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Thanks! My situation is a bit difference since my parents applied in 1984 when I was two years old. Now I am being asked to furnish a copy of my mother's death certificate and a notarized letter from my father saying he no longer has interest in the application in order to have my family composition change, which allows me to get on the waitlist for a one-bedroom rather than a two bedroom (which was called up years ago but they have reactivated). One thing though, I am on what they will call the pre-lottery list, meaning a separate waiting list from the most recent lottery, so I'd imagine they may call me at any time.
Also, from speaking to a Penn South resident this past weekend, there was a note in the latest board minutes that the threshold for lending might increase to 75%, as so many people are having trouble coming up with the money, though there was no indication of when, or if, this might happen.
Yes, I see that you are in a different situation. I hope it all works out. It sounds like they are willing to keep you on the list as long as the paperwork is in order.
If they do reduce the down payment, I think the list will move in a different way. I think more people can afford 25% than 50%. If people have an extra 36500- 55,000 in their bank accounts, they may have bought a market rate coop already and not even entered the lottery, but coming up with half that is much more manageable. I think this is good news if it happens, but it will probably mean a longer wait just because more people qualify. Either way, it would be good news for most people on the wait list. Thanks for that bit of inside information! Whether it happens or not remains to be seen.
Thank you guys for the help. I will be viewing the apts tomorrow, so will keep you guys posted on any news.
Hello lstacy22,
I am curious to know what documentation that Penn South requested of you after you have been selected for the lotto? Do they look at your taxes and if so, how far? I may have some issues trying to locate some of my paperwork for that since it's been misplaced. I've also worked out of state on some instances so I just don't want to miss any opportunity in this residency.
I am curious to know what documentation that Penn South requested of you after you have been selected for the lotto? Do they look at your taxes and if so, how far? I may have some issues trying to locate some of my paperwork for that since it's been misplaced. I've also worked out of state on some instances so I just don't want to miss any opportunity in this residency.
Any information would be greatly appreciated.
Thank you.
I will take a look tonight and let you know what I had to submit to them.
And as for the viewing yesterday, it went pretty well. A few of us were scheduled to view the apts so we rotated groups of apts where one of us would see one or two buildings from 9-10:30am and then the other one would see another one during that time and so forth.
After viewing the apts you must submit paperwork stating whether you will accept the apt if offered and if you selected NO for 2 apts you will be removed from the waiting list.
I asked them what the process is after this and they told me basically in about a month or so I will hear back from them if I am being offered an apt. Since I am 23rd on the list and there is only 17 one bedroom apts open currently, I will have to wait and see if the people ahead of me will take the apts and if theres anything left, I will select from the remaining pool.
I will take a look tonight and let you know what I had to submit to them.
And as for the viewing yesterday, it went pretty well. A few of us were scheduled to view the apts so we rotated groups of apts where one of us would see one or two buildings from 9-10:30am and then the other one would see another one during that time and so forth.
After viewing the apts you must submit paperwork stating whether you will accept the apt if offered and if you selected NO for 2 apts you will be removed from the waiting list.
I asked them what the process is after this and they told me basically in about a month or so I will hear back from them if I am being offered an apt. Since I am 23rd on the list and there is only 17 one bedroom apts open currently, I will have to wait and see if the people ahead of me will take the apts and if theres anything left, I will select from the remaining pool.
Thanks for the update! How did the apartments look inside? Were they big? I would imagine they vary a lot depending on the floorplan - it's just hard to judge how large they are since there is no sq ft info on the website. Out of all the apartments you viewed, how many had balconies? I'm also on the waitlist, but I specified that I wanted a balcony, so just trying to make a guess as to when I might be called.
Thanks again for letting us know...I would imagine everyone on the waiting list is just as curious as I am!!
Good luck with the selection process - I hope you get a nice apartment this round!
I am curious to know what documentation that Penn South requested of you after you have been selected for the lotto? Do they look at your taxes and if so, how far? I may have some issues trying to locate some of my paperwork for that since it's been misplaced. I've also worked out of state on some instances so I just don't want to miss any opportunity in this residency.
Any information would be greatly appreciated.
Thank you.
So I checked and after I was selected from the lottery, they sent an application which requires you to indicate your income (in my case it was my 2013 income from my tax return). They did not request any proof of income yet at this point.
Also the application must be notarized. I also had to submit a recent passport sized photo along with a copy of an acceptable government ID, I used my drivers license. Lastly you will need to send a $50 check - this is a non refundable administrative fee.
The apts I viewed were all pretty spacious and most seemed like they have been renovated in some way. I did not specified that I wanted a balcony so none of the apts I viewed had balconies. The 3.5 rooms apts have very nicely sized living rooms & kitchens which is very good but they do require more equity and maintenance fee per month. The 3 rooms apts are slightly smaller but still a very good size for a single person or a couple. The kitchens in these units are on the smaller side but they require about $15K less in equity.
All the buildings are pretty similar, it looks like they have newly renovated lobbies & elevators. I did not see any on site doorman or security guards but I did notice quite a few security cameras located throughout the premises so I'm sure there is a security room somewhere.
So I checked and after I was selected from the lottery, they sent an application which requires you to indicate your income (in my case it was my 2013 income from my tax return). They did not request any proof of income yet at this point.
Also the application must be notarized. I also had to submit a recent passport sized photo along with a copy of an acceptable government ID, I used my drivers license. Lastly you will need to send a $50 check - this is a non refundable administrative fee.
The apts I viewed were all pretty spacious and most seemed like they have been renovated in some way. I did not specified that I wanted a balcony so none of the apts I viewed had balconies. The 3.5 rooms apts have very nicely sized living rooms & kitchens which is very good but they do require more equity and maintenance fee per month. The 3 rooms apts are slightly smaller but still a very good size for a single person or a couple. The kitchens in these units are on the smaller side but they require about $15K less in equity.
All the buildings are pretty similar, it looks like they have newly renovated lobbies & elevators. I did not see any on site doorman or security guards but I did notice quite a few security cameras located throughout the premises so I'm sure there is a security room somewhere.
Any other questions, let me know guys.
lstacy22, thank you for checking and giving us some insight of the process. I was selected for the apartment and I know this will be many years for me to even see a chance of moving into one. I just want to make sure I have everything in order to increase my chances in this great opportunity. Please keep us posted as you continue on your journey to the coop at Penn South.
I'm still very interested in the proof of income once you are given documentation to move in.
All the best to you and I hope the apartment goes well for you.
Thanks, lstacy22! This is very helpful information. I was curious about the sizes, and it sounds like they are fairly spacious. The PS website has a scale on the apt. floor plan pages, but it's hard to picture the square footage. Sometimes you have to see it to get the full picture.
I really appreciate your keeping us up to date on the process. I have a high number, so by the time I get called to view apts., many of the people posting here will already be in for a few years.
Thanks, lstacy22! This is very helpful information. I was curious about the sizes, and it sounds like they are fairly spacious. The PS website has a scale on the apt. floor plan pages, but it's hard to picture the square footage. Sometimes you have to see it to get the full picture.
I really appreciate your keeping us up to date on the process. I have a high number, so by the time I get called to view apts., many of the people posting here will already be in for a few years.
Thanks again!
Yes, it's funny how the sq footage is not noted anywhere, but I believe for NYC its a very comfortable space. The living rooms were the most impressive. And I agree actually being in the Apt is when you can see and feel how big or small a space is.
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