Studio apartment for rent

Overview

INCOME RESTRICTION: This property is being offered at a low rent of $1, 054.00 / month and is an affordable unit which requires income of less than $46, 500 for a household of one and $53, 000 for a household of two. This impeccable studio apartment is located in a new construction elevator building and features hardwood floors throughout, private outdoor space, in-unit laundry, air conditioning, bathroom features designer finishes, granite kitchen with stainless steel appliances Regarding the ARO program and the process involved, please read the detailed explanation below: Essentially there are two separate entities that will have to approve you as a tenant for an ARO unit - 1. The management company which has requirements of monthly income more than 3x the monthly rent, as well as a credit score of 650+. Cosigners are accepted to meet the management company requirements, but between the (tenant) applicant and the (cosigner) applicant, the cumulative monthly income must be more than 7x the monthly rent and the cosigners credit score must be 700+. The other entity that must approve the applicant for an ARO unit is the city of Chicago, which is a little more complicated. This particular ARO apartment is a 60% AMI one, so you would need to generate (yearly) less than $46, 500. Tenant is responsible for paying gas and electric directly, and then there is an additional $85 / month charge to management that covers all other utilities including internet. Internet is through Xfinity.