Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thank you. I don't know much about Mitchell Lama except that I enrolled and put my name in several lotteries.
I believe that I have a relatively low log number for 3br at Village East Towers - in the 50s. If we are offered a unit, is this a 'once in a lifetime' opportunity? Would I be a fool not to accept the unit under any circumstances? I know the neighborhood and it's ok, not great. I've seen the building and it's ok, not great. I don't want to seem ungrateful, but I'm trying to understand the process and also understand how fortunate I am to get on this waitlist. Any thoughts and/or advice is appreciated.
It's hard to help people make decisions like this. A lot depends on, what is your alternative? If you already have a decent place to live that's affordable, obviously why make a move? Are you on other waitings lists for apartments and locations you prefer?
But you have to realize that these moves don't have to be permanent. If you get called for the three bedroom, you can take it and see how you like it. To my knowledge, there is no "minimum time" that you need to stay there.
Of course, you won't want to spend much money fixing up your unit under these circumstances.
I'm not really familiar with Village East except for passing by on the M9 bus on my way home from work and thinking the building on Avenue C looked nice.
You would have to find out where they are on the current waiting list. Often it takes some time to clear those people waiting before the new list is consulted. Plus, how many three bedrooms are there in the complex? Maybe not too many. And maybe people are holding on to theirs after their kids fly the coop or passing them on to a grandchild. There are many factors to consider.
Perhaps the office at some point can give you an estimated wait time.
Location: Read the Marketing Handbook, and Income a Guide.
2,013 posts, read 1,631,017 times
Reputation: 480
Quote:
Originally Posted by BPC1999
Thank you. I don't know much about Mitchell Lama except that I enrolled and put my name in several lotteries.
I believe that I have a relatively low log number for 3br at Village East Towers - in the 50s. If we are offered a unit, is this a 'once in a lifetime' opportunity? Would I be a fool not to accept the unit under any circumstances? I know the neighborhood and it's ok, not great. I've seen the building and it's ok, not great. I don't want to seem ungrateful, but I'm trying to understand the process and also understand how fortunate I am to get on this waitlist. Any thoughts and/or advice is appreciated.
The present maximum price at Village East Towers for a three bedroom unit is just under $60,000. Try finding a 3 bed unit anywhere in the City for that price. Then see if you can find anything at twice or three times $60K.
(I think this building has a parking garage, likely it’s an extra fee and there could be a waitlist.)
It’s not a one in a lifetime opportunity, because if you are very luck and enter more lotteries you might get an even lower log#. Just because you got a low log# doesn’t mean you can’t keep entering more lotteries. And, even if you move into a Mitchell-Lama you can still enter more lotteries. Although, something you can’t enter a lottery for the same building you are in already.
You will likely have to wait months or years. In the meantime, save money for the purchase price and read about Mitchell-Lama.
The present maximum price at Village East Towers for a three bedroom unit is just under $60,000. Try finding a 3 bed unit anywhere in the City for that price. Then see if you can find anything at twice or three times $60K.
(I think this building has a parking garage, likely it’s an extra fee and there could be a waitlist.)
It’s not a one in a lifetime opportunity, because if you are very luck and enter more lotteries you might get an even lower log#. Just because you got a low log# doesn’t mean you can’t keep entering more lotteries. And, even if you move into a Mitchell-Lama you can still enter more lotteries. Although, something you can’t enter a lottery for the same building you are in already.
You will likely have to wait months or years. In the meantime, save money for the purchase price and read about Mitchell-Lama.
Just got mine for 1br. Log number should be on the actual letter. Must respond within the 30 days.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
