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It took 4 months for my son to be approved, and the income had to average out on all his pay stubs for that time period somewhere in the range they mention to you for your unit. Even after he passed the interview and all the credit/background checks, he still had to submit 8 more weeks of pay stubs before his paperwork was sent to the City for approval. It is a long process, but well worth it. hang in!
I was e-mailed for 530 west 45th street. They want a asset verification form filled out by the banks. Has anyone done this before? I have 3 separate bank accounts, are the banks willing to fill out the forms that easily? I Also know that this is a rent stabilized building, what happens if after we get in our income increases?
Last edited by abcdefgnewyork; 01-29-2015 at 01:27 PM..
From my experience, I doubt a bank will complete that, but they won't have an issue notarizing it. I completed that form as well for my lottery.
This building is middle income, so nothing will happen to your rent should you get 100K salary increase or if you pull yourself from obscurity and reach Donald Trump status. Your building is rent stablized so it goes by NYC rent stablization prices yearly for lease renewals. 2014 has a 1% increase on 1 year leases and 2.75% on 2 year leases. If you already lived there and your lease was about to expire, your current rent is $2,000.00, you renew for 1 year, your new rent would be $2,020.00.
People mentioned the middle income lottery units are really poor quality. Is that true?
Aloso, can you confirm if you must use a separate entrance? I heard middle income lottery winners for this building are not allowed to use the regular entrance as the tenants that pay 8K in rent.
No, middle income units are very nice! Everyone uses the same entrance. Banks gave info with no problem. All easy to do, just do it when they ask, and all will go smoothly! They are on your side...if you have gotten a call, that is like winning the lottery...there was a NY times article today about how it is getting harder to get middle income apt.s as do many more people are applying! Go for it!
No, middle income units are very nice! Everyone uses the same entrance. Banks gave info with no problem. All easy to do, just do it when they ask, and all will go smoothly! They are on your side...if you have gotten a call, that is like winning the lottery...there was a NY times article today about how it is getting harder to get middle income apt.s as do many more people are applying! Go for it!
Depends on the tier. The tier 4 units aren't any cheaper than the local market-rate walk-ups.... becomes a real question of whether being that remote and having to jump through all the hoops and then living among the tier 1 & II folks on the one hand while being a second-class tenant in the landlord's eyes on the other is worth it for the newer building and rent-stabilized lease. The income bands versus the rent also forces people to spend an uncomfortably large proportion of their income on rent....so much so that some private-sector landlords wouldn't even allow it.
Tier 1-3 on the other hand are a winning lottery ticket and if any are still available and you qualify and are thinking of sending in an application, it's a no-brainer.
I didn't know they had separate tiers? Is that tiers for the quality of the unit?
I think if you don't wear grey sweats, timberland boots, use afro sheen, rub shea coco butter all over and put vaseline on your lips - the super will not look at you as second rate. Trick is to not release negative connotations from ones self. Avoid those "do nots" and no one will see you as second rate.
I didn't know they had separate tiers? Is that tiers for the quality of the unit?
I think if you don't wear grey sweats, timberland boots, use afro sheen, rub shea coco butter all over and put vaseline on your lips - the super will not look at you as second rate. Trick is to not release negative connotations from ones self. Avoid those "do nots" and no one will see you as second rate.
Different income eligibility bands associated with different monthly rents, certain units reserved for certain tiers. Nothing to do with unit quality or anything like that (to my knowledge).
My husband and I just received an email for a 2 bedroom at 530. We were asked to send more documents. No one called, just an email (is that bad or typical). After we send the documents, what happens next? How long does it take to get contacted? Does this mean we are in the running for an apt? Our log number was pretty high, does that make a difference for our chances of getting an apt? Does anyone mind sharing the square footage of their 2 bedroom or staged apt pics? How are your neighbors? We are so anxious and excited! Thanks for any info!
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