This is How the Housing Lottery Process Works from A-Z (Hunter: apartment, lease)

[lasigone]

Originally Posted by q41apartments

@Lasigone - can you be more clear?

@Opglife - they only go with the credit score of the main applicant which is the head of the household. I'm assuming your husband has a penis, so he'd be the main applicant and the head of the household, so they won't check your credit - just his.

there is a building on 521 west 42 street, it s 100 tax credit building.
wondering if you have any knowledge of approval guidelines.
tks

[NYer23]

Thanks for taking the time to write about this topic. I had a few follow up questions.

1. What type of people are applying to middle income lottery? For example, job occupations and salary range, educational background (HS degree, bachelor degree, etc..)

2. How long are you eligible to hold on to the apartment if you follow the rules and are still eligible throughout your life? (For example, can you renewal your lease for 30 years).

3. If someone has a wealthy significant other (girlfriend/boyfriend), would it be easy to claim one of this lottery apartment under your name while having the rest of your assets under the other person names (avoid getting legally married)? In order to stay eligible for the program.

[drblink]

1) IT field with AS computer science degree. Starting salary 45k.
2) no idea
3) you need to report household income on an annual basis. So if they live there, their income/assets are included.

[q41apartments]

@NY23 - The answers are belo"w:

1. The middle income lotteries seem to keep raising the bar. My lottery for a studio required the applicant to at least 46K and the new Hunters Point South is requiring 55K. I have noticed the middle income ones keep raising the salary requirements and the prices being charged are becoming less and less affordable. I have noticed the tenants in my building have a lot of city employees which is unfortunate, but i noticed that these lotteries always give preference to city employees. You do not need a high school diploma or college degree to apply, but i am sure one must have at least a high school diplomas to makeover 46K. For a studio, my building was asking for 46K - 78K so an applicant would not qualify for a studio if their salary was over 78K. For a 2 bedroom, 137K is the salary max. Most of the people in the building are working professionals and well mannered. There are some that are low budget and anyone can tell they were not raised properly and don't carry themselves a certain way from interacting with them.

2. I believe these are all long term affordable rentals. Apartments are all rent stablized, so they would not exceed 5% based on NYC rent stablization increases for each year. Everyone knows that doing 1 year renewals saves more money because 2 year renewals charge more. These are like section 8 apartments, but only high class and more upscale.

3. This is a strange question. All i can say is that you must meet the income requirements when you apply in order to get awarded the apartment. Whatever happens to your salary or income afterwards is not a factor because you were awarded the apartment. Obviously, your income cannot fall below the requirement because on an annual basis, they'll request paystubs just to re-verify your eligibility. They do not want people in here who cannot pay their rent.

Let me know if you have any other questions.

[drblink]

Anyone know if they count one time earnings (lottery winnings, gifts, etc) as part of your income? I recently got a large 1 time bonus from my employer that would disqualify me from the bracket I can afford.

[q41apartments]

I don't think so. They only look at pay stubs and last year's tax return unless you want section 8. That's reviewed annually.

[q41apartments]

@NVEME3489 - I hope this thread helps you.

[plexor]

Hey I have a question about the interview.. maybe someone can provide some insight. What is the point of performing the credit check after you come down to the development office. I mean I was put through the ringer... Employment verification...w2's... Why save the credit check for the end? It seems like a waste of resources... Only thing that comes to mind is that it may be judged on a case by case basis...

@ Originaa Poster... at what point was your credit check performed?



Thanks in advance.

[q41apartments]

@Plexor - There is no actual interview. It's Just Getting A Post card, coming in, being shown the individual units based on what you want, 1 bedroom, 2 bedroom, and submitting requested documents like drivers license, paystubs, etc.

They ran my credit check that same week after I came in. They don't save that to the end. The credit and background must all be completed before being awarding the applicant a unit. You can ask if your specific lottery has a specific credit rating requirement. I'm sure they all do. Mine said all applicants must have 700 and above so you know hundreds of applicants were disqualified once their credit was run.

[NYer23]

I saw the below article today. I might have missed it, but I am not sure if the topic has been covered in this thread (Applying for multiple affording housing lotteries at the same time).

Yes, you CAN apply to multiple affordable housing lotteries at the same time | BrickUnderground