Typically, Alley Flats are leased for extra income. If this is the case, then selecting a good tenant is the most important decision you can make. Establish a screening process whereby you develop fair criteria that you will apply to all applicants. Sample tenant selection processes and residential lease agreements are readily available.
You’ll also need to follow the S.M.A.R.T housing requirements for tenant selection and rental rates based on median family income.
All S.M.A.R.T housing projects and Alley Flats must be affordable for a minimum of five years to those with household income less than 80% of the area median family income (MFI). These MFI standards are set by the US Department of Housing and Urban Development.
An Alley Flat may also be occupied by a family member or the Alley Flat owner as long as the Alley Flat is their primary residence and the occupant’s income is less than 80% MFI.
Depending upon your Alley Flat design, your new home has certain performance features that require a simple understanding of how to operate them. Think of your Alley Flat as a finely tuned instrument and that by learning how to properly use all of its new features your Alley Flat will perform more efficiently, while you save energy and money. ACDDC can provide you and your renter with resources and materials to learn new techniques to keeping your water and energy consumption down, as you save money on monthly bills.
Performing routine maintenance on your Alley Flat will help it perform at its best, and will also save you from having to do large and costly repairs in the future.
Maintenance will likely be similar to that of your primary dwelling.