Step 2c: File Update
(applicable for applicants with move-in dates after August 25th, 2021)
Households with move-in dates prior to August 25th, 2021 will skip this step.
As all income and asset documentation must be 60 days current from the date of request and approximately 6 months current at the time of move-in. Households with move-in dates after August 25th, 2021 will be required to re-submit income, asset and tax documentation to SEB Housing prior to move-in.
All households must maintain affordable housing eligibility until they move in!
Once a household has been approved by the Leasing Office, given a move-in date and reserved a unit, SEB Housing will contact them about preparing for this File Update. The File Update will be done approximately 60 days prior to their move-in date. Households failing to complete the File Update, or households who are found to be program ineligible at their move-in date, will not be allowed to move into their affordable apartment.
YEARLY ELIGIBILITY AND RENT REVIEW
After a household has moved in, and approximately 90 days before lease renewal, tenants of affordable apartments will need to submit updated income and asset documentation to the Leasing Office so they can ensure continued eligibility under the affordable housing guidelines. Tenants will not be able to renew Leases until all required documentation has been submitted. Records of taxes, pay-stubs, bank statements and asset statements should be maintained while living in the affordable apartment.
Q: How long can I lease my affordable apartment?
A: As a current resident only, you are considered income eligible for an affordable apartment as long as your household earns an income that does not exceed 140% of the current year’s income limit for a household of your size.
Household Size Current Income Limit for
New Applicants (80% AMI Units) Income Limit for Current Tenants
(140% of Current Income Limit)
1 $67,400 $94,360
2 $77,000 $107,800
3 $86,650 $121,310
4 $96,250 $134,750
Using the Current Income Limits as an example:
According to the table above for the years shown, if a household’s income exceeds the Income Limit for Current Tenants at the time of their renewal, their apartment shall still remain affordable until the next available market rate apartment with the same or greater number of bedrooms is rented at an affordable price to an affordable program-qualified tenant, at which point the apartment of the tenant with earnings exceeding the Income Limit for Current Tenants will be rented at market rates. The household with earnings exceeding the Income Limit for Current Tenants can choose to stay in their apartment, yet would then have to pay the market rate rent.
Q: Will my rent increase each year, and if so, by how much?
A: Rents may increase a few percentage points if Boston-Cambridge-Quincy Area Median Income increases or the costs of utilities in Gloucester decreases. Likewise, if the Boston-Cambridge-Quincy Area Median Income decreases and the costs of utilities increases, rents may decrease.