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General IZ Info |
Rental
Units and Frequently Asked Questions (FAQ)
Who is eligible to rent a property listed as an IZ property? Eligibility is based on the income limits of the household renting the unit as agreed to by the developer or owner of the unit when the City approved the unit. All IZ units must be rented to households with less than 60% of Area Median Income (AMI). See this chart for incomes based on family size. Some units must be rented to households with lower AMI levels. The developer will tell the renter what the income limit is for each available unit. The AMIs change annually, and are determined by the Federal Department of Housing and Urban Development (HUD). The City will count gross income from all the members of the household over the age of 19 from the previous tax year, or their projected income for the current tax year, based on current earnings. For persons who are dependent upon their parents, a guardian, or trust for more than half their income, the City will count the household income of the parents, guardian or trust. Documented proof of income will need to be provided in the form of either a copy of the filed income tax returns from the previous year, or three current wage receipts. What is considered an asset and what is the asset limitation? Assets include all liquid (cash or investment) assets and real estate. Assets do not include dedicated college accounts, retirement funds such as IRAs, or the value of personal property such as cars. Assets will be limited to no more than 20% of the 80% of Area Median Income figure. A developer will include a bonus in the measure of income eligibility, whether it is one-time or routine. A developer will qualify a household on the basis of their income at the time of application to rent. In most cases, this will mean the income for the previous year, based upon income tax returns. Does a young adult living in a family count toward either family size or income? A developer will qualify a household on the basis of who lives in the unit, and count all of the income of those adults participating in the workforce. Someone who is 19 and living with his or her parents and earning income should be counted, both in terms of income and in terms of household size. How will the City monitor the income levels of the families? For rental properties, the City will monitor 5% of the units annually to assure conformance with IZ Plan and to document the verification of family income by the property manager. What will happen if an IZ rental unit tenant vacates the unit during the lease period? The developer/owner will be required to market the IZ unit to income-eligible households each time a unit becomes available for two consecutive 90-day periods. If, at the end of that time, the unit has not been rented to an income-eligible household, the unit may be rented a non-income-eligible household. |
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