Income Qualifications

Village Square 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:

Step 1: Review Eligibility
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Prior to submitting an application, review the eligibility parameters for the LIHTC program, as minimum and maximum household income restrictions apply. The rent amount will stay the same for a minimum of one year. Rent is not based on household income; however, Section 8 vouchers or other third-party subsidies are accepted provided they meet or exceed the established rental rates.

Minimum Household Income: Two times (2x) the rent.
Maximum Household Income: Gross (pre-tax) income must be below the amounts listed on the following table based on household size.

# OF OCCUPANTS	40% AMI LIMIT	50% AMI LIMIT	60% AMI LIMIT
1 Person	$31,440	$39,300	$47,160
2 Persons	$35,880	$44,850	$53,820
3 Persons	$40,400	$50,500	$60,600
4 Persons	$44,880	$56,100	$67,320
5 Persons	$48,480	$60,600	$72,720

Step 2: Submit Application and Fees
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‍Select the floor plan that you desire on the Floor Plans page, review the available apartments on the following screen and click “Start Application” to apply for the apartment of your choosing.

Please be sure to have all of the necessary documents in order before starting the application as the application, fees and all signatures must be completed within 24 hours or the application will be automatically cancelled without the option to recover progress.
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Please bring all earned and unearned income from all sources including, but not limited to; 6 to 10 employment paystubs, social security award letters, unemployment letter, child support, public assistance, pensions, annuities, interest income, dividends, stocks, bonds, insurance settlements, recurring gifts from family/friends, lottery winnings, etc.

Note: All adult (18+) household members are required to have separate email addresses and create an applicant portal to complete the application online.

Application Fee: $35 per adult

The security deposit amount is dependent on the credit screening results and will be due upon approval.

Step 3: Application Processing

The application will be reviewed in two phases and may take up to 2 weeks. Timely response to documentation requests is crucial to avoid delays, cancellation, and forfeiture.

Phase 1: Background check conducted. If approved or conditionally approved, the application moves to the second phase.

Phase 2: Eligibility for the Low-Income Housing Tax Credit (LIHTC) Program is assessed by a compliance team.

Step 4: Schedule Move-In Orientation
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Upon application approval, a member of our leasing team will contact you to schedule your move-in orientation. During this appointment, we will verify your Resident Portal is set up, the apartment utilities are in your name, collect the security deposit and first rent payment, sign your lease, give you a tour of the community and apartment, and hand over the keys to your new home!

Man shaking woman's hand in office stock image

*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. Rent is not based on the household’s income. The rental amount stays the same every month for the full term of your one-year lease.

PLEASE NOTE: Village Square 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.

Income qualifications

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