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I know this is a little off topic -
I need a little input from any current residents of the Penn South co-ops(Or anyone that has any ideas) - I'm scratching my head as to what type of curtains/curtain rods I can use for their windows in the living rooms as they are an odd "L" shaped. If anyone can help, I'd much appreciate it.
Thanks.
Hey lstacy22,
You can probably get some suggestions from a forum called "Click your Block Penn South." There seems to be quite a few people on that site who offer a lot of advice and from what I can see they live there already, so they are familiar with the windows.
How is the apartment? I'm sure you're enjoying it.
So I have been offered an apartment from a pre-lottery wait list, and had my first interview today. The good news is that they have raised the loan guarantee from 50% to 75%. The bad news is that they gave the closing date as being June 22nd. According to the document that they gave regarding the in-house credit union is that it takes AT LEAST 3 weeks to close on a loan. Going back to them for clarification...
When you mean the loan guarantee was raised from 50 to 75% you mean that now, you only have to come up with 25% upfront and finance the other 75% under a mortgage loan?
And in regards to getting the loan, yes they only give you a short time frame until closing but upon speaking with the person at the Credit Union, if you do indeed want to take a loan from them and your paperwork is in good standing, they can let Carmen Santiago know that you will need additional time to close because the loan will require a time extension.
I didn't know that they changed the upfront down payment from 50% to 25%. As of last month it was still 50%.
So I have been offered an apartment from a pre-lottery wait list, and had my first interview today. The good news is that they have raised the loan guarantee from 50% to 75%. The bad news is that they gave the closing date as being June 22nd. According to the document that they gave regarding the in-house credit union is that it takes AT LEAST 3 weeks to close on a loan. Going back to them for clarification...
Your closing date is actually not bad news. Have you bought property in NYC before--because closing on June 22nd is amazingly fast. It's taken a few of my friends *months* to close on a place.
So I have been offered an apartment from a pre-lottery wait list, and had my first interview today. The good news is that they have raised the loan guarantee from 50% to 75%. The bad news is that they gave the closing date as being June 22nd. According to the document that they gave regarding the in-house credit union is that it takes AT LEAST 3 weeks to close on a loan. Going back to them for clarification...
Hi, and congratulations, justchris82,
When you say a "pre-lottery wait list", does that mean that you have been on a wait list since before the lottery system was implemented? I know you used to be able to just put your name on a list, but that was many many years ago.
Also, I am very excited about the 25% down payment instead of 50%, but is that for everyone? Lstacy22 says hers was 50%, so they may have changed it very recently. I think this is great if it applies to everyone since it means that more wait listers will be able to afford it more easily. But obviously that will also make the wait time longer. I'm toward the end of the list anyway, so I'm not going to complain. I still feel incredibly lucky to have been picked!
You said that you had an interview today. Without getting into the personal parts, do you mind letting us know what that entailed? If you don't, I understand.
Hi does anyone know to calculate the upper income limit for a studio? Specifically what is the number for the 6% debenture bonds (for cooperators who own bonds) for a 3 room unit?
Is it 6% of 600.00 or is it 600? Thank you for your help
So saw a studio with a balcony and it said on the form 2 1/2 (3 rooms). Does that count as a larger of the studios and with a 821000 (+50%) limit?
Also it says income is AGI minus 1000.00 for each tax payer and any deduct medical/dental expenses. Correct?
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Hi thanksbetogod,
I found this on the official Penn South Website under FAQ for 1996 and 2003 wait list.
What is the maximum allowable income for an apartment in Penn South?A: Maximum allowable income for an apartment is calculated on a formula set by the New York City Department of Housing Preservation and Development (HPD). Annual (monthly x 12) carrying charges, plus a $55 allowance per room for painting and repairs, electricity charges, six percent of equity paid and six percent of Debenture Bonds (for cooperators who own bonds) are totaled and multiplied by seven to arrive at annual allowable income.
Income consists of the federal adjusted gross income of each person residing in the apartment (other than full-time students under age 21) as shown on Line 18 of the New York State Income Tax Form IT-201 (Long Form) or Line 8 of Form IT-200 (Short Form), less the first $20,000 of income of any secondary wage earner, $1,000 for each taxpayer or dependent, any taxable Social Security benefits and deductible medical or dental expenses if itemized.
Applicants with income up to 50% above maximum allowable income will be eligible for an apartment but will be subject to a surcharge. Because equity varies by apartment and from year to year, we cannot estimate the actual equity to be paid until the time when you are called for a specific apartment.
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A: Maximum allowable income for an apartment is calculated on a formula set by the New York City Department of Housing Preservation and Development (HPD). Annual (monthly x 12) carrying charges, plus a $55 allowance per room for painting and repairs, electricity charges, six percent of equity paid and six percent of Debenture Bonds (for cooperators who own bonds) are totaled and multiplied by seven to arrive at annual allowable income. 
