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    FAQ > About Bronzeville Artist Lofts > Who can live in BAL? Are there income restrictions?

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    The Bronzeville Artist Lofts project is made possible with financing that encourages affordable housing. As a result, certain building units are restricted to residents who must fulfill certain income limitation requirements. If you are intending to qualify for an affordable unit, you will be required to provide detailed financial information.

    The gross annual income of the applicant family, adjusted for household size, must be less than or equal to 120% of median income. Furthermore, the gross annual income for applicant families for 50% of the units (or 8 units) must be less than or equal to 50% of the median income. Median income is determined by HUD for the Section 8 program from time to time and is adjusted for household size.

    Gross annual income shall be determined in accordance with Section 8 and Public Housing and Other HUD Assisted Housing as defined in 24 CFR 5.609.

    The applicant must demonstrate a financial ability to pay his/her monthly contribution toward the rent of the unit. This means that the total of the applicant's monthly contribution plus tenant paid utilities and long-term monthly payments to credit accounts should be less than 40% of total monthly income.

    Property Management will verify the amount and source of the applicant's income, assets, and expenses allowed as an adjustment to income in accordance with Section 8 regulations defined in 24 CFR 5.611, as well as the size of the applicant's household. The credit, criminal and eviction records of the applicant will be obtained through a credit reporting agency, (the service fees payable by the applicant.

    Income Limits: The below income guidelines are set for all residents of affordable units. They reflect the current maximum amounts of household income for residents of affordable units and are updated on an annual basis. If your household income exceeds these guidelines, you are not eligible for residence in an affordable unit. It is impossible for us to bend, or give exception to, these guidelines. The Bronzeville Artist Lofts, LLC have the legal responsibility to ensure that all affordable unit residents conform to them at time of move-in.

    As of December 1, 2012 your gross annual income must be below the following at the time of financial certification at the time of lease signing.

    Household Size Maximum Gross Income
      50% 120%
    1 Person     $25,800   $61,800
    2 People     $29,450   $70,650
    3 People     $33,150   $79,500
    4 People     $36,800   $88,300

    Last updated on August 19, 2013 by Bronzeville Artist Lofts