Thanks to city, state, and federal financing programs The Albert may lease a limited number of apartments at below-market rates to households earning up to 60% of the Median Family Income (MFI) for the Portland metropolitan area. These income levels are published annually by the federal Department of Housing and Urban Development (HUD).
For 2014, the incomes for the Portland area are as follows:
|Household Size||60% MFI|
To determine income eligibility please review these important qualifications. It’s a partial list, so please contact The Albert’s leasing staff for more details.
Your income is defined as the gross amount of income anticipated to be received by all members of the household, with some exceptions, during the twelve (12) month period following the certification. Income includes, but is not limited to:
Because the Albert is a Transit-Oriented Development, its location and amenities qualified it for a limited property tax break. One of these amenities is the offering of 18 units specifically reserved for households at, or below 60% of the PMSA MFI.
The table below specifies the minimum and maximum number of people that may reside in each unit type by law.
|Studio||1 person||2 people|
|1 bedroom||1 person||2 people|
|2 bedroom||2 people||4 people|
In general, apartments at the Albert designated for Affordable Housing may not be occupied by households comprised entirely of full-time students. A full-time student is defined as an individual who attends school full-time (as defined by the institution being attended) for some part of five or more months in the current calendar year. The five months do not need to be consecutive. Full-time students who work full-time are still considered students. Individuals attending on-the-job training courses are not considered to be students.
Some exceptions do apply. As of 2012, if all members of the household are full-time students, the applicants may still qualify for residency if one of the following qualifications is met: