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Old 04-09-2016, 02:36 PM
 
22 posts, read 46,261 times
Reputation: 18

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Not necessarily, the sites are tying to get occupancy the building ASA. Tenants pay for own electricity.
I believe they need to complete the required 20% LAMP in order to get the tax-exempt. That is part of the 80/20 Housing Program.

What lot range are you sweetheart,

Quote:
Originally Posted by Kefir King View Post
I do recall the person who interviewed me said they were "aiming" for May occupancy...of course that could be ambitious depending on how their contractors are...


Judging by the looks of the site, that sounds awfully optimistic.


Does anyone know if this is a "tenants makes own electric heat" building?
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Old 04-10-2016, 08:19 AM
 
11 posts, read 11,223 times
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Quote:
Originally Posted by Maya825 View Post
Congrats
How did it go, wonder how long it would take them to verify income, employment etc.

Did you sign a lease or you need income verified first.

Good Luck everyone.
It went fine. She told me somewhere around 40 days i would receive a letter. No lease signed before all the verification.

Question. What kind of verification they ask the banks??????????

Thank you
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Old 04-10-2016, 08:26 AM
 
22 posts, read 46,261 times
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I would assume verify that the account you provided exist and get actual balance.

She confirmed that you fit the income guidelines during the interview?

Thank you , soon to be neighbor

Quote:
Originally Posted by Rog caval View Post
It went fine. She told me somewhere around 40 days i would receive a letter. No lease signed before all the verification.

Question. What kind of verification they ask the banks??????????

Thank you
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Old 04-11-2016, 10:05 AM
 
32 posts, read 99,317 times
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they can't really confirm your income until they get confirmations of your bank/IRA assets, as they add a percentage of that to your income.

Once upon a time, they were totaling all assets and adding 2% of that number to your income. This was supposed to represent your general interest from these accounts. Now they've reduced that multiplier to .06% which is more in line with what banks pay as interest, but still high. So...they consider interest you may have earned in your accounts as income and add it in.

If you have a stock account, I"m not sure if they take into consideration what your ACTUAL returns were or just the .06% multiplier. They do not take into consideration any losses. With IRA/401ks, I know they want to know what you have in those accounts, but I am confused if they add the .06% multiplier as "income" from IRA if you are not actually drawing upon your IRA.

SO, given what those numbers come out to be, they could affect the "income" that is used to qualify you for the apartment. I think that is what contributes to how long it takes.
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Old 04-11-2016, 05:52 PM
 
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Thank you for taking the time to reply and explain all this income configurations , I wish there was more transparency. If your W2 has two different annual incomes, they take the highest because this is your actual income, for example I have to gross in my W2 , pre pension deduction and post deductions.

Is there a particular reason why some developers preferred to offer 40% & 50% AMI v/s 60% AMI.



Quote:
Originally Posted by sydney44 View Post
they can't really confirm your income until they get confirmations of your bank/IRA assets, as they add a percentage of that to your income.

Once upon a time, they were totaling all assets and adding 2% of that number to your income. This was supposed to represent your general interest from these accounts. Now they've reduced that multiplier to .06% which is more in line with what banks pay as interest, but still high. So...they consider interest you may have earned in your accounts as income and add it in.

If you have a stock account, I"m not sure if they take into consideration what your ACTUAL returns were or just the .06% multiplier. They do not take into consideration any losses. With IRA/401ks, I know they want to know what you have in those accounts, but I am confused if they add the .06% multiplier as "income" from IRA if you are not actually drawing upon your IRA.

SO, given what those numbers come out to be, they could affect the "income" that is used to qualify you for the apartment. I think that is what contributes to how long it takes.
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Old 04-14-2016, 05:58 PM
 
28 posts, read 24,531 times
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I just signed up to say I was called for an interview. Log # is 19xxx so I'm not holding my breath.
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Old 04-15-2016, 07:34 AM
 
28 posts, read 24,531 times
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One thing to note: I was told they don't actually run credit until verification is complete. It used to be the first thing they did but people complained that they were running credit when they didn't even know if they were qualified yet. I guess it works both ways.
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Old 04-16-2016, 08:25 PM
 
22 posts, read 46,261 times
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Thanks good to know. It does make sense, why run credit if your not approve. What happens next after verification do they send you to HPD interview?

Quote:
Originally Posted by MyName1234 View Post
One thing to note: I was told they don't actually run credit until verification is complete. It used to be the first thing they did but people complained that they were running credit when they didn't even know if they were qualified yet. I guess it works both ways.
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Old 04-17-2016, 07:00 AM
 
28 posts, read 24,531 times
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Quote:
Originally Posted by Maya825 View Post
Thanks good to know. It does make sense, why run credit if your not approve. What happens next after verification do they send you to HPD interview?
The other side of it would be why do all the work to verify income if the applicant would have been disqualified because of credit anyway.

I don't think there are any other interviews. Found a very good site with more info on the process will see if I can find it later.
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Old 04-17-2016, 07:14 AM
 
22 posts, read 46,261 times
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I remember a lady that was disqualified due to credit, but not in this particular site.
I called my coordinator for an update. And was told it takes 30 - 45 days. I am so anxious, I also awaiting an interview for another site in BK.

The reason I ask if there was any other interviews is because on some other threads people said there is a HPD interview. However, if it's HPD then the coordinator's title would not be directly hired by Related.

Thanks, hope you find that site with more info.



Quote:
Originally Posted by MyName1234 View Post
The other side of it would be why do all the work to verify income if the applicant would have been disqualified because of credit anyway.

I don't think there are any other interviews. Found a very good site with more info on the process will see if I can find it later.
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