Rental Criteria.

General.

• Applications will be accepted on a first come, first served basis; and processed in the order they were received. 

• Once an application has been submitted to the management company, the property is placed on a ‘hold’ status. Applicants have 48 hours to provide all required information and documentation for application approval to the management company. If the applicant fails to provide documents during the 48 hour allotted time frame (from date and time application was submitted), the application will be considered incomplete and denied. The management company will then remove the property from ‘hold’ status and begin processing the next application in line. 

• If deposit is not paid in full within 48 hours of application approval in writing (email), applications will be cancelled and the property will be re-listed for rent. A property is considered “rented” and off the market once all applications are approved and the holding fee (security deposit) has been paid in full. 

• If applicant withdraws or cancels an application within thirty (30) days of lease term begin date, applicant forfeits $250.00 of the holding fee (security deposit) as a liquidated damages fee.

• Once a property has a ‘ready date’, Landlord can only hold property vacant for 7 days past the ready date. Then lease must begin, tenant must take possession and be rent-responsible, even if tenant hasn’t physically moved in yet.

• Applicant has the right to proved EcoTenant with a Portable Tenant Screening Report (PTSR) that is not more than 30 days old, as defined in CRS 38-12-902(2.5); and 2) if Applicant provide EcoTenant with a PTSR, EcoTenant is prohibited from charging Applicant a rental application fee. EcoTenant must be able to directly access and retrieve the 3rd party screening report (paper copies only will not be accepted).

Rental Criteria.

• All applicants must meet the following Rental Criteria. 

• The term “applicant” is defined as the person or persons who will be signing the Lease as the “Tenant”. An applicant must be 18 years of age or older to qualify as a Tenant. 

• All individuals 18 years of age or older must complete an application and be listed as a “Tenant” on the Lease Agreement. 

• The term “Occupant” is defined as the person or persons who will be listed on the lease agreement who is under the age of 18, and who is residing at this property. 

• Co-signers or guarantors will not be accepted. 

• All applicants will be leaseholders, whether or not they are residing on the property. 

Please note, this is the EcoTenant’s current Rental Criteria; and nothing contained herein constitutes a guarantee or representation that all Tenants and Occupants currently residing at a property have met these requirements. There may be persons who began residing at a property prior to this Rental Criteria going into effect. Additionally, the ability to verify whether this Rental Criteria has been met is limited to the reliability of information received from applicants and outside qualification services used.

Identification.

• Proof of employment and/or source of income.

• Government-issued photo identification.

Applicants without a U.S. Social Security Number must provide the following:

• VISA

• Passport

• Certification of eligibility completed upon arrival into the United States. 

• Deposit equal to 2 month’s rental rate is required for applicants without a U.S. Social Security Number.

Lease end date cannot extend past the document expiration date.

Income.   

• All Applicants’ combined gross annual income must meet or exceed 2 times (2X) the monthly rental rate.

• Different and multiple sources of income may be used to verify an applicant.

• Other documents not listed below may also be considered as income.

  Acceptable Sources:

• Paystubs (3 consecutive, dated within 60 days)

• Signed Offer Letter from Employer (dated within 60 days)

• Previous Year’s Tax Returns or K1’s 

• Self-Employed applicants’ recorded business name must be verifiable with state records

• Housing subsidy and/or Section 8 vouchers

• University Issued I20 or DS-2019

• Money Markets / Mutual Funds / Stocks / Bonds

• Checking or Savings Account (3 consecutive bank statements showing ending balance, dated within 60 days)

• Grants/Stipends/Scholarships/Student Loans (up to 50% of total value accepted)

• 401k / Retirement Accounts / Pensions

• Government Payments (Social Security, Welfare, Disability)

• Child Support / Alimony / Spousal Maintenance

• Trust Fund / Interest-Bearing Account 

• Military Assistance, Benefits and Housing Allowances

Housing Vouchers.

Accepted! If tenant has a housing subsidy (or voucher), the 2x minimum income requirement applies ONLY to the leftover rent not covered by the voucher. Housing voucher recipient applicants will not be denied based on credit history.

Credit History.

Credit reports will be obtained from each applicant, and all reports will be combined to determine rental qualification decisions. An expert statistical credit scoring system will be used to evaluate consumer credit. This information is compared to the credit trends of other consumers to predict how likely it is that an applicant will pay rent in a timely manner and fulfill all lease obligations. 

• Debt-to-Income Ratio = 40% (debt cannot exceed 40% of gross annual income)

• 600 credit score or above

• If an account is negative, or has been placed with collections, it will be accepted if it has a zero ($0.00) balance

• If an account is negative, or has been placed with collections, it will be accepted if applicant can provide documentation showing a payment plan in good standing with at least 6 months consecutive payments

• Bankruptcies, foreclosures, and charge-offs will be accepted if older than 2 years

• Medical debt will be accepted

• Student loan debt will be accepted

• Applicants with no credit history may be considered.

Rental History.

Negative responses received from current or previous landlords may result in application denial. Rental history may or may not be used to qualify an applicant.    

Criminal Background.

• No evictions.

• Criminal offenses older than 5 years will be allowed in accordance with

  CRS 38-12-904.

• EXCEPT: Management company may consider criminal records or deferred judgments relating to:

• (I) The unlawful distribution, manufacturing, dispensing, or sale of a material, compound, mixture, or preparation that contains methamphetamine, as described in section 18-18-405;

• (II) The unlawful possession of materials to make methamphetamine and amphetamine, as described in section 18-18-412.5;

• (III) Any offense that required the prospective tenant to register as a sex offender pursuant to section 16-22-103; or

• (IV) Any offense described in part 1 or part 6 of article 3 of title 18. (homicide and stalking)

• An application will be denied if the offense is within (I)-(IV) above

• Upon HUD Guidance on disparate impact, an application will be denied if the criminal conviction record is violent and/or a drug related felony within the last 5 years. 

The management company will not further investigate any claim that there is an error on a background or credit check. It will be the applicant's sole responsibility to investigate and resolve any errors. 

City of Fort Collins Occupancy Limit.

• Per the City of Fort Collins Land Use Code 3.8.16, no more than 3 unrelated persons are allowed to occupy a property.

• The "U plus 2" law or occupancy ordinance states: "Occupancy in a residential dwelling unit (single-family, duplex, and multifamily) is restricted to: one family as defined below (Section 5.1.2) and not more than one additional person; OR one adult and their dependents (if any), a second adult and their dependents (if any), and not more than one additional person."

Renter’s Insurance.

• Tenants are required to carry a minimum of $100,000 Personal Liability Insurance coverage. 

• Must provide evidence of insurance coverage prior to lease term begin date and time and maintain this coverage throughout the entire term of tenancy. 

• Each tenant must be listed on the same insurance policy, or each tenant may carry their own separate insurance policy.