Rent skyrocketed a few years ago, but prices are beginning to stabilize. The result has been a decrease in both rents and occupancy rates, creating uncertainty among property owners and operators who must adapt to this new economic landscape. Here's how Threshold helps keep properties viable for owners and managers during a market downturn.
With founding funding from
With founding funding from
©2024 Threshold
Move Out
If damage or eviction occurs despite interventions, the Owner will follow the Risk Mitigation Fund Guidelines and submit a damage claim in seeking reimbursement from Threshold for move-out charges up to:
Move In
An initial lease can qualify for an incentive for any combination of the following criteria. All incentives must be verifiable, either by the Owner Operator Support team or Housing Specialist, so please provide documentation noted below:
incentives will be awarded for the first 5 leases a new partner executes, regardless of the timeframe the move-ins occur. (This replaces the 6-month introductory period and enables operators to fully take advantage of incentives.)
incentives will be awarded when using an alternate screening criteria after the initial 5 tenants. Alternate Screening Criteria is any criteria that would typically screen out a specific tenant for a unit, such as:
-the unit usually screens out anyone with criminal history on record
-the unit usually screens out anyone with a previous eviction
but the owner/operator partner will reduce screening criteria for the specific tenant.
incentives for accepting tenants with low/no income will only apply to Rapid Rehousing programs, as PSH program tenancies are fully subsidized, even for tenants with zero income.
incentives will no longer be awarded solely for lowering rents to FMR/PS except for Rapid Rehousing Programs. New rental amounts and risk mitigation funds totaling 4 times the monthly rent make Threshold-supported tenants the smart business choice for property management portfolios.
Tenancy
All the programs provide both financial rental assistance and client-centered supportive services designed to ensure housing stability and recovery. Supportive services provider partners – integrated behavioral health and homeless services providers – help tenants achieve their goals, generally including
Lease Up
Once an applicant has been approved, the operator must complete a Request for Tenancy Approval (RFTA) which includes payment information, lease details, and comparable units to verify rent reasonableness. The RFTA can be found at www.thresholdaz.com/rfta. Other than lease information, a RFTA consists of the following information:
Submit this packet to RFTA@HOMInc.com for processing. A Housing Specialist – a housing professional, often a prior property manager, current REALTOR licensee, or expert in a related field – assigned to support the specific participant, will reach out with any questions or inquiries.
Helpful Tip: This Housing Specialist will be the lead point of contact regarding the individual tenancy, including processing the RFTA, scheduling leases, coordinating care with service providers, and addressing any tenancy concerns.
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How It Works
