Affordable Housing Waitlist in Maine! Heat and Hot Water included! 1BR
Princeton Properties
100 Forest Park
Portland, ME 04101
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Affordability now comes with a view!
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.
AFFORDABLE Housing rental rates:
1-bedroom apartments for $1016/month
2-bedroom apartments for $1214/month
Rent includes heat and hot water
IMPORTANT! Applicants must comply with the following:
You may qualify for our Affordable Housing Program if your income is under:
$39,800 (1 person household)
$45,500 (2 person household)
$51,200 (3 person household)
$56,850 (4 person household)
If you are interested in applying for our Affordable Housing Program, applications can be found in the lobby of our leasing office located at 100 Forest Park in Portland, Maine.
APPLICATION Requirements:
Applicants for residency must satisfy four criteria for approval:
1. INCOME: Rent may not exceed 40% of gross income. Rent plus monthly expenses may not exceed 50% of gross income. Income must be verifiable.
2. EMPLOYMENT: Stable employment of six months or longer with the current employer. If length of employment is less than six months, most recent prior employment will be considered, provided it is in the same business or industry. If the applicant is retired or disabled and is otherwise able to document sufficient income to support rent, employment is not required for approval.
3. RESIDENT HISTORY: Positive landlord references and/or mortgage payment history.
4.ESTABLISHED CREDIT: Credit report must show positive payment history. Any of the following may result in denial of the application: historic delinquency, recent bankruptcy, unsatisfied judgments, collections, or repossessions.
Effective 2020, all new residents will be signing a property-wide smoke-free lease addendum!
PRINCETON Properties offers:
◘ On-site laundry
◘ Off-street parking
◘ Private trash removal is included so you do NOT have to throw money away on city trash bags!
◘ Cat friendly / Other Dog Friendly Options available as well
FIND OUT MORE AT:
https://www.princetonproperties.com/affordable-program/