Minneapolis Rental Application Criteria

CREDIT

Applicant(s) credit risk will be assessed based on information in their credit report relevant to their ability to pay rent based on a credit report from our tenant screening provider, RentGrow. If applicant(s) report shows unsatisfactory credit result, (i) applicant(s) may provide a qualified guarantor/cosigner for the lease that meets all of the guarantor/cosigner requirements**. Examples of unsatisfactory credit items include: outstanding collections, charge-offs, judgements, foreclosures, open bankruptcy, repossession, etc. within the past 4 years (see complete criteria on The Central's Screening Parameter Detail).

RENTAL HISTORY/RESIDENCE

Any applicants with unfavorable payment history of rent or utilities, record of unacceptable behavior, poor housekeeping, or destruction of property may be denied. Current residents of CIP Communities with three (3) or more late payments in the last six (6) months will be denied.

Further rental history criteria that may form the basis for denial:

• Any applicant(s) involved in an eviction that has resulted in a writ of recovery and an order to vacate in the past 24 months will be denied.
• Any balance(s) owed to current or past landlords must be paid in full no matter how old the balance may be

INCOME

Applicant(s) combined monthly income while residing with CIP Communities must exceed 2.5 times (40%) the monthly rent for the unit. Applicant(s) must provide their two (2) most recent consecutive paystubs or provide proof of at least 2.5 times rent times the lease term in an account (savings, CDs, mutual funds, money markets, 401k, etc.). Proof of current student loans, scholarships, stipends, grants from a college or university. A copy of documents such as I-20, F-1, J-1 may be used if applicant(s) are moving from out of the United States. If applicant(s) does not meet the income requirement, (i) applicant(s) may provide a qualified guarantor/cosigner for the lease that meets all of the guarantor/cosigner requirements**.

The Central accepts housing vouchers in compliance with the ordinances of the city of Minneapolis. Applicant(s) with a voucher must provide documentation of the voucher and award amount. Voucher award amounts will be deducted from the rental amount when calculating the monthly income requirement.

CRIMINAL OFFENSES

A detailed criminal background check will be performed on all applicant(s) 18 years and older to review for certain felony offenses. Examples of criminal offenses which may result in a denial include: terroristic threats, property or personal safety related crimes, drug related crimes, and Registered Sex Offenders (see complete criteria on The Central's Screening Parameter Detail).

IDENTIFICATION REQUIREMENTS

A government issued photo ID is required to live at all CIP Communities. Prior to issuing any keys at move in, CIP Communities requires to make a copy of each leaseholders physical photo ID, and this copy will be retained in the resident file.

**GUARANTY/COSIGNER REQUIREMENTS

Guaranty must be over the age of 18, be a United States Citizen. Guaranty must have established good credit which shows on a report from our tenant screening provider, RentGrow. Within the last year, Guaranty must have at least 6 months of verifiable, good rental history from an unbiased source or have home ownership. Income must exceed 5 times the applicants share of rent and provide proof of the income. Owning a home is considered as income when verified that guarantor owns the property.