Penn South 2019 (Union, Hope: lawyer, avocado, negotiate)

[applesnapple]

Hi! I've been a vigilant observer for the past few years. I am part of the 2019 studio list and am 40ish on the active list. Was wondering if anyone who has been through the process can shed some light on the income requirements.

1. Do they look at W2 and tax returns?
2. Do they base income on the Adjusted Gross Income?

[WildAboutHarry]

Originally Posted by applesnapple

Hi! I've been a vigilant observer for the past few years. I am part of the 2019 studio list and am 40ish on the active list. Was wondering if anyone who has been through the process can shed some light on the income requirements.

1. Do they look at W2 and tax returns?
2. Do they base income on the Adjusted Gross Income?

Full Disclosure, I have not been through the process.

I believe they look at W2 and tax returns, and other things that might apply such as 1099s. I think it is Gross income, not adjusted to start, ‘ certain deductions may apply.’

Are you concerned about being under or over the income limit? The spread is very wide.

From the 2023 studio lottery published 2023 Income limits 21,648 - $104,800. Applicants can go over by 50% to a max $157,200, but will have a surcharge on monthly maintenance.

2024 limits and limits in future years are almost certain to rise.

[applesnapple]

Thanks for the clarification!

I was originally worried about being over the 50% max limit since I may be nearing it within the next few years but I guess I'll figure it out when I get closer down the list. I can always go on hold in case my financial situation changes in the future.

[macnyc2003]

My daughter was on the 2019 one-bedroom list and was processed in 2021 and have been happy residents since then.

So this list may be a bit out of date, but you get the idea of roughly what Penn South looks at:

Documents needed after viewing apartments and accepting one of them:

Employment and Income Verification for All Occupants

1. 2020 W-2s
2. Certified 2019 and 2020 New York State income taxes returns, available NYS Dept. of Finance, complete form “Request for Copy of Filed Tax Return”, www.tax.ny.gov
3. 2019 and 2020 Transcript of Federal Tax Returns (1040), available from www.irs.gov./individuals/get-transcript ,
4. 1099 for 2020 for those who are self-employed
5. Name, Address and telephone of employers
6. Social Security award letter 2021 (if applicable)
7. Social Security Benefit statement for 2020(if applicable)
8. Statement verifying Pension received

Family Composition, Resident and Bank Information

1. Name, address and telephone number of Landlord or Management Company
2. Marriage Certificate
3. Birth Certificate and School/College for Children (if applicable)
4. Photo Identifications (Passport, Driver License, Job ID) for all Occupants
5. Name and account numbers of Bank(s)

Processing Fees:

1. Money Order in the amount of and $125.00 for single Occupancy and $190.00 for two occupant to cover credit report, criminal background report and home visit. Please leave payee blank.
2. Money Order in the amount of $500.00, “Secured Loan Processing fee”, payable to MUTUAL REDEVELOPMENT HOUSES, INC. Please note this is fee is non-refundable.
3. Money order, in the amount of $500.00 “Administrative Fee”, payable to MUTUAL REDEVELOPMENT HOUSES, INC. please note this fee is non-refundable.

[WildAboutHarry]

Originally Posted by applesnapple

Thanks for the clarification!

I was originally worried about being over the 50% max limit since I may be nearing it within the next few years but I guess I'll figure it out when I get closer down the list. I can always go on hold in case my financial situation changes in the future.

It’s a special type of frustration. We want to know the future price and future income limits but nobody in authority will hazard a guess which is likely the best policy.

[pethian]

I haven't been through the process...yet, but in post #218 of this forum, on p, 22, there's this:

"2 years taxes. they look at AGI. "

That was in 2020. Assuming nothing has changed, they look at adjusted gross income. I suspect that's good news for you. Hope so.

[marybeth1281]

Originally Posted by applesnapple

Thanks for the clarification!

I was originally worried about being over the 50% max limit since I may be nearing it within the next few years but I guess I'll figure it out when I get closer down the list. I can always go on hold in case my financial situation changes in the future.

I just went through this in early February, they looked at 2021 and 2022 AGI and I asked specifically if that's what they were looking at...for what it's worth, I know a lot of people start contributing more to their 401ks and Roths if they get close to that 50% max for that very reason.

[Brooklynkia]

Originally Posted by marybeth1281

I just went through this in early February, they looked at 2021 and 2022 AGI and I asked specifically if that's what they were looking at...for what it's worth, I know a lot of people start contributing more to their 401ks and Roths if they get close to that 50% max for that very reason.

So they don't ask for your paystubs? They just go with your tax documents?

[macnyc2003]

Originally Posted by Brooklynkia

So they don't ask for your paystubs? They just go with your tax documents?

That is correct. This process differs from that of the Housing Connect 80/20 lotteries in a couple of ways. Another difference is that Penn South does not take assets into account.

[marybeth1281]

Originally Posted by Brooklynkia

So they don't ask for your paystubs? They just go with your tax documents?

They did ask for my last 4 pay stubs, but looked at my tax documents first to determine my income eligibility.