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Old 02-25-2017, 08:23 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
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Quote:
Originally Posted by macnyc2003 View Post
I am not familiar with the form you mentioned, but can you get your accountant to write a letter certifying what you've said? Notarized if possible. And get it over there ASAP.

Also, the city did lower the asset cap this year. It's something like $55,000 or possibly $72,000 (retirement funds in 401(k) and IRA accounts is not included in that).

Is it REALLY that low. Good thing I didn't waste my time trying to get into any of them.
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Old 03-17-2017, 06:32 PM
 
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Quote:
Originally Posted by kan826 View Post
Well I just had an interview today and was told that your IRAs and 401ks do not count toward your asset total only if they are inaccessible -- meaning, you are under withdrawal age. This seems pretty incredible since it is by nature prejudicial against senior citizens: apparently you can have 500,000 in your 401k if you're forty, but 55,001 is too much if you're 59, or possibly 72,001 depending on the AMI percentage connected to the building you're applying for, but you get my drift.

I found it hard to believe but they handed me paperwork and there it was in print with the qualifier inaccessible spelled out right there in re IRAs and 401ks that don't count toward totals. I go a bit over the limits simply in stocks and straight savings but when I saw they were adding in my IRAs too I got curious and started asking questions and that's how I got 'splained.

This is going to knock out a lot of people.
You should call HPD about this and get a straight answer, because I heard recently that this was not the case--since retirement funds are "accessible" to anyone--people under 59.5 pay a penalty, and that's it--they need to be reported but they don't count in the cap, no matter how old you are. So perhaps they're realizing that putting an age on this is blatant discrimination. As I said before, this is a potential lawsuit waiting to happen. Now some pensions are inaccessible to those under 65, but not IRAs and 401ks. There's such an inconsistency of information on these matters, and to me, that's the most frustrating aspect of this whole process. I'm going to get a straight answer on this, and I'll post. And if it is true (the "inaccessible" qualifier), that should be stated in the guidelines.
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Old 03-24-2017, 11:01 AM
 
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Now I've just had an interview for a different building and was told that IRAs do not count toward the asset total, which is more in line with what I've read. I am, however, still over the asset cap as I do have that brokerage account that puts me over the 54,000 and cap.

However, the interesting thing here is that I was told that 54,000 and change is not the asset cap for a single applicant. I was told that 38,100 is not only the income limit for 60% AMI 80/20s but the asset cap limit -- which is different from what the handbook indicates. Of course what the handbook indicates never made sense to me since it seemed to say that the asset limit for a 60% AMI lottery is the same no matter what size the household is.

But much about the rules for the lotteries doesn't make sense to me. And complicating that -- or adding insult to injury depending on how you look at it -- you get told something different every time you are interviewed.

It's all very frustrating and discouraging. But 38,100 as an asset cap for eligibility will knock out even more people. They really do want to penalize you for having rainy day savings. I'd like to ask -- in the current political environment, with every "entitlement" and healthcare benefit under siege -- how far they think 38,100 will go in a time of need.
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Old 03-24-2017, 11:39 AM
 
774 posts, read 718,605 times
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The asset cap does change depending on the AMI--that's true and in the guidelines. I don't have time to look it up now, though. Someone will post, I'm sure. I've always said, you need to become the expert, because the managing agents, although most are well-meaning and try to help and will admit they're working under incredible strictures and pressure, aren't always the experts. And there's incredible inconsistency in what we're told. I think HPD should hire all of us -- at least as consultants -- what an incredible job we'd do!
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