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 VACANCIES
We currently have a vacancy at our two bedroom townhouses in Bay Oaks and at the three bedroom duplex on Center Road. Check out the qualifications below and contact Linda at 944-9223 or CompassHomeStretch@live.com if you are interested in one of these rentals.
QUALIFICATIONS
All tenants must meet program eligibility requirements. Below is a list of the basic requirements:
- Income must be at or below 60% or 50% (depending on unit) of the Area Median Income (AMI) for the family size.
- Countable assets must be $10,000 or less.
- Shelter costs should not exceed 40% of income.
- Debt to income ratio should not exceed 50%.
- No felony convictions in the past ten (10) years.
- No drug related convictions. If the conviction occurred while living in a HUD unit, the disqualification is for life.
The above list is not all inclusive and tenants must meet all HomeStretch and MSHDA eligibility requirements.
All units are strictly non-smoking and there is no smoking allowed in the units or on the premises.
A Security Deposit equal to one months’ rent is required.
Prospective tenants will be subject to a criminal background check. Any felony conviction within the past 10 years is a disqualification. Any drug related conviction that occurred while the prospective tenant lived in a HUD unit disqualifies that person for life. Convictions for domestic violence, assault, drugs, disturbing the peace, etc. may cause your application to be rejected.
You will be asked for a credit report. If you do not have one, you can go to http://www.annualcreditreport.com to obtain one free. You should not be asked to purchase anything or required to provide a credit card number. If you don’t have access to the internet, you may be able to ask a friend or use a library computer. Contact us if none of these options work for you. .
A minimum of 20% of each development must be rented to households whose income is no greater than 50% of the Area Median Income (AMI). At the duplex, this means one unit rents to a household with a income of 50% or less and one household at 60% or less. At Bay Oaks, we must rent at least two units to households with incomes at 50% or less and the remaining six to households with income no greater than 60% of the AMI. Use the charts below to determine if you meet the income guidelines.
60% of Area Median Income
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1-Person
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2-Person
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3-Person
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4-Person
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5-Person
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6-Person
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$26,200
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$29,940
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$33,720
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$37,440
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$40,440
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$43,440
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50% of Area Median Income
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1 Person
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2-Person
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3-Person
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4-Person
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5 Person
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6-Person
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$21,850
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$24,950
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$28,100
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$31,200
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$33,700
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$36,200
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These income figures were posted by HUD and were effective February 2008 and did not change from those of 2007. However, they are subject to change without notice.
HOW DO I GET ON THE WAITING LIST?
You’ve checked the qualifications and you meet them all, so what next? Use the link at the bottom of the page or the flyout button on the left of the page to go to the Application page. Be sure you are on the Rental, not the Homepurchase, application page. You can print out the Rental Application by simply pushing the “Print” button on your browser’s toolbar. Fill out the application, attach the requested verifications, and return it to HomeStretch. You can drop it off or mail it. Our address is:
HomeStretch
3104 Logan Valley Road, Suite 300
Traverse City, MI 49684
You may also fax the application and verifications to us at 231-947-6258.
If you prefer, you can call our Managing Agent, Linda Hutchinson, at 231-944-9223 and have an application mailed to you. You may also e-mail her at CompassHomeStretch@live.com.
The application page does not have any navigation links or buttons, so use your browser’s “Back” button on the toolbar to return to this page.
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