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Hey- so my recertification is coming up...and honestly, I am tired of this every year or two-year option my building has. I am really curious to know do any of you provide the full statements for your banking accounts and etc...I find providing a full statement to be excessive...
It's excessive but still required for you to remain in compliance with the LIHTC. They need to know your income in order to comply with the "next-available unit" rule, which states that if you're above 140% of AMI or something, they're required to open up the next available unit to another low income tenant.
Your rent will NOT be affected by your income once you're in.
Once you're in, you're usually fine. That is until the tax abatement ends (which is usually around 15-20 years). Many developers continue to have the status but some change it to market rate after the tax abatement runs out. Doesn't matter what you do after you get in as long as you can pay the rent. Some developers ask for annual updated info, but nothing is done to it.
My lottery building states I will lose my lottery status if I make 110% more than when I moved into the building. BUT, they haven't asked for any updated salary info in the past 5 years I've lived here. So, again, guess it depends on the developer. But shouldn't worry much.
False. I know quite a few people and they have to sign something every year. If you live single and want to go to school you can only go part time.
One friend after living in a building a few years asked if she could go back to school. They said either part time or get married and have your husband be the bread winner and then you can go full time. But as long as you remain in the apartment solo you can not go to school full time, since its a government funded program you will loose your apt
It's excessive but still required for you to remain in compliance with the LIHTC. They need to know your income in order to comply with the "next-available unit" rule, which states that if you're above 140% of AMI or something, they're required to open up the next available unit to another low income tenant.
Your rent will NOT be affected by your income once you're in.
Ugh, I figured...bite the bullet or its just the standard. I spoke to someone at the Housing Lottery and they said they should not need such information but it seems landlords are able to request full info...
Thank you.
Just not too thrilled so excessive...paystubs, accounts, ugh
I am in Mitchell Lama and must certify income annually but basically it just involves copying a few numbers from your NYS tax return. The pain in the ass is that my signature must be NOTARIZED.
My City Councilman's office is in my building and a very nice sweet woman in the office is a notary. But I really HATE pestering people and I might start using the UPS service a block away for $2 for the couple things each year that must be notarized, like a preposterously tiny inherited pension.
False. I know quite a few people and they have to sign something every year. If you live single and want to go to school you can only go part time.
One friend after living in a building a few years asked if she could go back to school. They said either part time or get married and have your husband be the bread winner and then you can go full time. But as long as you remain in the apartment solo you can not go to school full time, since its a government funded program you will loose your apt
True. I asked them why once, and they said it was to prevent apartments from becoming dorms for students. Really?? I live in a 55+ building. Makes no sense...
Used to, but no more. Chase at E. 93rd is across the street and used to have a notary and we had accounts, very convenient. THen she left and they told me to go to the 86th St. branch. I did: NO NOTARY. BAC on 86th (main account): No Notary.
First Republic (several accounts)...I haven't checked because they are on 79th and Lex, a bit of a hike, 1.5 mile walk.
In the meantime, thank you so much Debbie in Ben Kallos' office.
Last edited by Kefir King; 05-18-2019 at 12:50 PM..
True. I asked them why once, and they said it was to prevent apartments from becoming dorms for students. Really?? I live in a 55+ building. Makes no sense...
That's so crazy that I actually laughed when I read it. Are they afraid your building is gonna be a bunch of 60 year old retires going back to school, having keg parties in the building?
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