Three Consecutive Months of Bank Statements
You must provide complete statements (all pages, not just the summary page) for every bank account in your name for the last 90 days.
- Digital Wallets: Per city rules, you must disclose balances and transaction histories for CashApp, Venmo, PayPal, and Apple Cash accounts.
- Unexplained Deposits: Any recurring deposit over $100 will be scrutinized by the city compliance team as potential undeclared income.
- All Accounts: Checking, savings, high-yield accounts, money markets, and brokerage accounts must all be included.
Pay Stubs or Self-Employment Tax Corroboration
How your income is calculated depends strictly on how you earn:
Provide your last 4 to 6 consecutive pay stubs. Income is annualized based on gross pre-tax earnings before 401(k) or health insurance deductions.
Provide your last 2 years of Federal Tax Returns (including Schedule C) and a certified Year-to-Date Profit & Loss statement corroborated by your business bank account deposits.
The Student Status Affidavit
Federal and municipal tax credits generally prohibit households where all occupants are full-time students, unless you meet specific legal exemptions.
- Married students filing a joint federal tax return.
- Single parents with dependent children (neither of whom is claimed by a third party).
- Students receiving assistance under Title IV of the Social Security Act (TANF).
- Students enrolled in a government job training program or previously in foster care.
- Note: Part-time students are not subject to these restrictions and qualify normally.
HR Contact & Asset Verification
HR Verification: The leasing office must send a formal Verification of Employment (VOE) form directly to your employer. Have your HR contact's full legal name, direct corporate telephone number, and official work email address ready.
Retirement & 401(k) Assets: You must supply current-month statements for any 401(k), IRA, pension, or mutual fund accounts. While total assets do not disqualify you, an imputed income rate (typically 0.06%–2% depending on HUD rules) is added to your annual income calculation.
Child Support Calculation: In Chicago and most inclusionary programs, only the actual amount received is counted toward your income, rather than court-ordered amounts, provided you supply bank records proving actual deposits.
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