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If you are listed on the application form your mom submits following the lottery (not the lottery entry), I think it is OK if you are the only one who moves in (ETA: or has it as their primary residence), but only the Penn South office can confirm this. If only your mom is listed, you cannot move in by yourself.
Thanks for answering! I'll call up the management office and find out the details. In that case, will our incomes be combined to determine the monthly maintenance fee?
I am on the five hundreds for two bedroom initially for 2014 2 bedroom list and was contacted to view them back in November. So it took five years to get called from the time we initially got on the list.
Hi everyone! I've been reading all the posts for the past month all the way back to the combined forum thread. I am on the PS studio list for 2019. The application said my position drawn is in the high 30's. I have LOTS of questions as the days draw closer to the waiting list being released.
I am wondering how fast I will need to either get my financing in order or hold my application as this was kind of a random lottery entry and I thought it would yield a higher initial number. I'm leaning towards putting a hold and building up my savings.
I'm looking at Homebridge Financial Services and People's Alliance Federal Credit Union for lending alternatives to the Penn South Credit Union. Has anyone had luck with any alternatives to PSFCU?
Also, does Penn South work with any First Time Homebuyer Programs? This would be my first time buying a home so I would qualify for programs like closing costs and downpayment assistance from NYC HPD, but would PS or ML be disqualified from accepting these funds?
Looking forward to moving, even if it's in 5 years time.
If I were you I would also contact the Hebrew Free Loan Society. You need two guarantors but they are excellent and work with MLs and similar programs.
Thanks for answering! I'll call up the management office and find out the details. In that case, will our incomes be combined to determine the monthly maintenance fee?
Glad to help. Yes, the carrying surcharge (if any) is determined by the combined incomes of everyone who lives in an apartment. Once you move in you have to fill out a notarized affadavit once a year with the then-current residents and their income from the previous year. The management office may tell you that you need to write a letter (or maybe an email) with your questions.
Hi everyone! I've been reading all the posts for the past month all the way back to the combined forum thread. I am on the PS studio list for 2019. The application said my position drawn is in the high 30's. I have LOTS of questions as the days draw closer to the waiting list being released.
I am wondering how fast I will need to either get my financing in order or hold my application as this was kind of a random lottery entry and I thought it would yield a higher initial number. I'm leaning towards putting a hold and building up my savings.
I'm looking at Homebridge Financial Services and People's Alliance Federal Credit Union for lending alternatives to the Penn South Credit Union. Has anyone had luck with any alternatives to PSFCU?
Also, does Penn South work with any First Time Homebuyer Programs? This would be my first time buying a home so I would qualify for programs like closing costs and downpayment assistance from NYC HPD, but would PS or ML be disqualified from accepting these funds?
Looking forward to moving, even if it's in 5 years time.
These are all good questions, and everyone here will learn a lot from what you find out!
Regarding when you'll be called: On the 2014 thread, which has now been subsumed into the master lottery thread, there were calculations of how many apartments turn over each year. I took note of only the one-bedrooms. There were about 70 one-bedroom vacancies in one year, maybe 2016. If I have time later I can try to search that thread, although it's hard!
There are fewer studios than one-bedrooms, but to me it's likely you will be called within a year. I'm hoping the PS 2014 people will weigh in.
Wait to see where you are actually located on the waiting list. That info will go out in February, and will take into account the people on the internal waiting list and the people who have frozen their applications.
Last edited by macnyc2003; 01-29-2020 at 09:58 AM..
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