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Hi,
Similar to my previous question, are the income requirements checked at application time or when your waitlist number is called? I guess generally when does HPD check the qualifications & requirements?
Someone makes between the income limits now, but when called they make way above the limit. What happens?
Your income is verified after your log number is reached.
If you make way above the limit at that time, you should still go through the process.
Is this for a ML co-op or rental?
MLs sometimes go by your adjusted gross income. For most people, that's less than gross income.
And also sometimes you can earn above the limit, and you would be paying a surcharge on your monthly maintenance.
And also I've seen MLs that deduct a percentage of the lower wage earner's salary.
Don't assume you won't qualify.
For instance, at Penn South (not a ML, but similar), for a one-bedroom the top annual household income is $129,000, but you can make up to $194,000 and pay a surcharge.
Hi. I recently interviewed with a ML. Income is verified at the interview stage before final submission to Hpd. They didn’t tell me what was the income bracket but she alleged that I qualified based on AGI.
I opened another thread about timing.
It sounds like there is no verification at application time. A lot can change between now and when my number is called.
But are you saying that if I send in the application with my fee, I do not have to meet the occupancy and income requirement. I mean, can I even be on the wait list if I don't, on paper at least, appear to qualify?
I was on the ML waitlist about a decade ago. My income most certainly changed from then. It’s all reassessed when they reach your log number for an interview.
I’d say send in the application if it causes no financial hardship. Mls have notoriously long wait times. Your circumstances might change then and meet the criteria. Worst case scenario you don’t qualify. Don’t put all your hope on one lottery, keep applying.
A couple of years back there was one ML rental lottery I was interested in, Westbeth. However, that one did require financial data to be submitted with the initial application. I was disappointed because I was above the income limit at that time, but after I retire in a couple of years, I will easily qualify.
But that was the only ML so far to do that.
As long as you're not asked for documentation, go ahead and apply to as many as you like. If you change your mind, you can often get part of your application money back. As Ac2021 says, above, MLs often has long wait times, and who knows what your income will be then?
FYI, they will let you go over the limit and surcharge you only when you’re already inside. If your over the limit which for today on one bedroom single person is 104k.
Your income is verified after your log number is reached.
If you make way above the limit at that time, you should still go through the process.
Is this for a ML co-op or rental?
MLs sometimes go by your adjusted gross income. For most people, that's less than gross income.
And also sometimes you can earn above the limit, and you would be paying a surcharge on your monthly maintenance.
And also I've seen MLs that deduct a percentage of the lower wage earner's salary.
Don't assume you won't qualify.
For instance, at Penn South (not a ML, but similar), for a one-bedroom the top annual household income is $129,000, but you can make up to $194,000 and pay a surcharge.
The original ad for the 2019 Penn South Lottery said “income requirements, carrying charges and purchase prices are subject to change”, what is the 2022 Maximum income for 1 person, cost of carrying charges for a 1 bedroom and the purchase prices for it please?
Since Penn South is not a Mitchell Lama, you should post your question on the Penn South 2019 thread. There’s a ton of info there. Maybe two tons!
The Penn South one bedroom carrying costs vary, depending on the size of the apartment and how high the floor. The cheapest one I saw was $573 a month and the most expensive was $720. Apartments with balconies would be more. If you earn over the limit, you would pay a surcharge.
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Penn south income guidelines for 2022
