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Hi. I was wondering. What would happen if you started making more income (moving you outside of your AMI) after you signed your lease? Has anyone experienced this?
Nothing will happen. HPD is not obligated to check on your income to make sure you stay in the AMI bracket for as long as you live in your unit. Once you are approved you are good. Your rent is only subject to change based on rent stabilization increase regulated by the state depending on if you signed a 1 or 2 year lease.
Hi. I was wondering. What would happen if you started making more income (moving you outside of your AMI) after you signed your lease? Has anyone experienced this?
Depending on what tax program your building is under, you may or may not have to recertify your income yearly. This is for the building to keep getting their tax credits. Regardless, as was already said, your income can go up or down and your rent will stay stabilized and you won't be forced to move.
Nothing will happen. HPD is not obligated to check on your income to make sure you stay in the AMI bracket for as long as you live in your unit. Once you are approved you are good. Your rent is only subject to change based on rent stabilization increase regulated by the state depending on if you signed a 1 or 2 year lease.
That is not entirely true.
Quote:
Originally Posted by linamonroll
Depending on what tax program your building is under, you may or may not have to recertify your income yearly. This is for the building to keep getting their tax credits. Regardless, as was already said, your income can go up or down and your rent will stay stabilized and you won't be forced to move.
To my understanding if you are in a rent stabilized building your landlord cannot come and check your income and increase your rent based on your increase on income.
To my understanding if you are in a rent stabilized building your landlord cannot come and check your income and increase your rent based on your increase on income.
To my understanding if you are in a rent stabilized building your landlord cannot come and check your income and increase your rent based on your increase on income.
It’s true they won’t/can’t change your rent (aside from the RS allowance) but some buildings can and do require you to recently your income yearly. Recertification is not the same as re-qualifying, although the process is similar. This is a requirement for some types of tax programs the buildings are in and you making more than your original AMI may mean they no longer get the tax benefits for your unit and will generally have to follow the next-available rule to make a different unit available at your original AMI. But as you and I both said, your rent won’t leave the RS program and you won’t be forced to move. So you are correct they can’t raise your rent for making too much but some buildings can and do “check” your income (recertification).
It’s true they won’t/can’t change your rent (aside from the RS allowance) but some buildings can and do require you to recently your income yearly. Recertification is not the same as re-qualifying, although the process is similar. This is a requirement for some types of tax programs the buildings are in and you making more than your original AMI may mean they no longer get the tax benefits for your unit and will generally have to follow the next-available rule to make a different unit available at your original AMI. But as you and I both said, your rent won’t leave the RS program and you won’t be forced to move. So you are correct they can’t raise your rent for making too much but some buildings can and do “check” your income (recertification).
Wow, this is really interesting. Thanks for the info.
Wow, this is really interesting. Thanks for the info.
No worries. Having to recertify is typically for lower-income AMIs due to the tax programs they are in. I know bc I live in a lotto apartment I won in 2019 at 60% AMI and I have had to recertify yearly. I lost a job due to COVID in 2020 so my income went way down, and I was also in grad school and now I'm in 130% AMI so obviously my income went way up. I've had to prove my income each year but my rent has been the same since 2019 due to an initial 2-year lease and then the rent freeze last year, ie. I'm still fully in RS and nothing has changed for me.
I just received a lease renewal notification from my landlord/building management asking a year or two-year. They sent me a bunch of paperwork to sign but nothing related to income recertification request. I won my unit at 120% AMI in a 421-a tax break 80/20 building & I had my salary increased a few months after I signed my initial lease.
Last edited by someoneinqueens; 05-01-2022 at 03:38 PM..
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