The last thing university students need is the added stress of finding and affording housing. However, many students don't know that they could qualify for Seattle's Multifamily Tax Exemption program, or MFTE. At Roost Affordable, we want to bridge that gap. Here's everything college students need to know about MFTE housing.
Can Students Qualify for MFTE?
Full-time undergraduate students can qualify for MFTE housing, but you must meet specific income limits and financial aid requirements. Your annual household income must fall within Seattle's Area Median Income (AMI) thresholds. These typically range from 40% AMI to 90% AMI.
The median income for a family of four in Seattle is $135,000. So, if you make $55,000 a year, you qualify within the income limit. But as a student in their undergraduate years, you're not looking at a real livable salary. You're working for bi-weekly paychecks from the local coffee shop, a chemistry lab, anything with hours that fit within your class schedule. But that doesn't mean you're immediately out of the running for MFTE.
How to Qualify With Little or No Income
So, how do you qualify? Well, full-time students with either no earned income or within below-standard income thresholds are usually required to show a FAFSA or WASFA to prove eligibility for need-based financial aid (such as Pell Grants, Washington College Grant, or subsidized loans). Graduate students may be required to provide their most recent IRS tax return that shows you filed as an independent instead of a FAFSA.
Do You Need a Guarantor?
Based on the fact that students typically have little to no personal income, many MFTE properties will require you to have a guarantor or co-signer who meets the property's financial screening requirements. For example, this could be a family member, like a parent, aunt, or older sibling.
What About International Students?
Generally speaking, international students do not qualify for MFTE housing. Since leasing offices typically require residents to complete a FAFSA or WASFA to prove they receive need-based financial aid and international students on a visa are legally ineligible for federal student aid, they are often disqualified.
Be Ready for Extra Paperwork
Student MFTE housing may require more paperwork than a regular lease, such as pay stubs, tax returns, and university financial aid letters. But, every detail is important, and it's all worth it to ensure that you can live in a home that also allows you to be a student who enjoys college without constantly having to worry about if you can afford your next rent payment.
Find Your Home With Roost
At Roost Affordable, we're here to help everybody find a home that works for them. Take a look at our properties and reach out to us whenever you're ready. Your new, affordable home awaits.