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GASLIGHT PROPERTY MANAGEMENT, LTD

TENANT SELECTION POLICY

Equal Housing

This community does not discriminate on the basis of race, color, sex, religion, handicap, familial status, sexual orientation or national origin.

Identification

All visitors must present a valid driver’s license or other photo identification when submitting a rental application. Other acceptable forms of identification are: Valid state issued ID card, valid Military ID, or valid passport.

Application for Residency

An application for residency must be completed and maintained for each applicant 18 years or older who will be living in the apartment or contributing to the payment of rent.

Hold Fee

A holding fee is accepted as earnest money to reserve an apartment for the applicant. A hold fee must be submitted with the application and will be based on the current hold fee special or equal to one month’s rent. Hold fees will be converted to a deposit once approved and may increase or decrease based on the applicants evaluation and Gaslight Property Management Qualifying Standards.

Qualifying Standards

Rental History: Up to 24 months of rental history may be verified on present and previous residence. A positive record of prompt payment, sufficient notice, with no damages is expected. Eviction, skip, or money left owing to landlord within seven (7) years of application date may be grounds for higher deposit or denial. In addition, returned rental verification that indicates future tenant has been treated for an infestation of Bed Bugs will result in denial of application. Falsification of this application is automatic rejection and will result in forfeiture of all monies/deposits paid. For applicants who are homeowners, permission must be granted to verify payment history with the bank or lending institution if there is a mortgage.

Credit History: An unsatisfactory credit report can disqualify an applicant from renting an apartment home with Gaslight Property Management. An unsatisfactory credit report is one that reflects past or current bad debts, late payments, or unpaid utility bills that prevent transfer of utilities, liens, judgments, or bankruptcies. Any bankruptcy that has not been discharged will result in automatic denial. Discharged bankruptcies from the last seven (7) years may require a higher deposit. If an applicant is rejected for poor credit history, the applicant will be given the name, address, and phone number of the credit reporting agency that provided the credit report (but not the contents of the credit report). An applicant rejected for unsatisfactory credit is encouraged to obtain a copy of the credit report from the reporting agency, correct any erroneous information and resubmit an application to this community.

Income: Applicants must have a verifiable income source that is no less than three (3) times the market rate of preferred apartment home. Proof of income must be submitted with the application. Acceptable income verification may include:

  1. One current pay stub
  2. Letter from the employer (this must be verifiable income and does not include cash payments)
  3. Most recent W2
  4. 3 months’ worth of bank statements showing an average ending balance
  5. 12 months of savings account statements
  6. I-20 Form
  7. Student loan financial document
  8. Award letter (SSI, Disability, Retirement)

Criminal Background Check: A criminal background check will be used as the final part of the qualifying criteria at this community. Applicants convicted of crimes involving manufacturing or trafficking of a controlled substance or those who appear on the sex offender registry will result in an automatic denial. Other charges will be reviewed on a case by case basis. Other criteria may also be used in connection with application approval. Criminal background criteria may be subject to change at any time.

Evaluation

Landlord evaluates the above information with a scoring method that weighs the indicators of future rent payment performance. Landlord will determine the hold fee and deposit amount based on these factors.

Guarantors

In the event a guarantor is, he/she must complete an application for residency and meet all of the tenant selection criteria. Guarantors must provide all documents within 24 hours of being notified. A guarantor will be financially responsible for the entire lease agreement if occupying tenant(s) defaults.

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