19H - INCLUSIONARY AGMT 1901 E FIRST ST

Home Browse Search

LYON COMMUNMES FUTURE RESIDENT INFORMATION Rental Qualification Criteria for Application Approval Thank you for choosing a Lyon Apartment Community for your new home! We are an Equal Housing Opportunity Provider and we abide by all federal, state and local fair housing laws. A rental application must be processed on all prospective residents 18 years of age or older- An application fee of $35.00 must be paid for each applicant. Approval for rental cannot be made without a completed application. Applications that do not have all areas completed or an acceptable explanation of omissions (according to management's approval) will not be processed and will be returned to the applicant. 1. Applicant must provide a valid government issued photo I.D. 2. Current Income - Applicant must be able to provide proof of income that Is legal, verifiable and paid directly to the applicant or the applicant's representative. A combined gross income of 2.7 times the rent is required. Therefore the Current Income requirement can be evaluated by combining the income of all applicants that are applying togeth er-for- a- particulaFUnit. • Employed Applicants must provide their four most recent pay stubs (or a current pay stub that reflects year -to -date income). • Applicants with new positions may provide an offer letter signed by the employer on company letterhead. • Self employed /unemployed applicants must provide other sources of current, verifiable income. All other sources of income must be verified. Such sources and verification could include, but are not limped to, tax returns, applicant's four most recent bank statements, 1099's, proof of government payments, proof of investment or trust fund income, student loan or grant award documents, Court Orders for child or spousal support, etc. 3. Rental History - Appllcant(s) must have one (1) year of verifiable rental and/or payment history from a landlord, apartment community or mortgage company, (including a prompt payment record and compliance with all community policies) within the last three years. Acceptable rentallpayment history would include no more than 2 late payments and /or returned checks peryear of residency, exceptwhen incurred in connection with a foreclosure. Reference information from family members or friends will not be considered- In the event applicant(s) have less than one (1) year of verifiable rental and /or payment history from a landlord, apartment community or mortgage company, applicant(s) may pay an additional security deposit equal to "/ month's rent. 4. Occupancy standards— Lyon occupancy standards are 2 persons per bedroom plus one. For example: a maximum of three (3) persons per one (1) bedroom and five (5) persons per two (2) bedroom. In the event the number of occupants exceeds the maximum number for that floor plan due to the birth, adoption, custody or guardianship change of a minor child, residents will be permitted to stay in the existing unit through the and of their lease term or six (6) months, whichever is longer. At the end of the lease term (or the above time period, if the lease would expire before that time or V the residents are month -to- month), resident must transfer to an appropriate (larger) floor plan (subject to availability of the alternate floor plan and resident's compliance with the existing lease agreement), or vacate the unit subject to the terms and conditions of the lease agreement and supporting addenda. 5. Credit Requirements -A credit report will be processed on each applicant. All applicants will be evaluated on a point system according to negative /positive credit accounts. If applicant takes exception with credit findings, he or she is responsible for contacting the credit bureau. • In the situation where there is more than one applicant applying together for a unit, credit will be Rssuant Ctl@tla No Co Sign CR CA IS -13) Gie.. o. 1 of 2 19H -46