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Operating Philosophy: continued
This operating format allows Reliance® to produce and preserve
housing in an efficient and cost effective manner, as is typically done
by the "for profit" business community but with the added benefits
of community based input and access to resources available only to the
nonprofit sector.
Minimum Income
Set Asides for Reliance Programs:
Reliance’s multifamily housing programs utilize minimum set asides
that comply with IRS Safe Harbor Guidelines:
75% of the apartments in each property are restricted to occupancy by
residents whose household income does not exceed 80% of Area Median Income,
and either 40% are restricted to occupancy by residents whose household
income does not exceed 60% of Area Median Income or 20% are restricted
to occupancy by residents whose household income does not exceed 50% of
Area Median Income.
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