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So if I am within the income limits when I get the unit, then my income jumps to well above or someone moves in with me to make the limit jump up, I will only pay a max surcharge of 200% right? Even if my new income is 1M (as an example).
Straight from the Penn South website:
"Applicants whose income is up to 50% above the maximum allowable income are eligible for an apartment but will be subject to a surcharge on the monthly carrying charge."
Also, I believe the max surcharge is 150%, but they seem to have removed that from the website.
I have a question that I think has probably been answered before but I can't figure out to search for it. If you buy into Penn South at say, $70k, do you make only 70k if/when you sell or do you get current purchase price?
You get back what you paid. Regardless of any improvements you have made or what the current purchase prices are.
Regarding missing notices about apartments, I also recommend signing up for the USPS informed delivery service. They send you an email every day with scans of the mail that will arrive that day (or sometimes the next). If you see a scan with the PS logo you should expect an envelope in your mailbox soon thereafter.
"Applicants whose income is up to 50% above the maximum allowable income are eligible for an apartment but will be subject to a surcharge on the monthly carrying charge."
Also, I believe the max surcharge is 150%, but they seem to have removed that from the website.
The max income when you move in is 150% above the allowable income. The max income for purposes of calculating the surcharge is 200% above the base carrying charge for your unit.
So basically you have to "accept" them all after viewing. And then they will come back to you with a list of maybe half the length of the ones you looked at, and then from that, you get to pick the one you want. So it's not really "random" and you'd want to know what you're picking. Like, I don't want the one that was full of water bugs. Or the one that had a completely water damaged bedroom floor. Or the one with the water leak in the kitchen. Which I wouldn't know about if I hadn't looked at all the units.
A water-damaged floor will be fixed before a new tenant moves in. Several of the parquet tiles were replaced between our initial viewing and move-in. If the damage is severe and widespread they will probabl just replace the entire floor with newer wood planks as the parquet tiles are no longer available.
I have no problem with people purchasing after getting into a Mitchell Lama or Penn South. But before?! You obviously can afford housing... why are you on the list?
Hi everyone! I'm curious of anyone recently moved in to Penn South 2-bed and has a loan through PSFCU and would be willing to share some *rough* financials (specific numbers not necessary or really needed!). I know the numbers are really a moving target and may not reflect what it will be if and when we are eventually called (we are living on the 2014 2bed waitlist), but wanted to get an idea basically of monthly costs to plant in the back of my mind. I know some of these questions have been answered here in the past, but was looking for current information. Thank you so much in advance.
What is the interest rate (or range of rates) for the loan through PSFCU?
What is the current monthly carrying charge? Does this change or are you ”locked in” to a rate for a period of time (like a rental renewal)?
What is the range for monthly utilities (gas, electric, etc..)?
Any other PS-specific charges?
If I'm on the studio list, and make plans to live with my elderly mother, will there be an opportunity to switch to the 1BR list once I am contacted? Or is that option only for residents after a few years?
If I'm on the studio list, and make plans to live with my elderly mother, will there be an opportunity to switch to the 1BR list once I am contacted? Or is that option only for residents after a few years?
I wish! The studios are for up to 2 people so you'd still be on the studio list.
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