You could qualify for an apartment home within your budget.
Thank you for your interest in applying to live with us. Stone Gate is an Equal Housing Opportunity provider and seeks to process all applicants in a fair and consistent manner. We offer low and moderate income rent programs. Our affordable programs are based on income restrictions. The details surrounding qualifications are below.
Affordable Housing Program Information
All applicants must meet the income levels
set by the affordable housing program to qualify for our affordable
housing program apartments.
Income Eligibility Requirements
To be eligible to lease an affordable apartment, the combined annual income for all income sources of all income-earning members in the household must be at or below eighty percent of area median income based on household size as published by HUD for the local area, in compliance with the 40B or Local Action Unit Program. All sources of income are counted excluding income from minors or income over $480 for fulltime students who are dependents.
|Maximum Income Limit
All applicants’ household annual gross income must also be at least 2.5 times the monthly rental amount, and less than the Low and Moderate-Income limit for an applicant’s household size as published by HUD to qualify. Note that minimum income thresholds do not apply to voucher holders. For more information on Affordable Housing requirements and restrictions at Stone Gate, please view our Information Packet document listed below.
After your application has been approved by our leasing team, SEB Housing LLC, our third-party compliance specialist, will be assessing your program eligibility. The qualifying process will involve the following:
- Applicants are not able to qualify with a Guarantor or co-signer.
- If you are approved and reserve an
apartment, you would then need to provide to SEB Housing proof of
income and assets, including, but not limited to:
- the prior year’s federal tax returns,
- the past three most recent bank statements,
- the five most recent paycheck stubs, and
- W-2 statements.
- If these forms of verification are not available, SEB may request an alternative form of verification to assure that the household meets the income requirements.
- If Social Security or other forms of government assistance is received, we will require each adult’s benefit statement from Social Security or other applicable government agency as well.
- All assets must also be reported. Applicant must provide the three most recent months or most recently quarterly statement for each asset.
Interested in applying? Here's how.
To determine whether you qualify for affordable rental housing with Stone Gate, please review the Information Packet listed here. Applicants are required to submit a complete application packet to apply. To begin your application, click “Lease Now” in the top navigation.