Affordable Housing Qualifications
The Balsam on Broadway participates in the Housing Tax Credit affordable housing program. Household maximum income limits and all full-time student household limitations apply. The household income is based on gross annual income (before taxes and any deductions) earned and unearned from all sources including, but not limited to; employment, social security, unemployment, child support, public assistance, pensions, annuities, interest income, dividends, stocks, bonds, insurance settlements, recurring gifts from family/friends, lottery winnings, etc.
Documentation will be required of all income, assets, and student status for all household members. Total gross household income must be under the following limits based on household size:
Maximum Income Limits Per Household Size
| Occupants | 30% | 60% | 80% |
|---|---|---|---|
| 1 Occupant | $27,810 | $55,620 | $74,160 |
| 2 Occupants | $31,800 | $63,600 | $84,800 |
| 3 Occupants | $35,760 | $71,520 | $95,360 |
| 4 Occupants | $39,720 | $79,440 | $105,920 |
| 5 Occupants | $42,900 | $85,800 | $114,400 |
| 6 Occupants | $46,080 | $92,160 | $122,880 |
*Rent is not based on the household's income. The rent amount stays the same every month for the full term of your one-year lease. IMPORTANT NOTE: Rent rates are subject to change yearly based upon HUD's adjustment of the income limits for the specified area. The rent rates may change when new limits are released.
The property has a minimum household income requirement of 2 times the monthly rent amount to qualify. For example, if the monthly rent is $1,202.00, the household monthly income needs to be $2,404.00/month or $28,848.00/year.
PLEASE NOTE: The Balsam on Broadway accepts Section 8 Housing Choice Vouchers and other forms of rental assistance programs. Please confirm your maximum payment standard with your housing case worker before applying.
PLEASE NOTE: The Balsam on Broadway accepts Section 8 Housing Choice Vouchers and other forms of rental assistance programs. Please confirm your maximum payment standard with your housing case worker before applying.