Q: What is the Tax Credit Program?
A: The tax credit program, also known as the “federal low-income housing tax credit program” or simply LIHTC, is a popular affordable housing program that has been around since 1987. Unlike most housing programs that are administered by HUD, the tax credit program is administered by the IRS, in coordination with state housing finance agencies across the country. Landlords who participate in the program get to claim tax credits for 10 years for their tax credit properties in return for renting their apartments to low-income residents at a restricted rent.
Q: Do I qualify for affordable housing?
A: Each property has specific eligibility requirements relative to student status, income, credit, criminal, and rental history. Please contact the Leasing Office for details.
Q: How do I apply for housing?
A: Each property has its own application process. Please contact the Leasing Office regarding apartment availability, rent, income requirements or restrictions and how to obtain an application for housing. All applicants 18 and older must be present to apply. The office staff will provide a list of the required documents that are necessary for the application and an appointment is strongly recommended.
Q: Can you send me an application?
A: An original copy of the application with original signatures must be provided to the leasing office. In certain situations, a copy of the application can be mailed. However, there are documents that may need to be completed with the assistance of a staff member.
Q: How long will it take to be approved for an apartment?
A: Depending on the circumstances of each household, the approval process varies. Generally, the approval process takes 5-7 business days.
Q: Will a Housing Choice Voucher be accepted?
A: Most properties accept Housing Choice Vouchers if the voucher covers the market rate rent. A resident cannot pay any difference that the voucher does not cover.
Q: Is there a cost to apply?
A: The standard application fee is $25 per adult (18 and older or based on the legal age in your state).
Q: Is my income limit based on what I’ve made in the past year?
A: No. It’s determined by looking forward and “annualizing” your income for the next year.
Q: When do applicants need to advise management of changes?
A: Applicants must advise management of any changes in anticipated and verifiable income for the upcoming 12 months from the date of move-in prior to moving in.
Q: What if my income goes up?
A: Every year your income and assets are re-verified in a recertification process. However, after the first initial recertification, your income and assets can increase without impacting your residency.
Q: Do you perform a credit check?
A: We perform a credit check as well as a criminal back ground check and rental history verification. The results will be assessed as a factor in approving your application.
Q: Do I have to pay for any utilities?
A: Yes. The resident can be responsible for several utilities including electricity, gas, water and sewer. Please contact the Leasing Office for details.
Q: How long is the lease?
A: 12 months
Q: Is there a security deposit and is it refundable?
A: A refundable security deposit of $200 is required prior to move-in. Upon move-out, your apartment will be inspected for damage above normal wear and tear. Cost to repair damage beyond normal wear and tear will be deducted from the security deposit and the remainder of the deposit will be refunded.
Q: Do you allow pets?
A: Palmetto Preserve does allow pets with certain breed and weight limit restrictions. There is a $300 per pet non-refundable fee and $10 per month pet rent. Please contact the leasing office for more details.