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Old 10-08-2015, 06:55 PM
 
15 posts, read 22,287 times
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Thanks Michael Reed! very very helpful update. Glad all the 1 bedrooms weren't taken.
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Old 10-12-2015, 12:55 PM
 
88 posts, read 181,112 times
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Still no call or letter. Still crossing fingers, eyes, and toes. Getting finger cramps but holding out hope.
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Old 10-13-2015, 10:19 PM
 
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Navy Green'ers,

We've concluded the preference interviews, less a few appeals. If you were interviewed as a preference applicant, you file remains in order of the lottery log as a backup. Typically, there is a need to resell an apartment due to changes in income and mortgage qualifying. If we do not offer you a unit, the credit check fee will be refunded.

We have commenced the non-preference lottery applicant interviews last week.

There are 28 non-preference apts available. This includes 19- 1 bedrooms, 8- 2 bedrooms, and 1- 3 bedroom.

We anticipate selling the non-preference apartments with the first 150ish applicants in order of the lottery log.

We will only contact you when/if we reach your application and anticipate posting a SOLD OUT notice on the website by Thanksgiving in addition to updating this blog.

Once again, I will not use this tread to answer specific individual questions. I will provide an update each month.

Thank you,

Michael Reed, Selling Agent

__________________________________________________ _______________________________

This is not an Offer to sell. Offers to sell may only be tendered upon issuance of the Offering Plan , as filed with the Attorney General of New York State.
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Old 10-14-2015, 07:45 PM
 
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Thanks for the update Mr. Reed! ... Selling to the 1st 150 applicants though?? That's surprising when most lotteries go over a thousand applicants weeding out those that aren't eligible. Even for the CB preferences their log numbers went over 1800 with interviews... I guess we'll see in time
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Old 10-15-2015, 02:05 AM
 
353 posts, read 527,101 times
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Quote:
Originally Posted by NYCliving21 View Post
Thanks for the update Mr. Reed! ... Selling to the 1st 150 applicants though?? That's surprising when most lotteries go over a thousand applicants weeding out those that aren't eligible. Even for the CB preferences their log numbers went over 1800 with interviews... I guess we'll see in time
See thats the thing with Log#'s, they only matter AFTER preferences. I was in the Hunters Point South Lottery and the same thing happened. For example people would have log#'s of 80,000 and got called before those with a log number of 200 because they had the disability preference, etc. Once the preference quotas are fulfilled they only have log #'s to go by so naturally they start with number 1.

However Mr. Reed DID say that they would try and pick from the Municipal Employee pool so I guess its possible to be a M.E. and have a log# over 150.
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Old 10-23-2015, 10:39 PM
 
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Hi, everyone:


I am new to the post. I just wonder does anybody knows what would happen after the interview and select an apartment? I only knows that we have to wait for the city's approval. And then select attorney and try to apply for mortgage?

Thanks a lot for everyone's input~
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Old 10-23-2015, 10:47 PM
 
13 posts, read 20,807 times
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Default About the quoted~

Quote:
Originally Posted by VandiGoddess View Post
Hi GiaWin1, the application deadline was May 26, 2015. Everything is in full swing now for those who entered.

Joker1296- I just friended you, but don't really know how it works. If you can figure it out, feel free to PM me, as I would be happy to speak to you directly.
Funny, that you were quoted $20K for closing costs, as when I asked Joanna from Wells Fargo at the NavyGreen office, she was saying more around $10K, which I was surprised about b/c I thought it was going to be more around $20K.

About renting it out- there are details in the offering plan about subleasing. Looks like 2 years max and has to get approved by the City.

About reselling - looks like there is no point to sell (no profit to be made) until after 15 years as there are conditions about paying back the supplement until that time has passed. Have not looked into how much of a % increase the offering price can be either. That's a good question!!

Mike Reed - thanks for sharing those facts and updates with us!

All the best,
VandiGoddess


Hi, VandiGoddess:


I also got a quoted about $20K for a 1 bedroom closing costs. I still need to read through the offering plan to all those charges.


vettech_gloria
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Old 10-23-2015, 11:02 PM
 
13 posts, read 20,807 times
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Default Prove of liquid saving

Quote:
Originally Posted by NYCliving21 View Post
Good day all - I have a question for those that were interviewed. During the initial interview how much do you have to prove that you have in liquid savings for the 1 bedroom? 15k, 20k, 25k+?. Do they check how much outstanding debt the applicant has (car/student loans). Just wondering if it is more the property management or the mortgage lender that checks this information.


Hi, NYCliving21:



I think it's about $12K to $14K that you have to show in your bank account for the one bedroom, plus the closing costs $20K. They had not asked too much about the outstanding debt from the screening team. But the bank representative did asked about that.


vettech_gloria
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Old 10-26-2015, 12:56 PM
 
353 posts, read 527,101 times
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Quote:
Originally Posted by vettech_gloria View Post
Hi, NYCliving21:



I think it's about $12K to $14K that you have to show in your bank account for the one bedroom, plus the closing costs $20K. They had not asked too much about the outstanding debt from the screening team. But the bank representative did asked about that.


vettech_gloria
So 35K in total for a 1 bed?
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Old 10-28-2015, 06:46 AM
 
88 posts, read 181,112 times
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Cannot believe it's nearly Halloween and I still have not gotten called for an interview! I was called for three affordable housing interviews before, and was number 50K or 80K in line! Still holding out hope for this one, though it is waning...
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