PRINCETON PROPERTY MANAGEMENT

                7831 SE Lake Road, Suite 200 - Portland, OR 97267

 

                                    --- RENTAL CRITERIA ---

I. OCCUPANCY POLICY

1. Occupancy is based on the number of bedrooms in a unit.

(A bedroom is defined as a space within the premises that is used primarily for sleeping, with at least one window and a closet for

clothing)

2. Two persons are allowed per bedroom plus one additional person, for the entire unit.

3. Exceptions are made for children under the age of two. Children under the age of two are allowed as a third occupant when the child

resides with the parent or other adult(s) maintaining proper legal custody.

II. APPLICATION PROCESS

Steps to become a resident with Princeton Property Management.

1. Select your rental unit.

2. Complete the Application on the designated form.

3. Pay your non-refundable credit/screening fee of $40.00 dollars.

4. Be prepared to wait one business day for the information on your Application to be verified.

5. Once you have been approved, you will be required to pay the refundable security deposit.

6. Once the application is approved, a Rental Agreement or agreement to execute a Rental Agreement must be signed by both parties. You

will also be required to pay any conditional deposits or fees at the time you enter into the Rental Agreement. You are encouraged to

read the Rental Agreement at the time of application.

III. GENERAL CRITERIA STATEMENT

1. Positive identification with a picture will be required.

2. A complete and accurate Application listing the current, and at least one previous verifiable rental reference and phone numbers.

Incomplete applications will be returned to the applicant.

3. Each applicant will be required to qualify individually.

4. Applicants must be able to enter a legal and binding contract.

5. Inaccurate or falsified information will be grounds for denial.

6. Any applicant currently using illegal drugs will be denied. If approved for tenancy and later illegal drug use is confirmed, eviction

shall result.

7. Any individual, who may constitute a direct threat to the health and safety of an individual, the complex, or the property of others, will

be denied.

8. Any applicant who fails to fully meet the criteria in all four of the following areas; Income, Employment, Rental and Credit, will be

denied unless a qualified co-signer can be provided.

9. In-order to qualify as a co-signer, you must fully meet all areas of the criteria.

IV. INCOME CRITERIA AND CONTINGENCIES

1. Monthly household income should be equal to three times the stated monthly rent.

2. The combined income of roommates will be considered provided that each applicant earns a minimum of two times the stated monthly

rent, or a qualified co-signer can be provided.

3. If monthly household income is $100 or more below three times the stated rent, your application will be denied.

4. A current paycheck stub from the employer will be required if we are unable to verify income over the phone.

5. Verifiable income will be required for unemployed applicants.

(Verifiable income may mean, but is not limited to, Bank accounts, Alimony/Child Support, Trust Accounts, Social Security,

Unemployment, Welfare, Grants/Loans)

6. Self-employed applicants will be required to show proof of income through copies of the previous year’s tax returns.

7. If monthly income does not equal three times the stated monthly rent, a security deposit equal to a full month’s rent, qualified

roommate/co-signer may be required.

8. You will be denied if your source of income cannot be verified.

V. EMPLOYMENT CRITERIA AND CONTINGENCIES

1. Twelve (12) months of verifiable employment will be required.

2. Self-employed applicants will be verified through the state. A recorded business name or corporate filing will be sufficient to meet

employment requirements.

3. A security deposit equal to a full month’s rent will be required when employment does not meet the requirements.

4. When an applicant is applying with a co-applicant, but is not married and is unemployed, the applicant may be conditionally approved

with a double full security deposit. This can only occur if previous employment can be verified for six of the last 12 months or the

applicant can show six months of living resources in a bank account. Living resources are calculated at (6 X 3 X $ rent).

5. If an applicant is currently unemployed, but applicant meets all other areas of the criteria for an approval, then applicant may qualify

with a full security.

VI. CREDIT CRITERIA AND CONTINGENCIES

1. Negative or adverse debt exceeding $100 on a credit bureau (ie... Slow pay, Collections, Bankruptcies, Repossessions, Liens, Judgments

& Wage Garnishment programs) will require a security deposit equal to a full months rent or a qualified co-signer.

2. Ten (10) or more unpaid collections (not medical related) reported from the credit bureau will result in denial.

3. Bankruptcies discharged within one year from the date of application will require a qualified co-signer.

Revised 2/25/2003

VII. RENTAL CRITERIA AND CONTINGENCIES

1. Twelve (12) months of verifiable contractual rental history from a current third party landlord or home ownership is required.

(Rental references ending 12 months prior to the date of application will not be considered current.)

2. Home ownership is verified through the county tax assessor. Mortgage payments must be current.

3. Home ownership negotiated through a land sales contract is verified through the contract holder.

4. Four (4) years of eviction free rental history will be required.

5. Rental history reflecting more than $100 in damages will require a security deposit equal to a full months rent once the debt is settled.

6. Rental history demonstrating documented noise or other disturbance complaints will be denied when the former manager would not rerent.

7. Rental history demonstrating residency, but not contractual rental history, will require a security deposit equal to a full months rent.

8. A co-signer may also be required when contractual rental history does not meet the criteria, but residency can be verified with parents,

student housing or military housing.

9. Four (4) or more 72 Hour Notices within a period of one year will result in denial.

10. Three (3) or more NSF checks within a period of one year will result in denial.

11. Rental history reflecting past due and unpaid rent will be denied.

(A security deposit equal to a full months rent will be accepted when past due rent has been paid and no additional negative

information has been documented)

VIII. DISABLED ACCESSIBILITY

Princeton Property Management allows existing premises to be modified at the full expense of the disabled person, if the

disabled person agrees to restore the premises to the pre-modified condition per Fair Housing guidelines. Princeton requires:

1. Written proposals detailing the extent of the work to be done.

2. Written assurances that the work will be performed in a professional manner by a licensed/bonded contractor.

3. Written approval from the landlord before modifications are made.

4. Documents identifying the names and qualifications of the contractors to be used.

5. All appropriate city, county or state building permits and required licenses made available for landlord inspection.

6. A restoration deposit may be required per Fair Housing guidelines.

IX. ASSISTED LIVING CRITERIA

1. Applicants requiring the assistance of a permanent or temporary live-in caregiver will be required to have the caregiver fill out an

application and pay a screening fee of $12.50. A limited screening involving a credit report (for identification purposes) and a criminal

background check will be performed. Caregiver must meet complex requirements regarding criminal history or their application will be

denied.

X. CRIMINAL CONVICTION CRITERIA

Upon receipt of the rental applications and screening fee, landlord will conduct a search of public records to determine whether the applicant

or any proposed tenant has been convicted of, or pled guilty to or no-contest to, any crime.

a) A conviction, guilty plea or no-contest plea, ever for: any felony involving serious injury, kidnapping, death, arson, rape, sex crimes

and/or child sex crimes, extensive property damage or drug-related offenses (sale, manufacture, delivery or possession with intent to

sell) class A/Felony burglary or class A/Felony robbery; or

b) A conviction, guilty plea or no-contest plea, where the date of disposition, release or parole have occurred within the last seven years

for: any other felony charges; or

c) A conviction, guilty plea or no-contest plea, where the date of disposition, release or parole have occurred within the last seven years

for: any misdemeanor or gross misdemeanor involving assault, intimidation, sex related, drug related (sale, manufacture, delivery or

possession) property damage or weapons charges; or

d) A conviction, guilty plea or no-contest plea, where the date of disposition, release or parole have occurred within the last three years

for: any class B or C misdemeanor in the above categories or any misdemeanors involving criminal trespass I, theft, dishonesty,

prostitution

shall be grounds for denial of the rental application. Pending charges or outstanding warrants for any of the above will result in a

suspension of the application process until the charges are resolved. Upon resolution, if an appropriate unit is still available, the

processing of the application will be completed. No unit will be held awaiting resolution of pending charges.

XI. DENIAL POLICY

If your application is denied due to negative and adverse information being reported from the screening company, you may;

1. Contact Background Investigations at (503) 639-6000 to discuss your application and their investigation.

2. If the denial was based on negative credit, contact the credit reporting agency listed on the denial letter to:

a) Identify who is reporting unfavorable information.

b) Request a correction of the information from the Credit Bureau.

If your application has been denied and you feel that you qualify as a resident under the criteria set out above, you should do the

following;

Write to our: Equal Housing Opportunity Manager

7831 SE Lake Road, Suite 200

Portland, OR 97267

Your letter should include the reasons you believe your application should be re-evaluated and request a review of your file. Your

application will be reviewed within seven working days from the date your letter was received. You will be notified of the outcome.

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