Fox Meadows Townhomes

Fox Meadows offers both market rate (anyone can apply) and a limited number of units where income restrictions apply. The program used to allow the lower rents at Fox Meadows is called Tax Increment Financing (TIF). The TIF program provides lower rents to households that income qualify. Please view the income limits in the chart below. Households wishing to apply for a TIF unit must make equal to or less than the amount listed for their household size. SECURITY DEPOSIT + APPLICATION FEE A security deposit of $1000 and an application fee of $50/adult are due with the completed application. INCOME LIMITS FOR TIF UNITS Households applying for a TIF unit (where rent is lowered to $1275/mo) must make equal to or less than the following amounts depending on the number of individuals living in the household. Please note: Income is calculated using the GROSS (before taxes) amount. All household member's gross income counts toward total (job income, Social Security - adults and children, child or spousal support, regular pension payments, etc.).   HOUSEHOLD SIZE INCOME LIMIT 1 Person $35,250 2 People $40,250 3 People $45,300 4 People $50,300 5 People $54,350 6 People $58,350 How to calculate your rent: - If you are paid $20.00/hour for 40 hours per week, you would gross $800.00 per week ($20.00 x 40 = $800.00). - To find your annual earnings, multiply your weekly pay by 52 weeks in a year ($800.00 x 52 = $41,600). - Your annual gross income is $41,600. With this example, a household of three or more people would qualify for a TIF unit and pay $1275/mo rather than $1575/mo.   OCCUPANCY The initial maximum number of residents allowed is equal to two persons per bedroom. Each unit is limited to no more than two unrelated or four related adults. A related adult is defined as either a child, dependent, or parent of the head of household.