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How do they calculate your income when you apply to these lotteries? I make a little less than 40,000 but more than 35,000. I usually apply to the apartments that are in the annual household earnings between 35,000 and 40,000. I am a veteran, would I be getting considered faster? How do these log numbers work?
This was written by a fellow poster, Wiivile, and I think it is the best explanation you will find, so I've reposted here. Also, as far as I know, veterans are not in a preference group that I've seen for 80/20 lotteries. I believe some Mitchell Lama developments do prioritize veterans.
As far as income goes, you will be handing in your six most recent paystubs.
They will calculate employment income several different ways and take the highest:
1) They will average the six paystubs and multiply by how many times a year you get paid.
2) They will take the "year to date" on your most recent paystub and project it for a full year.
3) They will look at the income reported on last year's tax returns.
4) They will look at your employment verification letter which is supposed to state your base rate of pay as well as any overtime, bonuses, or raises expected.
Of all of these four, they will take the highest and use it as your annual income. If any of these are over the limit, you will be disqualified.
Sorry to piggyback on this thread, but I have a general lottery question that I didn't want to create a new thread for.
When accepting an affordable housing unit, does that disqualify you for future units? E.g. if I accepted a unit in one development and I receive an interview for a unit in another development a few months down the line, will the developer/city discard my application once they know I already live in an affordable housing unit?
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