| Reed Parque
Townhomes has been developed in cooperation with the Texas
Department of Housing and Community Affairs to provide quality
townhome living at affordable rents. Although designed primarily
for families of low to moderate income, any interested person is
eligible for occupancy at market rent. All applicants will be
screened and selected on the same basis, considering previous
rental experience, credit history, employment status, criminal
record and the like.
RENTS. Rents depend on family
income with each applicant falling into one of the following
three income groups - 50%, 60%, and over 60% of Houston Area
Median Income (AMI). Approximate rents are as follows
(check with management to obtain current asking rent).
|
Income Group
|
1 Bdrm Rent
|
2 Bdrm Rent
|
3 Bdrm Rent
|
|
60% of AMI or less |
$599 - 610 |
$740 - 750 |
$840 - 850 |
|
Over 60%
|
$680 - 710 |
$780 - 810 |
$875 - 900 |
UTILITIES. Water and sewer will be provided by
the owners. Electricity, phone, cable TV and internet services
will be paid by residents.
INCOME VERIFICATION.
Family income must be verified and will include wages, child
support, social security, pension income, alimony, welfare
benefits, interest and all other sources. Interest income on
financial assets will be estimated by formula.
INCOME LIMITS. The maximum
allowable income for each resident income group is a function
of family size and is limited to the year 2005 annual rates
set by the Texas Department of Housing and Community Affairs:
|
|
Income Group
|
1 Person
|
2 Persons
|
3 Persons
|
4 Persons
|
5 Persons
|
6 Persons
|
|
1
|
50% of AMI
|
$21,350
|
$24,400
|
$27,450
|
$30,500
|
$32,950
|
$35,400
|
|
2
|
60% of AMI
|
$25,620
|
$29,280
|
$32,940
|
$36,600
|
$39,540
|
$42,480
|
|
3
|
Over 60%
|
No Limit
|
No Limit
|
No Limit
|
No Limit
|
No Limit
|
No Limit
|
MINIMUM INCOME. In addition to the above income
limits, the owners of Reed Parque will require that each
resident demonstrate that his or her family income is at a
minimum of three times their monthly rent.
SECTION 8.
Applicants eligible for Section 8 rental assistance through
local housing authorities are welcome at Reed Parque. These
applicants must demonstrate that their monthly gross income is
a minimum of 2.5x’s their portion of the rent for which they
are applying. Applications and tenancy will be subject to the
same screening and background checks applicable to all other
residents.
NO PETS. No
pets are allowed at Reed Parque. (Exceptions may be granted to
persons with a medically-certified disability requiring
ownership of a pet and subject to a non-refundable pet
deposit.) Residents must comply with this and all other house
rules and community policies covered in their lease.
APPLICATION FEES AND
DEPOSITS. Applications for residency must be
accompanied by a non-refundable $35 fee for each family member
age 18 and older to cover the cost of processing and
background checks. Approved applicants must pay their first
month’s rent prior to move-in plus a security deposit of $250
for a 1 Bdrm unit, $300 for a 2 Bdrm unit and $350 for a 3
Bdrm unit.
* * *
This information sheet is a
summary for general information only. Residency at the
property will be subject to other procedures and conditions
included in a definitive lease agreement and will always be
governed by applicable law. The owners of Reed Parque reserve
the right to waive or vary from the information included above
without prior notice.
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