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"Confused about the affordable housing application process? Housing Ambassadors are community-based organizations and service providers who partner with HPD to ensure that people have access to up-to-date information and assistance with affordable housing applications. Get in touch today!"
i think HPD laugh this new help with the application process today.
Some of these organizations have been in existence for a long time, and a previous poster mentioned getting application help from the Fifth Avenue Committee. I wondered at the time what that was. Now I know!
Some of these organizations have been in existence for a long time, and a previous poster mentioned getting application help from the Fifth Avenue Committee. I wondered at the time what that was. Now I know!
no problem I thought this would help out a few people.
This is in answer to a question a few posts back. The totals in your retirement accounts are included as part of your total assets. If your assets are more than $5,000, they take 0.06% of total assets (it used to be 2%) and add it to your income (that's a rough explanation, but that's basically it). So while IRAs and 401Ks are definitely included in your asset total, they are, according to HPD guidelines, excluded from the asset cap, or limit, which was previously $250,000 and now is much lower. Lowering the asset limit will knock a lot of people out.
Regarding the totals in these retirement accounts, they'll use the amount that's in them at the time that they request the statements. The amount is obviously not going to stay static, but it's a capture in time, I guess.
This is in answer to a question a few posts back. The totals in your retirement accounts are included as part of your total assets. If your assets are more than $5,000, they take 0.06% of total assets (it used to be 2%) and add it to your income (that's a rough explanation, but that's basically it). So while IRAs and 401Ks are definitely included in your asset total, they are, according to HPD guidelines, excluded from the asset cap, or limit, which was previously $250,000 and now is much lower. Lowering the asset limit will knock a lot of people out.
Again what the mayor an city are wanting is to steer more "poor" and "low income" into these apartments.
There was already a bias against middle-class via the income requirements, now the city is going after those with savings/retirement schemes and other assets to knock them out of qualifying. What will be left are those who are low income, poor or "working poor". That is not much besides living paycheck to paycheck.
@wiivile - can you explain a little more on the asset limit? If someone applied for affordable housing in the range of $38K to $54K for a family of four, your total assets can not exceed $54K? Is this the new guidelines in the handbook? What about people who applied before the new guidelines?
I find it silly because hpd are punishing families who are financially responsible. Basically dont save money for a rainy day and spend it before your interview...smh.
@wiivile - can you explain a little more on the asset limit? If someone applied for affordable housing in the range of $38K to $54K for a family of four, your total assets can not exceed $54K? Is this the new guidelines in the handbook? What about people who applied before the new guidelines?
I find it silly because hpd are punishing families who are financially responsible. Basically dont save money for a rainy day and spend it before your interview...smh.
It doesn't matter the household size, which is strange. You can have a family of 8, but you cannot have assets more than the maximum range for a family of 4 (in your example $54k).
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