.irs.gov/form4506t or call 1-800-908-9946
• The IRS can also assist if you are unable to locate prior tax returns.

Asset Verifications:

(Household Asset Limit: $52,787)

Provide asset verification for all household members, including minors:

• Checking Accounts: Most recent bank statement (all pages)
• Savings Accounts: Most recent one (1) month of statements (all pages), including:
  • Money Market Accounts
  • Certificates of Deposit (CDs)
  • Time Deposits
• Investments: Most recent one (1) month of statements (all pages), such as:
  • Mutual funds, stocks, bonds
  • IRAs and retirement plans
• Real Estate, Limited Partnerships, or Trusts:
  Documentation must include:
  1. Proof of fair market value (recent tax assessment, appraisal, or market analysis from a licensed realtor)
  2. Most recent mortgage statement (if applicable)
  3. Self-Affidavit stating plans for the asset
• Sold or Transferred Assets:
  Verification for any assets sold or given away within the past two (2) years

Student Status (18 years and older):

Provide verification of full-time student status, if applicable. Acceptable documentation includes:

• School transcript or class schedule showing:
  • Student name
  • School name
  • Credit hours per class
• Tuition bill showing enrollment status (part-time or full-time)
• Financial Aid Award Letter
• Online enrollment verification from the school’s student portal

Household Composition:

• Social Security cards for all household members (numbers verified only; copies are not retained)
• Birth certificates or proof of birth
• Valid government-issued photo IDs for all household members 18 years and older

Military Income Verification:

• Four to six most recent Leave and Earnings Statements (LES)
• LES may be obtained online:
  https://militarypay.defense.gov/pay/
• National Guard and Reserve:
  Include pay for two-week annual active duty training (ACDUTRA)

Credit History & Criminal Check:

Credit history on all applicants must be in good standing. Also a criminal check will be done along with credit check.

Rental History:

Rental references must be provided for the past 12 months. All references must be positive. Additional addresses obtained from the credit report may be questioned. Registry check must show “no suits filed”.