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That's incorrect. It's best not to have any assets, as long as you fit into the income brackets. That's their main thing. More often than not, assets hurt you.
That's incorrect. It's best not to have any assets, as long as you fit into the income brackets. That's their main thing. More often than not, assets hurt you.
My friend was convinced that it was the rather ample amount of liquid assets that he had got him in.
We got into Mitchell Lama with sort of high assets...like 10 times annual income.
Mitchell Lama is likely different. In 80/20 buildings, which are the concern of most people here, assets more often than not put you over the narrow income limits, and therefore hurt you. It's ridiculous, because without assets, how do they think you're going to pay the rent when something goes awry, such as losing a job, a health emergency, an accident, forced retirement. I believe Mitchell Lama had a system that made more sense.
Mitchell Lama is likely different. In 80/20 buildings, which are the concern of most people here, assets more often than not put you over the narrow income limits, and therefore hurt you. It's ridiculous, because without assets, how do they think you're going to pay the rent when something goes awry, such as losing a job, a health emergency, an accident, forced retirement. I believe Mitchell Lama had a system that made more sense.
Actually, with assets counted at .06%, every hundred thousand in assets only bumps up your income up by $60. You can have a LOT of money in the bank without seriously risking going over the max income. A $half million is only counted as $300 interest income.
But some have implied there is an actual asset amount that you cannot go over...I have never been able to find that amount.
Last edited by Kefir King; 04-17-2017 at 07:57 AM..
Actually, with assets counted at .06%, every hundred thousand in assets only bumps up your income up by $60. You can have a LOT of money in the bank without seriously risking going over the max income. A $half million is only counted as $300 interest income.
That's less of the issue. The asset cap is more of an issue. And if you have investments, the money you make on them could put you over the income limit.
I agree completely with wiivile. It's the cap that knocks out many people, especially older people. True, the effect of assets on income is minimal and can edge you into the appropriate income bracket where you might not otherwise fit. The cap was previously $250,000. I'm sure the building developers (the ones who took the tax breaks not the marketing agents) are very vexed over its lowering, as the subsidized tenants now have much less of a cushion against unforeseen disasters--a few days in a hospital could easily obliterate $54,360...add loss of a job on top of that, and how can they be assured of the rent?
Had I known the asset cap was so low, I could have saved myself a lot of time by NOT applying over the past decades.
Oh well, I was feeling bad about not applying next door (215 East 92nd St) where we had both community board preference AND military preference, but nowhere near that asset cap. So that would have been another waste of time. I took solace with a couple posters indicating the apartments were tiny.
How could anyone who is retired, or who is working for a boss from Hell, SLEEP peacefully with only $54,360 in the bank.
Had I known the asset cap was so low, I could have saved myself a lot of time by NOT applying over the past decades.
Oh well, I was feeling bad about not applying next door (215 East 92nd St) where we had both community board preference AND military preference, but nowhere near that asset cap. So that would have been another waste of time. I took solace with a couple posters indicating the apartments were tiny.
How could anyone who is retired, or who is working for a boss from Hell, SLEEP peacefully with only $54,360 in the bank.
The new lower asset cap only started in October 2016. Before that it was $250,000?
Also, the asset cap excludes student savings and retirement accounts.
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