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.
720-500-4875 | 1510 N. Valentia Street Denver 80220 Contact Us
Do I Qualify ?
Please see responses to below FAQs
Frequently Asked Questions
What Type of Affordable Housing does The Rose on Colfax offer?
The Rose on Colfax 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. The 30% and 40% units are only available through our waiting list. All the programs at The Rose on Colfax 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
|
50% |
60% |
|
|
1 Person |
$45,650 |
$54,780 |
|
2 Person |
$52,200 |
$62,640 |
|
3 Person |
$58,700 |
$70,440 |
|
4 Person |
$65,200 |
$78,240 |
|
5 Person |
$70,450 |
$84,540 |
Minimum Income
The Rose on Colfax has a minimum household income requirement of 2 times the monthly rent.
|
Rents |
50% |
60% |
|
Studio |
N/A |
N/A |
|
1 BD |
$1,313 |
$1,576 |
|
2 BD |
$1,576 |
$1,891 |
| 3 BD | $1,821 | $2,186 |
*Rents are published rents, please call for specials **30% and 40% and 4 bedroom apartments available by waiting list only
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, unemployment benefits, self employment, income from retirement accounts and investments, periodic gifts from family members, child support, TANF, 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
- All student household that does not meet an exception
- 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?
Tax Credit rent increases are annual, but they are limited by what the regulatory agencies allow. Income and rent tables are updated each year.
For households in PBV apartments (referral only) their rent may be adjusted with changes in their household income.
These responses are not exhaustive, other guidelines and qualifications may also apply. Please refer to the Resident Selection Criteria for more information