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If I am correct they actually talked about this at lease signing. My understanding was that at recertification they can only raise the rent whatever percentage the rent stabilization board allows because this is a rent stabilized building. I also think I recall them saying at lease signing that this will remain in effect for _____ amount of years and we would get a rider stating what the exact number of years is. (Which is probably what this rider is for). I also think I recall them saying this rule usually lasts for 30 or more years. Page 34 of the lease has two ______ spots and I believe at lease signing they said we would receive a rider filling in the blank. I haven't received the actual rider yet, they are mailing it to me, but I will double check it before I sign and return it.
They did say at lease signing that our rents will go up at recertifications and they amount it goes up will depend on whether we choose to sign a 1 year or 2 year lease at recertification.
They did say at lease signing that our rents will go up at recertifications and they amount it goes up will depend on whether we choose to sign a 1 year or 2 year lease at recertification.
Yes that's the usual and it is correct. But without knowing the years we don't know of when that last lease rider will take into effect. Im a but more confident now since I am reading more and more into the lihtc law..
Hey just have a few questions, since most of you went through the "Interview Process" I claimed my nephew on my 2012 Taxes as I was his primary caretaker for a while. We never went to family court or anything like that. He's now back Living with his mother since the beginning of Last year. (He wasn't on my 2013 Filing) Will I be effected In any way? Also, I was a full-time student Last year It shows on my Tax Return. I'm no longer attending school for the year of 2014. I know on the application It says a full-time student can't occupy an apartment, and I'll be living alone. Do I need a letter saying I'm no longer attending school?
Hey just have a few questions, since most of you went through the "Interview Process" I claimed my nephew on my 2012 Taxes as I was his primary caretaker for a while. We never went to family court or anything like that. He's now back Living with his mother since the beginning of Last year. (He wasn't on my 2013 Filing) Will I be effected In any way? Also, I was a full-time student Last year It shows on my Tax Return. I'm no longer attending school for the year of 2014. I know on the application It says a full-time student can't occupy an apartment, and I'll be living alone. Do I need a letter saying I'm no longer attending school?
if you're income in the previous years, as well as your current income meets the guidelines, you should be fine. It's all about your current income and any drastic changes. Also, you are not currently enrolled in school so that means that you should not be affected in any way.
The only letter you need, is from a landlord if you're previous landlord was your parents or if you lived with any other family member. You should be fine.
They did say at lease signing that our rents will go up at recertifications and they amount it goes up will depend on whether we choose to sign a 1 year or 2 year lease at recertification.
@Joyero and Mzmatty i did remember them saying during the lease signing that the low income period will end in about 30 years but when i read the 2.5 increase base in household income i freaked out. so i am not too sure what the final answer is but i will be calling to confirm.
@Joyero according to section 7(A3) if your annual household income goes above 60% of the area medium income your rent will be 2.5% of your annual income. so if you annual household income is 100,000 you rent will be 2500. Is that what you are reading as well or am i reading it wrong? also when will the Low income period end because i believe that is when this will take effect.
When you go for recertification your increase in rent can be raised 2.5% of your current rent not of your income. That is how all renewal rent increases work. Whatever the percentage your rent is raised it pertains to your current rent at the time of increase. So if you are paying the $844.00 for 1 bedroom and the increase is 2.5% your rent increase will be approximately $ 21.10.
When you go for recertification your increase in rent can be raised 2.5% of your current rent not of your income. That is how all renewal rent increases work. Whatever the percentage your rent is raised it pertains to your current rent at the time of increase. So if you are paying the $844.00 for 1 bedroom and the increase is 2.5% your rent increase will be approximately $ 21.10.
thanks i hope there isnt any other hidden messages
Hey everyone! I've been following this thread for a while and had a few questions. I brought my all my info in to be verified to for HRPN. The woman who processed my paper work staid it would take about 2 weeks to hear back from if I move on to the next step or not but I'm not going into my third week. Could you all offer any advice? Does it usually take this long? Should I follow up with my case worker? I'm really preying that this works out for me. Thanks so much!
For those that have been through the Interview process, when you give In your paper work are you stapling the papers or using paper clips? For Items such as Bank Statements do you sign anywhere on the paper? (Trying to have things prepared ahead of time)
Hey everyone! I've been following this thread for a while and had a few questions. I brought my all my info in to be verified to for HRPN. The woman who processed my paper work staid it would take about 2 weeks to hear back from if I move on to the next step or not but I'm not going into my third week. Could you all offer any advice? Does it usually take this long? Should I follow up with my case worker? I'm really preying that this works out for me. Thanks so much!
Hey, welcome and good luck. For some people the process takes longer. My process was smooth from the first day of interview to the final day of approval. I think everything panned out in under 2 months. If you were told 5 business days and it's now been almost three weeks, just email your POC. It doesn't hurt to ask the status of your application. You can never be too persistent!
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