Mitchell-lama co-op (Ira: home, income, maintenance)

[goodlife36]

Is there an asset limit to qualify for one of these co-ops? I was able to find information on the salary maximum but I could not find any information on assets. Thanks.

[sanford909]

As far as I know there are no restrictions on assets. In fact, I read somewhere, (maybe on this forum), that having assets would be viewed favorably. The assumption is that assets gives the applicant a financial cushion. Such a person would be less likely to default on his/her monthly maintenance payments.

[Kefir King]

They count your assets and take 2% of them and add them to your income. So if you have $100K, they add 2K to your imputed income and see if you are still under the limit.

[Maryjoycoco]

Just called for mitchell lama in manhattan and have a friend nearby im one. They dont ask for assets on the application just state income

[Trixie216]

We just had our home visit today. In our application they did not ask us about assets. If you receive income from those assets, that would be included. Good luck.

[Sunny023]

Is an IRA considered income or asset on mitchell lama application? People are saying 2% of assets added to income, is that after you are approved?

[FinallyChosen2Buy]

Hello Sunny023. When I submitted documentation, they appear to be concerned only with assets that generate income, like a taxable mutual fund account or your typical interest-bearing account. They never asked for my 401K statements or contributions. So I guess maybe they won't include IRAs since they're retirement vehicles that can't be touched until retirement age. But don't quote that as gospel.

[village native]

Congratulations Finally Chosen!