Housing lottery discussions (#1) (residence, specialists, visit)

[waitlisted212]

Penn South is doing a brand new lottery -> waiting list for Studios, 1 beds, and 2 beds.

Open from now until June 24th

https://a806-housingconnect.nyc.gov/...entPdf/764.pdf

Post cards -and- Mitchell Lama Connect. Although they're technically not a Mitchell Lama building you can apply on ML connect...

This is a brand new waiting list, as they predict that by the time this one is fully formed, they will have fully moved through the 2014 waiting list (for studios at least, not sure about 1s and 2s).

Regardless, I know they are planning on opening the list every 5 years if all goes well, and they are keeping the number of entries capped so that the lists do not swell.

In the past they had a perpetually open list that you could sign up for in person in the management office, and when they changed to the lottery system for the first 2 lotteries they allowed an unlimited number of people on the list which led to 20'ish year waits. Now they are capping the number of lottery applicants so that the list will take no more than 5 years to cycle through.

Because of various re-financing and needing to go to the city for monies, plus whatever deal they had with HUD prior to when Trump got in office, they are also locked into being 'affordable' and can't even think about going private until sometime in the 2050s.

This is all great news for anyone wanting to get in

[PRETTYK]

Wow! Congrats @pepperony 35k log #..CB preference really helps!!!
I have municipal preference. Yes, this forum helped me to understand the process too. Thanks to all who have posted. Stay positive

[randomperson2]

Basically, if you buy into a limited-equity coop, you are giving up all potential returns on the money. You should include that in your calculations of the cost of buying in there--e.g., if you make a $33K down-payment, that money is basically getting no return, not the return you'd get on an appreciating property elsewhere, not the return you'd be getting if that money were in the market, or even just in savings. The real value of that investment will thus (because of inflation) decrease steadily over time. But, in my calculations, the carrying costs are low enough that you'd still come out ahead under most circumstances. It will depend on your personal finances, though. You really CANNOT treat it as an investment that will on sale go towards funding retirement, as I think a lot of people do (perhaps unwisely) their homes. You need to have enough OTHER retirement savings.

[eclipse_08]

Does anyone know about how long it takes after your application is submitted to HPD to hear back from HPD, and then how long it takes to get date for lease signing?

[Jtouray]

@annaborgos hey did you ever get a respond from them I also went for my interview and gave all my documents in last weeks ago

[QueensGirl90]

My log number is 9** / No preference. I was hoping to get called! Goodluck to everyone.

[AnnaBorgos]

My mother has the application not myself and she said she has not heard back. I am simply assisting her from an outer borough & the back and forth is more frustrating than I thought it would be.

[Lajenny191]

I got my first interview on April 25th and on May 28th got a called to sign papers to be sent to HPD, and this morning I got a called that I was approved and got an appointment for an orientation for this Friday.

[LeauVixen]

I'm 40xxx. My income has gone up since applying and there is no way to let the know.

[Jtouray]

Congrats on your new apartment if you mind who was taking over your case and how many bedroom you applied for