QUALIFICATIONS
Curious as to how it works?
In order to provide affordable housing to our community, all residents must meet certain criteria. This means your income cannot exceed a certain amount for your household size. Cuatro provides rent-restricted housing for residents whose income does not exceed the maximum allowable income for their household size. The total annual income must be at or below the following income limits depending on the number of occupants in the home.*
How to qualify to live here:
There are three parts of the application and qualification process which must be met prior to being approved for move-in, these are (1) Screening application; (2) Income/asset verification for program eligibility; and (3) Student eligibility. Each part of the application process is outlined below.
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Screening process:
The screening process includes a credit, criminal, and rental reference check. Please note that a screening fee of $35 per household member 18 years of age and above will be due at the time of the application and is non-refundable. Prior to submitting your screening application, please review our qualifying criteria.
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Income verification and eligibility:
After each prospective household member has passed the Screening Process, all applicants will be required to complete the REA questionnaire and, accompanying eligibility forms. This process is completed to ensure that the total household income does not exceed the maximum allowable income for the household size. All household members must income qualify at the time of move-in. Each household member must provide documentation establishing their eligibility.
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Student status:
Most households comprised of full-time students will not qualify. Although some exceptions may apply. Every household is still welcome to complete an application, and ask about the student rule exceptions.
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All sources and amounts of current and anticipated annual income expected to be derived during the twelve months after move-in must be collected, verified, and reviewed by our compliance department. Our compliance department will review the household file to certify eligibility with the program. Our compliance department has a legal responsibility to ensure that all residents comply with the maximum allowable income limits at the time of move-in and are required to annually re-certify each household. The current maximum allowable monthly rents** as established by the New Mexico Morgage Finance Authority (NMMFA) are:
*Reflects Bernalillo County annual median income effective June 2, 2022.
**Posted rents are subject to change at any time prior to a rental agreement being executed