AFFORDABLE HOUSING INCOME ELIGIBILITY
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 2019, the incomes for the Portland area are as follows:
HUD Median Income Percentages (MFI),
Fiscal Year for 2019
| Household Size | 2019 Income Limit at 60% MFI |
|---|---|
| 1 | $36,960 |
| 2 | $42,240 |
| 3 | $47,520 |
| 4 | $52,740 |
Does your income qualify?
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.
- Upon signing lease, prospective tenants must qualify based on household income – adjusted for their household size.
- The rent level for these units will vary by floorplan and number of occupants.
- Your income can exceed this threshold later, however you may become ineligible for the affordable housing program. If you lose your eligibility, it will have an impact on your rent.
- Income calculations may include assets or other non-employment income. Our leasing staff can provide more details.
- The leasing staff will verify all sources of income when you apply.
- Your income levels will be verified annually as long as you are part of the affordable housing program.
Defining Your Income
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:
- Employment income
- Self-employment income
- Social Security, pensions, SSI, or disability income
- Unemployment compensation
- Alimony or child support payments
- Recurring contributions and gifts
- Income from assets – interest, stocks, bonds, real estate, etc.
OCCUPANCY REQUIREMENTS
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.
| Unit Type | Minimum | Maximum |
|---|---|---|
| Studio | 1 person | 2 people |
| 1 bedroom | 1 person | 2 people |
| 2 bedroom | 2 people | 4 people |
STUDENT STATUS
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:
- Students are married and entitled to file a joint federal income tax return. (A married couple who has not filed a joint tax return but is eligible to do so will still qualify, though will need to submit a copy of their marriage certificate)
- The household consists of an independent single parent and his/her children, all of whom are not dependents of a third party other than the absent parent
- At least one household member receives welfare assistance under Title IV of the Social Security Act (AFDC/TANF)
- At least one household member is enrolled in and receiving assistance under the Workforce Investment Act (WIA – formerly the Job Training Partnership Act) or other similar programs operating under Federal, State or local laws
- At least one household member previously received Foster Care Assistance under part B or E of Title IV of the Social Security Act (H.R. 3221, effective 07/30/08 forward)
