Asbury Common

At Asbury Common, apartments will be offered for households at two different income levels: 30% AMI and 60% AMI. AMI stands for Area Median Income, and this is a metric used by HUD to determine income eligibility for affordable housing across the country. Depending on the AMI limits, some applicants will pay 30% of their gross annual income toward rent – regardless of what that income may be – because the development received state and federal funding in the form of Project-Based Vouchers (PBV). For example, if you are a household whose income is $21,000/year, and you are applying for a PBV-subsidized apartment whose rent is 30% of gross income, you would pay approximately $7,000/year toward rent. For units subsidized by PBV, rents are variable based on income. Someone making $21,000/year would not pay the same amount as someone making $10,000/year, but they would pay the same percentage. 

If your gross annual income places you above the 30% AMI income limit for a PBV-subsidized unit, the 60% AMI rent will be fixed in a range between the Contract Rent and the Maximum Allowable Rent. Harborlight Homes typically sets the Contract Rent to be 85% of the Maximum Allowable Rent for units that do not have PBV. Just like the AMI limits themselves, the Maximum Allowable Rents are also determined by HUD on an annual basis. 

For the unsubsidized 60% AMI units, Asbury Common has a minimum income limit so that applicants won’t pay more than 40% of their monthly income toward rent. This amount is calculated by taking the monthly Contract Rent and annualizing it for gross income. If rent constitutes more than 40% of monthly income, residents are considered “cost-burdened,” which creates hardship, stress, and financial instability for the household. 

If you or a member of your household does not receive any income, you must submit a notarized letter of $0 income along with your application.

In accordance with current HUD regulations, there is no asset limit for households seeking housing at Asbury Common for unsubsidized units at the 60% AMI level. Asset limits do apply for the 30% AMI PBV-subsidized units based on subsidy program requirements (currently $105,574 for Section 8 units and $25,000 for MRVP units).  However, retirement (IRA, 401k) and educational (529/530) accounts are exempt from these asset limits. 

 As applicable, actual income earned from assets (e.g. interest and dividends), or the imputed income of 0.40% (the current HUD Passbook Savings Rate) of assets without actual income, will be considered in the calculation of a household’s total qualifying income.  Assets do not include essential personal property, but may include cash, net cash value of stocks, checking and savings accounts, investment accounts, real property, CDs, bonds, cash value of life insurance policies, and capital investments, etc. 

No, you may not sublease your apartment to another person, or operate it as an Airbnb. The affordable unit must be your principal, full-time residence. You can take occasional trips or vacations, but the duration of absences must conform to the terms of your lease and the program requirements of the property. 

The State Sanitary Code governs how many people can share a bedroom and overall living space based on square footage relative to occupancy. As such, households must meet the guidelines noted on the Lottery Application for Asbury Common. Families cannot be “under-housed” – meaning they have too few bedrooms for the size of the household.

State regulations require at least (1) occupant per bedroom. As such, households must meet the guidelines noted on the Lottery Application for Asbury Common. Families cannot be “over-housed” – meaning they have too many bedrooms for the size of the household.

Individual bedroom occupancy requirements are not determined by Harborlight Homes, and generally speaking families can choose to share (or not share) bedrooms as desired.  However, bedroom occupancy and household size restrictions may apply for the 30% AMI subsidized units, depending on the age and sex of children and applicable subsidy program requirements.

Yes, you can host overnight guests or short-term visitors within the overall terms of the lease. Typically, Harborlight Homes allows residents to host guests for a maximum of (2) weeks/year for all combined guest visitors.

No, pets are not allowed, but service and/or emotional support animals are allowed, with medical documentation.

It depends. Since Asbury Common is part of the Low-Income Housing Tax Credit (LIHTC) program, full-time students are typically not eligible, even if they otherwise meet the income and asset requirements. However, there are a few narrow exceptions to the ineligibility of full-time student households at LIHTC properties if they meet one of the following criteria:

• Enrolled in a job training program receiving assistance under the Workforce Investment Act (formerly JTPA) or other similar program funded by a state or local government agency.
• Receiving benefits under Title IV of the Social Security Act.
• A single parent and their children, and the single parent is not a dependent of another individual, nor are their children dependents of another individual except another parent of such children.
• Married and eligible to file a joint return.
• Previously in the foster care program.