FAQ

Frequently asked questions answered by Cambridge Real Estate Services:

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What sources of income do we look at?

We are responsible for forecasting your income for the coming 12 months. We do this by evaluating your recurring income sources. A recurring source of income might include wages from a job, child support or alimony payments, recurring financial support or gifts, and certain types of public assistance. We look at recent history, and we use affordable housing program guidelines to project into the future. Each household is unique. Consult with our staff to discuss your specific circumstances.

How do we go about verifying household income?

Verifications include direct engagement with companies, agencies, or individuals that provide your recurring forms of income. Beyond these direct verifications, we seek business records such as pay check stubs, bank statements, and benefit award letters that allow us to make determinations regarding future expected income.

What information about household income should be provided to evaluate my application?

A detailed survey called a Tenant Income Questionnaire is the first important step. This form is available from our property management staff. Your answers to each of several questions will help shape our next steps, which include verifying the information you provide. You can also get a head start by beginning the process of copying and making available to us the following important documents.

All pay check stubs you have received from your employment over the course of the past 3 or more months
Award letters you might have received during the most recent 12 calendar months for any recurring financial support you receive
Your most recent federal income tax return
Copies of your most recent 6 months worth of bank statements
If applicable to your situation, copies of child support agreements, divorce decrees, and alimony awards

Please explain gross income to me.

Gross income is the income you received prior to deductions on income tax, voluntary and mandatory payroll withdrawal, and other deductions that may apply for things like Medicare or health insurance premiums. We are most interested in your level of income before these deductions as our calculations are all based on gross income. Gross income is also the amount of income used when you complete your annual income tax return.

Glossary of terms

HUD U.S. Departments of Housing & Urban Development
Income Limits 50% or 60% of the median on the per person basis
Income Eligibility The gross projected income to be received in the next 12 months following the effective date of the certification according to the HUD Section 8 Program.
IRC Internal Revenue Code
IRS - Internal Revenue Service
LIHTC Low Income Housing Tax Credit
Minimum Set Aside The federally required minimum level of tax credit units in a property 20%, 40%, Income Averaging, or in NYC 25%
RD Rural Development, formerly Farmers Home Administration
Recertification The annual redetermination of the household income
Restricted Rent The maximum allowable rent according to the IRS formula, including any utilities or services that must be paid by the resident
Utility Allowance Part of the restricted rent (see above)

What is the difference between subsidized and affordable housing?

Subsidized housing is commonly priced according to market standards in the broader community. A rent subsidy is then offered to a household much like a coupon is offered to lower the price of the housing. Qualifying households that receive a coupon benefit from paying less than the published rate for the rental housing.

Affordable housing means that the price for the rental unit begins below market rent. By pricing the apartment below market rate, the apartment becomes affordable by definition.

Some below market rent (also known as affordable) rental communities allow prospective residents to receive subsidies as well. Our rental community proudly accepts Section 8 Housing Choice Vouchers which allow residents to receive the benefits associated with subsidies while also choosing to live in our below-market rent community.

What are the restrictions regarding students?

Our type of rental community is designed for people with low and moderate incomes. The government agencies which created this housing program made a decision to target this type of rental community to households that do not consist solely of full time students. These rules are complicated so check with our staff if each and every person in your household is defined as a full-time student. It is possible that your household may not qualify due to student restrictions.

Frequently Asked Questions

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FAQ

Frequently asked questions answered by Cambridge Real Estate Services:

What sources of income do we look at?

How do we go about verifying household income?

What information about household income should be provided to evaluate my application?

Please explain gross income to me.

Glossary of terms

What is the difference between subsidized and affordable housing?

What are the restrictions regarding students?

Still looking for answers?

Click here to forward your questions to Cambridge.

Contact Us

Office Hours

Links

Frequently Asked Questions

Didn't find an answer?

Contact Us

Call Us

FAQ

Frequently asked questions answered by Cambridge Real Estate Services:

What sources of income do we look at?

How do we go about verifying household income?

What information about household income should be provided to evaluate my application?

Please explain gross income to me.

Glossary of terms

What is the difference between subsidized and affordable housing?

What are the restrictions regarding students?

Still looking for answers?

Click here to forward your questions to Cambridge.

Contact Us

Call Us