A lease agreement is a legally binding contract between the resident and the community that outlines the terms and conditions of living in a Walters Apartments community/unit. While similar to a standard apartment lease, affordable housing lease agreements also incorporate specific requirements set by state and federal guidelines, such as income eligibility, annual recertification, and program compliance. This helps ensure that residents understand their rights and responsibilities while also maintaining the integrity of the affordable housing program. It provides structure and accountability for both the resident and management, supporting long-term housing stability.