In order to be deemed an eligible renter of a workforce housing unit, a household must meet all of the following criteria at the time of application and through the time of executing a lease:
- Must live or work full-time in Virginia Beach, or have a bona fide offer of full-time employment in Virginia Beach within 3 months of the time of application;
- Cannot own, or have a controlling interest in, other real estate property;
- Household’s annual gross income must be between 40% and 90% (100% if the building contains an elevator) of area median income (AMI), adjusted for household size (click here for the Workforce Housing Program Income Guidelines ); and
- Net worth cannot exceed 50% of the total of rent payments for a period of one year (i.e. $1,025.00 rent x 12 months = $ 12,300.00 x .50 = $6,150.00; net worth cannot exceed $6,150.00). For information on calculating annual gross income and net worth, click here.