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Thanks, Kefir King! So the minimum income is based on family size?
I wonder if the condo board can waive the minimum family size requirement for the four and five bedroom apartments if they don't get a qualified applicant when one of the large apartments opens up. If you need 8 or 9 people for a five-bedroom AND you have to have a minimum income yet not go over a certain amount, that has to be a very limited pool of families, even in New York. Or maybe I'm wrong about that.
Would the living room be slightly larger as the bedroom count got higher, or would the living room and kitchen size stay about the same throughout all the apartments in the building?
Back in the late 70s, when the crime was out of control, did the waiting lists dwindle down to nothing? Just curious!!!
No, apartment size is based on family size. Minimum income is set for each apartment size,
I think they would hold a 4 bedroom open til Kingdom Come rather than rent to a smaller family.
The big apartments indeed have a limited pool of families, BUT they are also in very limited supply.
My understanding is there is only an income limit. The key is, that income includes profit from assets including interest from banks, rent from property you own, etc.
I purchased last year and I don't remember them asking about "assets", just income. I had purchased a home upstate 2 years ago and it wasnt an issue. They pulled the credit report so they know about my mortgage.
does anyone know if one gets disqualified if owns a coop. or sells before gets called for the interview.
since they go back 2 years with income tax, will they disqualify for prior ownership?
My income was low but my reported liquid assets, over and above retirement accounts, exceeded $300K and I was approved for M-L.
If anybody has a firm asset limit, please let us all know.
Are you living in a Mitchell-Lama building now? If so, is it a rental or a co-op? We are on the waiting list for a co-op, and I was wondering about any fine print regarding the eligibility criteria. On the original announcement for the lottery, there is no mention of asset limits/caps - only an income band.
I'm hoping you can offer some insight or clarification to the process...
I'm helping a family member in a M-L building apply for succession, and am trying to get the definitive answer to whether assets will disqualify him from being permitted to succeed. This thread is helpful and I'm thinking that as long as his income remains within the limits he should be fine to remain in residence and succeed his relative as the leaseholder.
I'll update as the process unfolds and we get more detailed information.
Location: Read the Marketing Handbook, and Income a Guide.
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Originally Posted by Sanderling
I'm helping a family member in a M-L building apply for succession, and am trying to get the definitive answer to whether assets will disqualify him from being permitted to succeed. This thread is helpful and I'm thinking that as long as his income remains within the limits he should be fine to remain in residence and succeed his relative as the leaseholder.
I'll update as the process unfolds and we get more detailed information.
1) ‘ This unofficial version of the current Mitchell-Lama rules is provided solely for your convenience and you should only rely upon the version that appears in the official compilation of the Rules of the City of New York.’
2) Make sure you get the most recent figures on Assets, and Income. The limits were likely raised in May, 2023. i doubt that all web resources have been updated at this time.
3) I don’t have details about M-L Asset Policies for the example presented. However, if it is matter of having too much funds then search the internet for ways reduce assets. Examples might include pre-paying for funeral cost, replacing a car sooner rather than later, contributing to qualified Education accounts and/or qualified Retirement accounts, ‘gifting’ money to family members below whatever the tax free amount is these days, at one time it was ~$10K, and other things.
1) ‘ This unofficial version of the current Mitchell-Lama rules is provided solely for your convenience and you should only rely upon the version that appears in the official compilation of the Rules of the City of New York.’
2) Make sure you get the most recent figures on Assets, and Income. The limits were likely raised in May, 2023. i doubt that all web resources have been updated at this time.
3) I don’t have details about M-L Asset Policies for the example presented. However, if it is matter of having too much funds then search the internet for ways reduce assets. Examples might include pre-paying for funeral cost, replacing a car sooner rather than later, contributing to qualified Education accounts and/or qualified Retirement accounts, ‘gifting’ money to family members below whatever the tax free amount is these days, at one time it was ~$10K, and other things.
@WildAboutHarry, the link doesn't work. can you re-post one? Thank you
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