Quote:
Originally Posted by blessing4
Do anyone know with hdc what credit score would a person need to get by with
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Developers may not reject applicants based solely
on credit score. Credit score may be used only as
an indicator of financial stability.
Developers may choose to accept applicants with a
credit score of 580 on a FICO scoring system
without further review of their financial stability.
If applicant’s credit score is below 580, applicant
must also fail to meet one of the other criteria
detailed in these guidelines in order to be rejected.
• Developers must explicitly state in the Marketing
Plan how credit score will be used in evaluating
applicants and must consistently apply the policy
throughout the lottery.
• If the developer is using a credit scoring system
other than FICO as an indicator of applicants'
financial stability, s/he is required to provide the
monitoring agency with an explanation of the scale
and scoring criteria for that model.
https://www1.nyc.gov/assets/hpd/down...ia-2015-10.pdf