Affordable housing typically means housing that is reasonably priced for individuals and families with low to moderate incomes. This kind of housing is essential to ensure that persons at various income levels have access to safe, stable, and decent living conditions without having to spend too much of their income on housing. Affordable housing programs have limits to household income and rent.
206-414-4644 | 7101 62nd Ave NE Seattle 98115
Am I Eligible?
You may be eligible for an apartment at Mercy Magnuson Place South if you meet the following requirements:
- Your annual household income is below 60% of the Area Median Income for King County.
- Your household size meets the occupancy guidelines no more than 2 persons for a studio, 3 persons for a 1 Bedroom and 5 persons for a 2 Bedroom.
Other credit and criminal criteria apply. A detailed Resident Selection Criteria is available on request.
Frequently Asked Questions
What type of affordable housing does Mercy Magnuson Place South offer?
Mercy Magnuson Place South has multiple types of affordable housing. All apartments are governed by the Low Income Housing Tax Credit (LIHTC) program with specific apartments also governed by other affordable housing programs. Units are only available first come, first served for qualified applicants. All the programs at The Mercy Magnuson Place South have income restrictions based on the number of people in the household and must meet all other program requirements.
What is the maximum/minimum income?
Maximum Income
Total gross (before taxes) household income must be less than the below
|
Household |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
|
60% AMI |
$66,000 |
$75,420 |
$84,840 |
$94,260 |
$101,820 |
$109,380 |
Minimum Income
Applicant’s income, once verified, must be at least 2.5 times the monthly rent.
Self-employed applicants must present 3 years tax returns for verification. Occupancy limits for a studio unit will not exceed 2 persons. For a 1 bedroom unit, occupancy limits will not exceed 3 persons. For a 2 bedroom unit, occupancy limits will not exceed 5 persons.
What sources of income are considered?
All sources of income are considered for most affordable housing programs. The includes employment, social security and SSI, Pensions, income from retirement accounts and investments, periodic gifts from family members and income from assets.
What would prevent my household from qualifying?
- Household income exceeds the maximum allowable or is less than the minimum required.
- Number of persons in the household does not meet the occupancy guidelines for the apartment(s) available
- For full list of reasons that a household may not qualify please see the Resident Selection Criteria
How long of lease do I have to sign?
Initial leases are all 12 months but after that will roll over to a month-to-month lease or it may be renewed for a specific term.
How often will my rent change?
Rent increases are annual, but they are limited by what the regulatory agencies allow. Income and rent tables are updated each year.
These responses are not exhaustive, other guidelines and qualifications may also apply. Please refer to the Resident Selection Criteria for more information