Cedarbrook occupancy hampered by income regs

Cedarbrook Estates’ regional property manager Lea Christensen is hoping to fill the homes in the development by May, but tight income regulations are not helping her efforts.
Currently, Cedarbrook Estates is at half capacity — there are 10 units available. Three of the units are eligible to be rented to occupants under the age of 55.
People haven’t failed to try.
“We have had a lot of occupants come through,” Christensen said.
However, government-mandated regulations surrounding income requirements for possible tenants have closed the gap on eligible renters.
The maximum allowed income for a household is $23,220 per year, and the minimum income allowed in $15,480 per year. For a household of two incomes, the eligible pay range is $17,680 to $26,520.
Jaki Newby, a housing compliance specialist with the Kansas Housing Resource Center, said the income guidelines are put in place to be tax compliant with the IRS. The amount is figured by taking the median income of an area, such as Allen County, and figuring 60 percent of the number.
Newby said the 60 percent figure determines the high-end of the income range for eligible applicants. As for the low end, that is determined by the specific housing organizations. Cedarbrook Estates’ low end is based on 2 1/2 times the monthly rental rate for their housing.
“The range is going to be higher for areas like Overland Park, because the income is higher than an area like Allen County,” Newby said.
Newby said the housing developers can adjust the low end of the eligibility requirements, due to the fact that the range will become narrower in lower income areas.
Though Christensen said they have moved in nine tenants over the past three months, she has had to turn down a significant amount of possible renters as well.
“I have been marketing beyond compare, but it is slow-going,” she said.
She said the operating corporations, Deen Development and Countryside Holding, saw “a need for housing in Iola,” and decided to construct the development to provide available livings situations. However, she did not expect to see such a challenge to fill the available spaces.