Affordable Housing at Chroma

The Program requires that all applicants complete a Tenant Income Certification Form and provide the following income documents.

• Household Members must also have a minimum monthly income of 2.5 times the rental rate to qualify.
• Households must earn no more than the annual income levels listed above at 75% Area Median Income (AMI) and 85% Area Median Income (AMI).

Prospective residents will complete the property’s standard rental screening process:

• Household must meet Resident Selection Criteria, including credit and criminal background screening.
• Households must disclose all income and assets, and asset income is included in the calculation of total household income. Assets in restricted retirement accounts (the applicant cannot access the account without retiring or terminating employment) are not included in the calculation of total household assets.

Once complete, the property will certify the income of the household to determine program eligibility. To be considered eligible the applicant must demonstrate that the total anticipated household income for the year after move-in is below a maximum income limit for the home. Eligible residents will receive a restricted rent that is capped at a maximum amount for a defined period. Ineligible applicants may not rent the income-restricted unit.

Additional documents may be requested if needed to determine eligibility through the City of Seattle’s audit requirements:

• 6 consecutive pay stubs from current employment.
• New hire letter if employment is recent or projected and paystubs cannot be obtained.
• Six (6) months of bank statements for the most recent months for all checking and savings accounts – all pages from every account. If additional deposits show in the provided bank statements, a separate document can be requested with specified notations for each deposit.
• Account statement reflecting household assets (e.g., stocks, bonds, 401K, or other assets) that state YTD earnings from the investment.
• Section 8 calculation summary (if applicable).

If receiving other benefits (e.g., Social Security, Disability, Child Support, Alimony, Royalties, Pension, etc.), additional documents may be requested.

Units are assigned based on household size:
This is done to ensure that the household doesn't have a unit that is larger or smaller than needed. For example, a property may have these household size guidelines:

• A studio can have up to two people.
• Larger units allow up to two people per bedroom plus one. For example, a 2-bedroom can accommodate five people.
• All units require at least one person per bedroom, including studios. For example, a single person can't qualify for a 2-bedroom apartment.