I think I "won" the Housing Lottery: Low Log Number! (Hope: appointed)
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After years of entering the housing lottery I have finally ended up with three low log numbers: 295, 262, and 7: meanwhile, I've been furloughed from my job. Does anyone know how they calculate unemployment as income for a single person that is not self-employed? Also, the BSM Central Harlem lottery (I'm #7 and currently in preliminary processing)ended up having 1 available 1-bedroom in my income range ($72-107,000) for $2030/month: it doesn't seem to be that much below market! I don't want to say I'm disappointed yet but it doesn't seem like that big of a deal.
It's possible that I will return to my job within the next month but not guaranteed - will I be passed over? I'd appreciate any feedback and will share my ongoing experiences!
After years of entering the housing lottery I have finally ended up with three low log numbers: 295, 262, and 7: meanwhile, I've been furloughed from my job. Does anyone know how they calculate unemployment as income for a single person that is not self-employed? Also, the BSM Central Harlem lottery (I'm #7 and currently in preliminary processing)ended up having 1 available 1-bedroom in my income range ($72-107,000) for $2030/month: it doesn't seem to be that much below market! I don't want to say I'm disappointed yet but it doesn't seem like that big of a deal.
It's possible that I will return to my job within the next month but not guaranteed - will I be passed over? I'd appreciate any feedback and will share my ongoing experiences!
They calculate based on estimate: So lets say - before being furloughed, you made 10K a month, which equals to 120K a year, but then unfortunately you have been furloughed lets say in March, and in March you receive an unemployment income of 4K - your average will be the 10K x the months you've been employed plus the 4K that you've been unemployed - for the rest of the year.
So if you got laid off on March 1, your income will be (10,000 x 2) or January and February's full employment income + (4,000 x 10) for the rest of the year - totaling at $60,000. So if you put on your application that you've made 120K a year, you will only be eligible for anything (at the moment) within an income range (AMI) of 60K
Unemployment is calculated on an annualized basis to get an estimate for yearly household income. In other words they are taking whatever unemployment is being or will be reported to the IRS and making up a yearly income based upon same.
Otherwise, you may have to get a letter from Human Resources stating when you will be re-employed as they have to calculate your income 12 months in advance.
Hope this helps, and best to you. I hope you get it!
NYCRob: the higher-band apartments are often not great deals in the sense of being way cheaper than market, though they are (by NYC standards) usually good value for the money. However, they are all rent-stabilized. That's worth taking into account in your calculus.
If you have a low log # and your income is now lower than it was before....Then I would use the unemployment for a lower rent amount. Your rent is determined by how much you make currently and it will not change (in most cases) after you have an income increase or decrease. But if your current income makes you ineligible then you should tell them that you will likely return to work.
After years of entering the housing lottery I have finally ended up with three low log numbers: 295, 262, and 7: meanwhile, I've been furloughed from my job. Does anyone know how they calculate unemployment as income for a single person that is not self-employed? Also, the BSM Central Harlem lottery (I'm #7 and currently in preliminary processing)ended up having 1 available 1-bedroom in my income range ($72-107,000) for $2030/month: it doesn't seem to be that much below market! I don't want to say I'm disappointed yet but it doesn't seem like that big of a deal.
It's possible that I will return to my job within the next month but not guaranteed - will I be passed over? I'd appreciate any feedback and will share my ongoing experiences!
As someone who is in a lottery apartment and lost two lottery apartments from making too much, I can tell you they take income very seriously and there are NO exceptions.
They calculate income three ways, then use the highest of those incomes to determine which apartment you qualify for.
They take your W2 income... Then they take six pay stubs and multiply that by the remaining number of pay periods... Then they take your highest paystub (with over time) and multiply that by how many pay periods in a year. For example, if you have two months of overtime paid out in one pay period, and they multiply that by 23, and they determine you can make 40k more than they calculated the other two ways, they will go with that, no questions asked.
In your case, I think what they may find challenging is determining which income bracket you qualify for, since you are between jobs. As long as your unemployment covers rent, it should be fine.
I hope this helps...
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