2017 Guidelines for Santa Monica Apartments Under Moderate Housing
Living in a Santa Monica apartment is amazing; the beach and many restaurants, both casual and upscale, are close by. There is never a lack of shops to explore or fun cultural and outdoor experiences to have!
That said, living in the City of Santa Monica is one of the more expensive neighborhoods in Los Angeles County. In order to make it more affordable and accessible to all, the city works with private real estate developers to build Santa Monica apartments that will rent for much less than a “market rate” unit would. The city sets guidelines for income requirements to be sure that only those who make under a certain amount per year can apply for these units. They also set the maximum amount of rent per unit type that can be charged for these units.
The 2017 guidelines set by the City of Santa Monica to qualify a potential applicant or applicants has just been released in mid April 2017. The new “new maximum allowable” income guidelines are as follows:
For one person, the maximum allowable gross income is $63,100. For two people, the maximum allowable gross income is $72,100. For three people, the maximum allowable gross income is $81,100 and for the Santa Monica apartments that allow up to four people, the maximum allowable gross income is $90,100.
In addition, the applicant(s) must meet the properties criteria for credit report approval. The applicant or applicants must also prove that they make over a certain “minimum” amount of gross income. It is important to note that the Affordable Housing program for these Santa Monica apartments is not the same as HUD or Section 8 Housing.
SaMo Apartments, an off-shoot of NMS Properties, is proud to have several Santa Monica apartments as part of this program! If you are interested in more information, contact the NMS Affordable Leasing Gallery (soon to be re-named, SaMo Apartments leasing office) at (310) 434-9945.