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Old 02-21-2014, 05:00 PM
'M'
 
Location: Glendale Country Club
1,829 posts, read 2,724,131 times
Reputation: 2558

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I live in a complex for seniors, and the way this complex has been set up legally is "different". This is not a Section 8 complex...it is privately-owned and operated. We do not pay rent based on income. They receive a tax credit for tax exempt status and require the residents...one of whom is me...to give them a statement of our income. Several of us have questions about the format we "owe" them about our finances. How far should we go in giving them this financial info which is basically confidential. We can give them our Social Security 1099's. But for those of us who have other income, we aren't keen on giving them our W-2's, other 1099's, and other retirement info. How should we go about this? Will a signed statement from each of us, declaring our total income be sufficient? Does anyone have experience with this kind of thing know what we owe our landlord that will prove our income?
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Old 02-22-2014, 01:56 PM
 
Location: The Triad (NC)
30,318 posts, read 66,948,187 times
Reputation: 35902
Quote:
Originally Posted by 'M' View Post
This is not a Section 8 complex...it is privately-owned and operated.
We do not pay rent based on income.
They receive a tax credit for tax exempt status and require the residents...
Who exactly is doing this requiring?

If the LL... I'd tell 'em to pound sand.
If some government agency... there will be disclosure notices and so forth.
Something more is going on here.

Quote:
Several of us have questions about the format we "owe" them about our finances.
The 1040 is the gold standard.
The rest of your questions need to be addressed to the one asking them.
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Old 02-22-2014, 02:08 PM
 
Location: North Idaho
24,734 posts, read 32,426,195 times
Reputation: 50286
I think you are going to give them whatever they require. Talk to management and find out exactly what they are looking for and what they will accept.

If the privilege of living there is based upon your income level, then you have to expect to be able to prove what your income is. If you will not prove your income, you will be asked to move out.
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Old 03-08-2014, 12:22 PM
'M'
 
Location: Glendale Country Club
1,829 posts, read 2,724,131 times
Reputation: 2558
Thanks.

The reason the complex needs the income verification is because, overall, the MAJORITY OF residents need to be low income so that the church who owns us can qualify for tax exempt status for this income property that I live in. But not all of us qualify as low income, and management knows that. Some here have income of $100,000 or more. That is OK. Most of the residents need to be low income, though. Just a note: when responding to threads, please read ALL of the words in the initial post. Some of you significantly missed the information requested.

Last edited by 'M'; 03-08-2014 at 01:05 PM..
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