HPD 80-20 apt: Can I be evicted if I make too much money? (New York: sale, real estate)
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I have done many searches and I can not find the answer to this question. I live in an 80-20 apt for many years now. Every year we submit tax returns and bank statements. My income has risen quite a lot in the past almost-20 years. So far I have been left alone. I need to know if there is a maximum amount I can make and still stay in my apartment. Much thanks in advance.
No, bottom line is you cannot be "evicted". While required to complete those annual or whatever income statements it seems they are nothing but busy work.
If the unit is RS the only way to be evicted per se is via the luxury decontrol process which am not even sure applies to "permanently affordable" apartments.
This is why the whole 80/20 process is a scam. It isn't "affordable housing", but a backdoor way to increase the numbers of RS tenants with (well) below market rate apartments. If past history is any indication of future performance nearly all such tenants will never leave those units except feet first in a box. So the City will never truly make any huge dent in the "affordable housing" deficient unless or until it creates tens of thousands more of such units .
Thank you for the reply. I respectfully ask, are you 100% sure? Is †here anywhere I can read about it that you might direct me to? I need to give a family member some money to pay for medical care but if I sell the stock it will show up as income for one year. I know city housing has no limit. May I also ask, what does RS mean?
Last edited by nycrenter2006; 10-29-2016 at 02:40 PM..
Doesn't your lease that I assume you renew every few years spell this out? There's an attachment of a rider that goes with 80/20 leases that addresses the issue you're raising. If you Google you'll find the attachment, along with several others. You should also read the Marketing Guidelines for 80/20 renters. RS means rent stabilization. It would make more sense if rent went up and down in accordance with income, which is what I believe is the case in Mitchell Lama buildings.
I feel as though when you hit the 20 year mark you should move out and give it to the next in need. I wish leases would state this. I actually think 10 years is more fair. Affordable housing is suppose to help you get your life together. You pay less rent so you are able to better yourself. And then a time should come you move out and give the place to the next in need. These apts don't belong to the individual in them. I know if I won a place, I wouldn't stay there for ever. I'd so what I had to do and pass it along.
"Can my rent be adjusted to increase or decrease if my income was to increase or decrease?
No, rents are set. Certain low-income programs require that your income must be reevaluated every year. However, this information is for record purposes only and does not impact your rent or your ability to remain in the apartment."
As other posters have mentioned things on the ground will vary by type of scheme; Mitchell-Lama is different than 421a, which in turn is different than "permanently" affordable, then just "affordable".
Long story short there is information out there, you just need to know how to research and find.
i appreciate the time you took to reply. Yes i certainly did not know where to look, but gave it the ole college try many times. Your input is very helpful!
Bugsy, that link was great. Now, I just need a law degree to understand it. lol.
Seriously, thanks.
Looks like if my income only goes up 1 year, It is ok. Said something about must exceed income for 2 consecutive years. Therefore, I believe if I do sell the stock, I will only be over limit for one year. The income from the sale should not show as income next year. Do you think I interpreted that correctly? Thanks for the link. Very helpful.
Last edited by nycrenter2006; 10-29-2016 at 05:04 PM..
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