Affordable Housing in Maine
The Affordable Housing Program
Princeton Properties is pleased to have been selected by Maine State Housing Authority for long term bond financing at its four apartment communities in Portland. This program was created by Congress in 1986 as part of the Tax Reform Act.
In exchange for receiving beneficial financing terms, Princeton Properties agrees to set aside 25% of our apartments in Portland to be rented at a reduced rate to households of moderate income range. To receive this special financing, we must certify that all residents are qualified under the program requirements and are paying the correct amount of rent.
What is Affordable Housing?
The benefit to an affordable housing applicant is the opportunity to live in an apartment community that might otherwise be out of his or her budget.
The Affordable Housing program is not low-income, nor is it subsidized housing. Each resident is responsible for the full amount of rent each month. The rental amount is not determined based on individual household income; rather it is determined by the pre-set income limits set by the State of Maine for the area. Also, the apartments available to affordable rate residents are no different than those rented at the usual rate.
Application Requirements
A valid photo ID for each personal over 18 years old must be submitted. Applicants who have Section 8 vouchers will need to supply the supporting documentation from the appropriate Housing Authority. Their income will also be verified. A non-refundable application fee of $25 per applicant also applies.
Employment: Verification of employment with the current employer. The employer’s name and address must be provided. If applicant has a prior employer during the past year, documentation of the termination is required. Applicant must also bring in the last 3 months worth of pay stubs or a pay history from their employer.
Residence History: Positive landlord references and/or mortgage payment history for the previous five years is mandatory. Applicants must provide the landlord’s name and address. If the applicant does not have five years of rental history, two personal reference letters for each person over the age of 18 in the household are required.
Established Credit: Any of the following in the past five years may result in denial of the application: history of delinquency, bankruptcy, unsatisfied judgements, collections or repossessions
Assets: Applicant must provide name and address of all financial institutions, including life insurance and 401k carriers. If the applicants has disposed of any assets in the prior two years, including the sale of a residence, documentation must be provided
If the application is denied, the applicant may appeal management’s decision
by requesting a conference/review with the Massachusetts Housing Finance Agency
Our Maine Locations
Qualification Criteria for Portland
All applications for apartments with Princeton Properties are carefully screened to ensure that prospective residents meet the following criteria
- Positive past rental history
- History of stable employment (unless the applicant
is retired or can otherwise demonstrate ability to pay rent) - Established credit history with no record of
delinquent payments or collection accounts
|
Household Size |
50% |
60% |
|
1 person |
$35,650 |
$42,780 |
|
2 people |
$40,750 |
$48,900 |
|
3 people |
$45,850 |
$55,050 |
|
4 people |
$50,900 |
$61,080 |
|
5 people |
$55,000 |
$66,000 |
The Application Process
The Affordable Housing program is regulated by the Federal Government. Princeton Properties is required to comply with numerous of regulations and keep accurate documentation of all residents. All information provided to us by applicants regarding household income is verified in writing to ensure that applicants meet the program's qualification standards
Included in total household income are wages, alimony, child support, social security, income from assets (such as dividends and interest), and other sources. By this verification process, renters are "certified" for affordable-rate housing.
There are no minimum income but there are maximum income limits. Rental rates are determined by HUD after all required information is submitted by the applicant. You will be asked and are required to complete forms that request your income level, family size, student status and financial assets. These factors determine your eligibility to rent an apartment and pay a more affordable rent.
Princeton Pines
1375 Forest Avenue, Portland, ME
tel. (207) 536-5444
|
|
50% Rents |
60% Rents |
|
One Bedroom |
$786 |
$977 |
|
Two Bedroom |
$906 |
$1135 |
|
Two Bedroom |
$1,095 |
$1,324 |
|
Three Bedroom |
$1,260 |
$1,525 |
Princeton on Back Cove
100 Forest Park, Portland, ME 04101
tel. (207) 618-5003
|
|
50% Rents |
60% Rents |
|
One Bedroom |
$916 |
$1,107 |
|
Two Bedroom |
$1,095 |
$1,324 |
Princeton Village
216 Brighton Ave, Portland, ME
tel. (207) 536-5446
|
|
50% Rents |
60% Rents |
|
One Bedroom |
$916 |
$1,107 |
Qualification Criteria for Falmouth
All applications for apartments with Princeton Properties are carefully screened to ensure that prospective residents meet the following criteria
- Must be 62 years old or over to qualify for the
elderly list, or deemed disabled - Positive past rental history
- History of stable employment (unless the applicant
is retired or can otherwise demonstrate ability to pay rent) - Established credit history with no record of
delinquent payments or collection accounts
|
Household Size |
30% |
50% |
|
1 person |
$21,000 |
$35,000 |
|
2 people |
$24,000 |
$40,000 |
The Application Process
The Affordable Housing program is regulated by the Federal Government. Princeton Properties is required to comply with numerous of regulations and keep accurate documentation of all residents. All information provided to us by applicants regarding household income is verified in writing to ensure that applicants meet the program's qualification standards
Included in total household income are wages, alimony, child support, social security, income from assets (such as dividends and interest), and other sources. By this verification process, renters are "certified" for affordable-rate housing.
There is no minimum income but there is a maximum income per household of $38,200 for 1 person and $43,650 for 2 people. In general, rent will be 30% of your income. That amount is determined by HUD after all required information is submitted by the applicant. You will be asked and are required to complete forms that request your income level, family size, student status and financial assets. These factors determine your eligibility to rent an apartment and pay a more affordable rent.
