Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You should read these guidelines (link below), and look on the Housing Connect site for the document on Income -- it's very good. Click on the links at the bottom of this document that I'm giving you the link to, as it reflects the new guidelines for affordable housing starting October 2016. Marketing Guidelines | New York City Housing Development Corporation
HPD draws on some of the HUD guidelines, but not all. There are differences. I'm pretty sure the guidelines address how a life insurance payout and other lump sums are handled. The asset limit was lowered considerably from what it was before October (although it excludes retirement accounts), and that's a major change to be aware of. Good luck. Let us know what you find out. We all can benefit from whatever you learn.
lump sums are not counted as income . anything with periodic payments like an annuity or 72t are counted .
Assuming it's not income, and it's a lump sum that has been deposited somewhere, would it be subject to the asset cap, which I believe is $55,000 for the 80/20 developments?
Last edited by macnyc2003; 10-22-2016 at 01:36 PM..
You should read these guidelines (link below), and look on the Housing Connect site for the document on Income -- it's very good. Click on the links at the bottom of this document that I'm giving you the link to, as it reflects the new guidelines for affordable housing starting October 2016. Marketing Guidelines | New York City Housing Development Corporation
HPD draws on some of the HUD guidelines, but not all. There are differences. I'm pretty sure the guidelines address how a life insurance payout and other lump sums are handled. The asset limit was lowered considerably from what it was before October (although it excludes retirement accounts), and that's a major change to be aware of. Good luck. Let us know what you find out. We all can benefit from whatever you learn.
nych is considered low income housing . that has all kinds of restrictions . i grew up in a nych project .
so my question to the op is are you talking a low income nych or are you talking the affordable housing developments which are some thing else ? affordable housing developments are like co-op city , starret city ,etc
affordable housing has no asset caps only income , nych which is considered low income projects cap assets .
Assuming it's not income, and it's a lump sum that has been deposited somewhere, would it be subject to the asset cap, which I believe is $55,000 for the 80/20 developments?
it depends what his definition is of affordable housing . if it is a low income development like nyc housing projects there are caps on assets . but if it is really an affordable housing development and not low income housing there are no caps on assets just income and lump sum life insurance is not income .
this is an example of affordable housing and not low income housing .The building was constructed under the 421-a tax exempt program which requires the developer to set aside 20 percent of the units in the building as affordable units.
80/20 buildings are low-income or middle-income, and those that are low-income have asset caps. These are not NYCHA projects, but are still low-income--this is clear in the documentation. These developments have asset caps, or limits, which were significantly lowered in Oct. 2016, which will greatly affect eligibility, but that's another topic and thread. Why don't you say what development you're applying to and someone can clarify what guidelines apply. Somehow I assumed you were referring to an 80/20 application, my mistake.
According to the new Marketing Guidelines (for 80/20 housing):
3. Asset Limit for Applicants of Rental Units
a. For a rental affordable unit, the value of the applicant’s household assets may not exceed the amount of the current HUD income limit for a four-person household for the AMI limit applicable to such unit.
b. For example, if the 60% HUD income limit for a four-person household is $55,000, a household of any size applying for a 60% AMI unit is not eligible if its total household assets exceed $55,000. If the 80% limit is $72,000, a household applying for an 80% AMI unit may not have more than $72,000 in assets
So the answer will depend on whether we're talking about 80/20 housing or not. We really don't know because the OP didn't state. But she (assuming female) has been posting in other 80/20 threads, so that's what I'm guessing it is.
Also, is there special treatment for life insurance payouts?
I think it's dealt with in the lump sum guidelines. Since I'm not part of any "active" lotteries now (log numbers too high to even get worked up about any development), I haven't taken the time to really study the new guidelines, but I have a vague memory that one-time lump sums are not added to income.
I think it's dealt with in the lump sum guidelines. Since I'm not part of any "active" lotteries now (log numbers too high to even get worked up about any development), I haven't taken the time to really study the new guidelines, but I have a vague memory that one-time lump sums are not added to income.
Thanks Moving415! I read the info from the link you provided and you're right it wouldn't be considered income. Just crossing my fingers still!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
