STATEMENT OF RENTAL POLICY  AND QUALIFYING PROCEDURES  

T & R Properties, Inc. is committed to supporting the Fair Housing Act, prohibiting discrimination in housing based on race, religion, color, sex, national origin, handicap, or familial status.  The following qualification standards will be required from every prospective resident.  

CREDIT:  Your rental application may be declined due to negative public record and/or multiple collections that have not been satisfied within 24 months.  Applicants may be declined based on national vendor risk scores that do not meet our scoring policy.  Negative Credit History is described as including, but not limited to, any of the following items:  

The absence of a credit file shall not adversely affect any applicant, however the applicant may be required to either pay a higher security deposit and/or be asked to provide a qualified lease guarantor.  A Lease guarantor must exhibit credit worthiness and the ability to satisfy the rental obligation in the event of default.  

INCOME: The total monthly household income must be three times the monthly applicable rent.  All applicants will be required to provide written proof that substantiates their income.  Such proof will include written verification from employers and/or other income sources.  

EMPLOYMENT:   Prospective residents must provide proof of current employment or other means of income.  Income and length of employment will be verified through either supervisory personnel or the Human Resource department at the prospective resident’s current place of employment.  

RENTAL HISTORY:  Any negative rental history can disqualify any prospective resident’s application. In the event that an application is rejected due to negative rental history, a lease guarantor and/or a higher security deposit may be  required.  Negative rental history is described as including, but not limited to any one of the following:  Any documented breach of lease agreement unless documentation of proven negligence on the part of the Management and/or Owner(s) of the property is provided.  Breach of the lease is defined as any monetary or non-monetary violation of the lease agreement.  Any late rental payments in the past twelve (12) months, NSF checks, and/or any rental-related debt outstanding, including payment agreements and/or judgments.  

NUMBER OF OCCUPANTS:  Each occupant of any apartment shall be named on the lease.  All occupants over the age of 18 will submit an application and must meet all criteria specified for the primary applicant.  The maximum allowable occupants per unit:
           One Bedroom ---- two people  
           Two Bedroom ---- four people  
          Three Bedroom --- six people  

CRIMINAL BACKGROUND CHECK:  T & R Properties, Inc. performs criminal background checks on all prospective residents of legal age.  Negative background checks are described as including, but not limited to, any of the following items:              
          Conviction of a felony.
          Convicted for domestic violence in the past four years.  
          Convicted for drug possession or trafficking.  
          Convicted for theft or burglary.   

NUMBER OF VEHICLES: Each unit will be limited to two vehicles.      
___________________________________________________________________________________________
THIS SECTION APPLIES ONLY TO SECTION 42 TAX CREDIT PROPERTIES  

TAX CREDIT QUALIFIED:  In addition to the above, all prospective residents must meet the income restrictions and qualifying criteria established under Section 42 of the Internal Revenue Code.
INCOME:  The monthly applicable rent must not be greater than 35% of the total monthly household income.  For those applicants with a Section 8 housing voucher, they must substantiate a minimum yearly income of $1,000.  
 T-50a (08/08)