There must be at least one person aged 62 or over who is a leaseholder of the apartment, persons under the age of 62 may be co-leaseholders. There are select residences at the community with no age restrictions, please inquire with management for availability of those homes.
AFFORDABLE LIVING
Luxury Without Compromise
Residences on The Lane is a luxury apartment community and is honored to participate in affordable housing programs for those 62 years of age or older. A portion of our brand-new one-bedroom and two-bedroom floor plans are offered at rents affordable to household earning 60% and 80% of the area median income (AMI) and who meet the following income criteria.
Contact a member of our leasing team for more details today.
Affordable Luxury Income Guidelines
One Bedroom – 60% AMI
Income Minimum - $45,510.00
Maximum Household Income – 60% AMI
1 Person - $63,300.00
2 Persons - $72,300.00
One Bedroom + Den – 80% AMI
Income Minimum - $61,530.00
Two Bedroom – 80% AMI
Income Minimum - $73,500.00
Maximum Household Income – 80% AMI
1 Person - $84,400.00
2 Persons - $96,480.00
3 Persons - $108,560.00
4 Persons - $120,560.00
5 Persons- $130,240.00
*This amount represents total income, pre-tax.
*Please note that all affordable unit rents are based on income.
Interested in viewing our affordable 62+ availability? Please contact us for more details.
Please note: This will automatically download our Income Guideline Calculator spreadsheet.
FAQ
Does Residences on The Lane accept Housing Choice Vouchers?
Yes, Housing Choice Vouchers are an approved source of income for a qualifying applicant. Residences on The Lane does not have an internal voucher program, all Housing Choice Vouchers would be issued by a local Housing Authority such as Rockville Housing or the Housing Opportunities Commission of Montgomery County.
Do all occupants need to be listed on the lease?
Yes, all persons living in the home must be listed on the lease. All persons over 18 years of age MUST be a leaseholder. The only exception is for an approved live-in aide. A live-in aide is subject to background testing but would be listed as an approved occupant on the lease.
Can I have a co-signer?
No, residents are not permitted to have a co-signer for credit or income securitization.
How does Residences on The Lane verify income?
Please click the link for the “application checklist”. Sources of income include pay from employment, social security and disability income, income from investments and assets, as well as gifts from family. Please review the checklist to see what documents you may need to provide for qualification.
What information should I bring to apply for an apartment home at Residences on The Lane?
Please refer to the “application checklist” to confirm the documents that you should bring to support your household income, as well as verifying your identity and those persons who will also reside in the home.
How do I know if I qualify for a home at Residences on The Lane?
Please select the link for the Maximum Income by Household Size to view our income guidelines. If you are unsure of your household income, please select the Income Calculator to enter as much information as you know to update your income.