Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hey thank you so much for your help! So we make 26k+32k would this put us way out of range of any apartments? Is there any type of different calculation for getting an apartment when married? Can you qualify for a 2 bedrooms? How many of them are typically up for lottery?
Quote:
Originally Posted by macnyc2003
Mario88, if you get married, yes, both incomes will be considered.
If you apply by yourself, you must occupy the apartment by yourself.
When you can legally move another person in is a matter for debate. To my knowledge, I have never seen a hard-and-fast rule.
If it were me, I would wait at least a year.
For more info: Google NYC Housing Connect. On the site, click on Search (you don't even have to create an account to do that).
There you will see all the current lotteries. Click on the name of a development, and you will see the official ad. There's a wealth of information on the ad. You'll see the number of apartments in the lottery, the cost of each, the number of people to qualify, etc. Look at a couple of ads to get an idea.
Then, go back to the main page, and you will see on the lower right-hand corner More information.... Click on those links and read them.
If you are going through this process, it helps to be as knowledgable as possible.
For even more info, Google Marketing Guidelines HDC and download that document (it's long). Read that, and you will soon be an expert! Good luck!
Mario, if you look at the ads on NYC Housing Connect, as I pointed out, you will see the income ranges and the number of people who can live in each apartment, the number of apartments in each category, etc. Each lottery is a bit different.
You would either qualify for a one-bedroom or a two.
This post has been SUPER helpful, thank you all so much. I literally went through all 16 pages and come out of it with a wealth of information and tips.
Question - if I get selected for an apartment (email) but simply do not want it due to it's location (ridiculously deep in BK), what should I do? Does not responding to the email hurt my chances in other lotteries?
If you are not interested in that lottery, why did you apply? If you are called for a development you don't want to live in, just don't respond to the email. It won't affect your chances of being called for another lottery.
It's best to apply for just those ones you would be happy to live in if called. That increases the odds of success for others, and cuts down on the time and expense of running these lotteries.
How strict are they (80/20) if I own some rental property in NJ? If I still fall within the income guidelines, can I say I can't afford to buy/rent in NYC and still be accepted?
Also I read about a $250k income asset cap.. If I have savings over this amount am I automatically disqualified? It seems so for Section 8, but not 80/20?
Is it a bad idea to mention I can pay the whole annual year's rent up front given my savings, or is that dumb negating my whole "poor" status? lol
How strict are they (80/20) if I own some rental property in NJ? If I still fall within the income guidelines, can I say I can't afford to buy/rent in NYC and still be accepted?
Also I read about a $250k income asset cap.. If I have savings over this amount am I automatically disqualified? It seems so for Section 8, but not 80/20?
Is it a bad idea to mention I can pay the whole rent up front given my savings, or is that dumb negating my whole "poor" status? lol
For a rental affordable unit, no member of the applicant’s household may own any residential real property in, or within a 100-mile radius of, New York City. Also, the asset cap is now lower. Depending on your income band, it's either $54k (60% of AMI) and $72k (80% of AMI)
For a rental affordable unit, no member of the applicant’s household may own any residential real property in, or within a 100-mile radius of, New York City. Also, the asset cap is now lower. Depending on your income band, it's either $54k (60% of AMI) and $72k (80% of AMI)
thank you wilvile, i read about the 100-mile radius on another post but was uncertain if that was HPD, mitchel lama, section 8, or 80/20 as there are so many different programs... is that from an nyc link. if so, do you have the link as ive been scouring for it..
... also regarding the asset cap, someone previously mentioned they got rid of it, but now you're saying its lower than $250k? thanks you.
Hi Everyone! I was contacted for an interview next week. When I applied, I was a FT student and now I'm not (I graduated early). My income now falls within the income guidelines but my student debt is over 100k. My credit is great (in the 700s) and I have less than 1k in savings. Will those loans negatively affect me? My credit card debt is virtually non-existent. Please help!
Student debt will show up on your credit report like any other kind of debt. Because your debt is high, it may mess with your debt-to-income ratio.
Here's what the Marketing Guidelines say:
5. TOTAL Debt to Income Ratio
a. The Marketing Agent may reject an applicant for total outstanding debt
(excluding rent) per household exceeding 25% of the household’s annual
gross income (30% if debt includes significant medical-related bills or
student loan debt).
b. In this “total” approach, rent is excluded to account for what actual
“debts” a household has prior to executing a lease. Tenants with
exorbitant debts pose financial risk for Marketing Agents, so the
acceptable level of debt is capped at a reasonable level that (a)
acknowledges the applicant has accrued some debt but is responsibly
paying it off as an alternative to bankruptcy and (b) specifically recognizes
an additional accommodation for hardships created by medical and
health-related circumstances and the cost of education.
Go to the interview and see what they say! Don't volunteer any information. Just answer honestly to any question they pose to you. Full-time students are not eligible for 80/20 housing in a one-person household. (If you're married, say, one of the partners can be a full-time student if the other one is not.)
How strict are they (80/20) if I own some rental property in NJ? If I still fall within the income guidelines, can I say I can't afford to buy/rent in NYC and still be accepted?
Also I read about a $250k income asset cap.. If I have savings over this amount am I automatically disqualified? It seems so for Section 8, but not 80/20?
Is it a bad idea to mention I can pay the whole annual year's rent up front given my savings, or is that dumb negating my whole "poor" status? lol
If you have savings over $250k, then you don't belong in affordable housing. Sorry to be harsh, but that's the truth. You can BUY an apartment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
