Frequently Asked Questions: Affordable Housing with CommonBond Communities
Am I eligible for affordable housing?Each affordable housing community has its own requirements for eligibility. Usually eligibility is determined by your household income and how many people are in your household. Some housing units are set aside for specific populations, such as seniors or people with disabilities. To determine whether you’re eligible, contact the community you are interested in for further details.
What affordable housing programs does CommonBond Communities manage?CommonBond Communities manages a number of affordable housing options, including Section 8, Section 42, Section 202, Section 236 and Section 811 and 202/8.
What is Section 8 Housing?Section 8 is a U. S. Department of Housing and Urban Development (HUD) federal program that helps low and very low-income households. There are two types of Section 8 programs: Section 8 vouchers and project-based Section 8. Under the Section 8 program, rents are based on 30% of household’s income. CommonBond Communities provides project-based Section 8.
Qualified applicants must be/have: • Income that does not exceed the maximum allowable income for this program based on the size of the household • Must meet selection criteria for the property.
Is CommonBond Communities a provider of Section 8 Housing Choice Vouchers?No, CommonBond Communities does not provide Section 8 Housing Choice Vouchers. CommonBond Communities provides project-based subsidy that stays with the property. When a resident moves, the subsidy is then available for the next qualified person who moves into the property.
What is Section 42 or Tax Credit Housing?Section 42 or Tax Credit Housing assists households that make 30-60% of Area Median Income. These households pay lower than the area’s market rate rent; however, rents are not based on 30% of house-hold’s income and do not change with the household’s income. Income and rent limits are established annually by the local Housing Finance Agency. Qualified applicants must be/have: • Minimum income requirement – two to three times the amount of rent per month • Total gross income of the household cannot exceed the maximum allowable income based on the size of the household at the time of move in • Rent cannot exceed the maximum allowable rents based on the size of units • Must meet selection criteria for the property
What is the difference between “Income-Based” and “Income Guidelines”?Income Based rent is a percentage of your income. Income Guidelines are the minimum and maximum income limits set to qualify to rent an apartment. Income limits are updated every year and will vary according
to city, county, and state.
Can I get a housing application online?Yes, if a housing community is accepting applications then an application can be downloaded at www.commonbond.org.
Is the application good for all of CommonBond properties?No, a separate application needs to be completed for each property that you are interested in applying to.
What is the rental application process?Applications are only accepted at properties that have available units or an open wait list. For properties that have availability, the manager will request a Credit, Criminal and Rental background check. After these reports are received and approved, the manager will need to verify all Incomes and Assets and confirm the household qualifies under the income limits required for that specific location. Please note that housing applications are not accepted at the corporate office, excluding new developments. Applications received at the corporate office will be returned to sender.
Do you run background checks on everyone who wants to live at a CommonBond Community?Credit, criminal and rental background reports are run on all prospective residents ages 18 and over.
What is looked at on the Credit Report?The applicant’s demonstrated ability to pay rent and utilities on time.
What is looked at on the Criminal Report?Arrest/conviction of criminal activity/behavior involving one or more of the following: • Crimes of physical violence to persons or property • Drugs • Theft of another’s property • Registration with state and/or fed-eral sex offender registry • Other criminal acts which may endanger the health, safety, or welfare of other residents or management staff • For felonies please refer to the property’s Resident Selection Criteria for detailed information.
What is looked at on the rental background?We look for the following: • Unverifiable previous rental history
The ability to fulfill obligations and comply with all terms of previous/current lease(s) • A record of chronic late payment of rent • A record of underpayment or nonpayment of rightful obligations, including rent and utilities • A record of disruptive behavior • A record of destruction of property • A record of poor living or housekeeping habits.