Rents are affordable at Peregrine thanks to Minneapolis, Minnesota, and federal financing earmarked for this type of apartment building.
We agree to keep the rents affordable for a long time and we agree only to rent to those households for whom this housing is targeted.
Income levels are published once each year by the federal Department of Housing and Urban Development (HUD).
The highest household incomes allowed in order to rent at Peregrine are as follows:
*No more than three (3) occupants in a one-bedrroom.
*No more than five (5) occupants in a two-bedroom
*No more than seven (7) occupants in a three-bedroom
*No more than nine (9) occupants in a four-bedroom
Here are a few of the steps in determining income eligibility. This is not meant to be a complete list. Contact our leasing staff for more details.
- Tenants need to qualify based on household income adjusted for their household size at the time of their initial lease. Income is defined as the gross amount of income anticipated to be received by all members of the household, with some exceptions, during the twelve (12) month period following the certification.
- Income calculations may include assets or other non-employment income.
- The leasing staff will verify all sources of income when you apply and will re-certify your income every year while you live here.
Income includes, but is not limited to:
- Employment income
- Self-employment Income
- Social Security, pensions, SSI, or disability income, AFDC
- Unemployment compensation
- Alimony or child support payments
- Recurring contributions and gifts
- Income from assets - interest, stocks, bonds, real estate, etc.
Is it complicated to apply?
- You will be asked to complete forms that request information regarding household income, family composition, student status and financial assets. This information will aid the office team in determining your eligibility. The office team will be happy to assist you with the application process.
What else is different about living here?
- After you move in, the staff will need to re-certify your households income and verify your households student status once a year.
There are more inspections than in most buildings. The public agencies and the private investors who provided the financing that allow the rents to be affordable want to make sure that we're being good stewards of those resources. They come to review our records each year, to look at the building, and to inspect some percentage of the apartments.