recertification if income changes (cheap apartment, leases, how much)

[mark2kay]

Hey there I don't actually have lotto apt but working on it.

I understand you have to rectify yearly. What happens if your income passes higest bands for bldg?

Do u have to move out or just pay the higest band?

[mark2kay]

Bump bump bump

- b2k

[Principle Lewis]

Nothing.

You could hit the lotto and you still have a cheap apartment for life.

[BoogeyDownDweller]

Not 100% sure about new lotto apartments, but in Mitchell Lama program or NYCHA you pay a surcharge depending on how much over the income limit you are. I assume it is the same with the lotto apartments.

The maximum surcharge in Mitchell lama is 50% of your income. But to get this high of a surcharge you need to be making like $250,000. Normally if your $10,000 or $20,000 over the maximum income you'll just pay a 5% surcharge or so

[macnyc2003]

Not all lotto apartments require recertification. In fact, I'll go out on a limb and say that the majority do not.

You need to read your lease and see if it's in there.

If it's not in there, the landlord is just being nosy.

Most if not all of the current lotto apartments are rent stabilized. Recertification is not required for those unless the monthly rent reaches I believe $2,700 a month.

[Moving415]

Recertification now longer seems to be required for 8/20s or "lotto" apartments.

[livingsinglenyc]

Originally Posted by Moving415

Recertification now longer seems to be required for 8/20s or "lotto" apartments.

Wrong my friend is in one and has to.

[livingsinglenyc]

Originally Posted by mark2kay

Hey there I don't actually have lotto apt but working on it.

I understand you have to rectify yearly. What happens if your income passes higest bands for bldg?

Do u have to move out or just pay the higest band?

First worry about getting in then ask such questions at lease signing

[Moving415]

What I said about recertification is not wrong. I said recertification "no longer seems to be required." Recertification was required in the past. I've recently dealt with two developments, where I was told it was not required. I even signed something to that effect for one. Seems to be a new thing, that I don't believe is retroactive, and that would explain why your friend might still be recertifying, even though those signing new leases no longer seem to have this rider.

[livingsinglenyc]

Originally Posted by Moving415

What I said about recertification is not wrong. I said recertification "no longer seems to be required." Recertification was required in the past. I've recently dealt with two developments, where I was told it was not required. I even signed something to that effect for one. Seems to be a new thing, that I don't believe is retroactive, and that would explain why your friend might still be recertifying, even though those signing new leases no longer seem to have this rider.

They moved in less then a year ago and already got an appointment to re certify.
You dealt with 2 developments not every single one so be careful with what you say.

A better way is some require it and some don't, ask the development you are dealing with before signing the lease.